How To Know If You Have What It Takes To Be An Entrepreneur

How To Know If You Have What It Takes To Be An Entrepreneur

Almost everyone at one time or another contemplates starting a business, whether to escape from the frustrations of corporate America or to finally find fulfillment for your creative self, long trapped in stifling jobs.

Of course, the failure rate for new businesses can seem a daunting barrier. The Small Business Administration puts the survival rate of businesses at only 50 percent over five years. The good news is that the odds for survival improve the longer you’re in business. The toughest part is getting through the uncertainties of the startup period.

The truth is not everyone is suited to starting and running his or her own business. And those who succeed learn how to capitalize on their strengths and gather as much preparation as possible before startup. You do not want to learn as you go or, before you know it, your money will run out. Fortunately there are many ways within easy reach to improve your odds.

First, you must answer the most basic questions about whether you’ve got entrepreneurial talent and the right experience and skills for running a business.

A recent Gallup survey of entrepreneurs found that “entrepreneurial talent significantly increased one’s odds of business success.”

What separated these business owners? According to the 2014 Gallup study, they were more likely to:

• Clearly articulate their competitive advantage to their clients
• Make decisions about pricing, product or service with their customers in mind, and
• Spent much more time planning for growth and aligning employee responsibilities with goals

In short, they were strategic in their management.

Successful entrepreneurs have confidence, independence and determination, think creatively, can delegate, seek knowledge, and build lasting relationships, according to the study.

You might have the skills, knowledge and experience, accumulated after years in the workforce, to successfully manage a new business, especially if you have established backroom expertise to help you along the way.

The best place to find added support is with a franchise, which comes with all the training and operating systems you need to get started in a new business. So if you feel you may come up short on some of the qualities shared by entrepreneurs, you can rely on the time-tested experts that have helped thousands succeed as new business owners.

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