You’ve probably heard before that entrepreneurship isn’t for everyone, which probably makes you question your ability to build a startup.
However, it’s possible to determine if starting a company is the right choice for you well before you use up your savings on building a product, only to discover later on that you simply don’t have it in you.
In this blog post you’ll find all of the questions you will need to ask yourself before taking your first step on the path of entrepreneurship, as launching and running a company will take up years of your life and put all of your relationships at risk.
If that last sentence hasn’t scared you away from entrepreneurship, then go ahead and start testing yourself with the questions below. Remember to be as honest with yourself as possible, and don’t skip any questions!
1. Why Do You Want to be an Entrepreneur?
Many aspiring founders believe that starting a company is an easy way to become wealthy. Others believe that launching a startup is best way to change the world. While there is some truth to these ideas, keep in mind that achieving either of these goals through entrepreneurship requires considerable time, effort, and dedication, which most people don’t have. If you think building a tech business is for you, take some time to first outline your reasons for doing so.
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What motivates you to build a startup? Wealth? Recognition? Altruism?
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Do you enjoy fixing things in the world around you?
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How do you think your life will be better in three to five years by being an entrepreneur?
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How do you think your life will be worse in three to five years by being an entrepreneur?
2. What Do You Hope to Achieve as an Entrepreneur?
While fame, fortune, and changing the world can be achieved through starting a company, there are often other, more internal reasons one has for embarking on the path of entrepreneurship. Maybe someone once told you when you were still in school that you’d never become successful in life. Maybe you’re tired of working a boring 9 to 5 job for others, and want to become your own boss in a dynamic, unpredictable environment. Or maybe you’ve always just been a risk-taker.
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What are your personal reasons for becoming an entrepreneur?
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Does achieving the impossible sound enticing, risky, or both? Why?
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Will entrepreneurship improve your professional life?
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Will entrepreneurship improve your personal life?
3. How Much Time are You Willing to Commit?
If you think that working forty hours a week is taking its toll on you, remember that as an entrepreneur, especially in the early stages, you should expect to work up to sixty hours a week or more for the first few years. Many founders have ruined their marriages, family lives, and personal responsibilities for the sake getting their companies off the ground. With these risks in mind, it’s important that you consider how you will plan for them before you take your first step.
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How will you manage your time between starting a company and your personal life?
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What aspects of your personal and professional life are you willing to give up to build a business?
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Are your friends, family members, and colleagues supportive of your entrepreneurial goals?
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Do you see yourself eventually working on your idea full-time?
4. What Problem Do You Want to Solve?
If your idea doesn’t a real problem that is experienced by a large number of people, don’t expect to be able to build a strong company from it. You need to conduct extensive research into your target market to determine if there is a real need for your proposed solution, as well as what potential customers think of your idea. You also need to be aware of your competition and the progress they’ve made in your industry.
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How big is the problem you’re trying to solve? Is it local? National? Global?
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Is your problem in a growing market? What will this market look like in a year? 5 years? 10 years?
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What do other people think of your solution? How much are they willing to pay for it?
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Are there any existing solutions to this problem currently? If so, what makes your solution better?
5. What Makes You Qualified to Start a Company?
While there is a growing number of tools out there to make launching a company easier, faster, and cheaper, a strong startup still requires a team of talented individuals who are led by an equally talented, if not more so, leader. Before setting out to build a business, it’s essential for you to conduct a deep and honest analysis of your relevant strengths and weaknesses, both professionally and personally, to ensure you have what it takes in the long run.
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What are your professional skills? Marketing? Programming?
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What are your personal skills? Leadership? Time management?
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How do your friends, family members, and colleagues describe your strengths and weaknesses?
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How do you act in stressful situations? Can you handle long, difficult work weeks for the next three to five years?
6. What Have You Learned from Others?
Failure is something you are guaranteed to experience on the path of entrepreneurship, more so than success, so you’d better accept that idea now before taking your first step. Luckily, there are plenty of others who have gone before you who have failed - and triumphed - many of whom have outlined their lessons and experiences. Take some time to find stories from previous entrepreneurs, both failed and successful, and take note of their tips, tricks, and insights.
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What are the most important lessons you’ve learned from studying others’ experiences launching a startup?
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What are the biggest mistakes you should avoid when starting a company? How will you prepare for them?
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How will you ensure you and your company on the right track, especially when the going is rough?
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Do you have a network of colleagues to support you when you need help?
Final Thoughts
It’s been said before, but it bears repeating:
Entrepreneurship isn’t for everyone.
If you provided short, vague answers to any of these questions, then you should probably rethink entrepreneurship as a possible career choice. However, if you took the time to provide honest, thoughtful answers, then you just might have what it takes to build a startup. Maybe.
But whatever you decide to do in life, it always pays to make sure that you do it for the right reasons. As Mark Twain once said,
The two most important days in your life are the day you are born and the day you find out why.
