Is Entrepreneurship Right for You

Is Entrepreneurship Right for You Is Entrepreneurship Right for You? Is Entrepreneurship Right for You?Starting your own business can be massively rewarding, but that doesnt mean that being an entrepreneur is right for everyone.The legend of the self-made business person looms large across American history.  But starting a business isn’t for everyone; it comes with its own challenges and advantages.So is it the right choice for you? We spoke to the experts to find out what factors you should consider if you think you might want to become an entrepreneur. The upsides.While owning your own business may not be an ideal goal for everyone, or even most people, it does come with certain advantages. That’s why some people choose to go into entrepreneurship in the first place, after all.“Being an entrepreneur is challenging but also very rewarding,” explained Leslie H. Tayne Esq. (@LeslieHTayneEsq), founder and head attorney at  Tayne Law Group  (@taynelawgroup). “When you’re first starting out, there’s a lot of sacrifices involved and a lot of difficult decisions to make. You’re going to face a lot of obstacles and have to figure out the best answers.But getting your business up and running and achieving all of the milestones, both big and small, along the way feels incredible and makes all of the work worth it. In addition, you’re in control of your own destiny and your own livelihood. That can be a scary thought, especially when success isn’t guaranteed, but that makes the success even sweeter.”Dave Munson, founder and CEO of  Saddleback Leather (@saddlebackbags), listed what he sees as the rewards of entrepreneurship:Knowing that you tried something bold and courageous. Not many people do that.You taught your kids to step out and to take risks and not be afraid of failing.You grow in your understanding and wisdom and so become a better person.It will bolster your resume because of what you learned that you didnt know about before. Youll be able to talk shop with any other business owner because youll see the bu siness as a whole rather than just a department of a business.”The downsides.If starting a business was a magic ticket to as much money as you wanted, everyone would be doing it. But there are many drawbacks. What are they?“There is no easy path to success in entrepreneurship,” warned George Kuhn (@gwkuhn3), president of  Drive Research. “It takes work and a lot of it.In order to be successful, it takes a lot of sacrifices. Sacrificing a steady paycheck. Sacrificing time with friends. Sacrificing time with family. Sacrificing your nights and weekends. It boils down to commitment and the willingness to put in the time and effort.”You’ll also have to have things to sacrifice if you’re looking to make sacrifices. If you don’t have the resources to start a business or the credit necessary to get the resources to start a business, you won’t be able to start a business.So is it right for you?Aside from whether you actually have the means to start a business, there are ot her factors about yourself to consider.“When deciding if entrepreneurship is right for you, a lot of things should be taken into consideration,” advised Anja Smith (@AnjalogAnja), educator and writer with  TradebizToolbox.com. “For instance, are you comfortable making decisions without all of the information? Entrepreneurs make judgment calls all day long.“Are you good at asking for help and delegating? A lot of people think they want to own their own business because they like being in charge. But you cant do it allâ€"a good entrepreneur is resourceful but also knows how to ask for help and hand off tasks that they can.“Of course, risk is a part of entrepreneurship. In that vein, one must consider personal discipline and motivation. The risk of opening a business is much less if you are capable of staying organized and self-motivated. No one is going to tell you to get out of bed but you!”How to prepare.Have you gotten this far and decided you’re still onboard? Then w e’ll leave you with some more advice to help you get started.“The number one thing Id recommend for potential entrepreneurs is to take the time to understand the business youre considering, especially if its a new business model,” James McGrath, co-founder of the NYC real estate brokerage  Yoreevo (@yoreevo), told us.“If youre opening a bakery, thats pretty straightforward you can tally up rent, equipment costs, ingredients, etc and estimate how much you can sell your product for to understand how much business youll need to do in order to make money. Of course you want to make sure you have the best information possible when making those estimates but the information is generally available.“If youre thinking about doing something new, you should think about how it will work but more importantly, also what could go wrong. That was most of our homework before we started Yoreevo. We needed to understand how property listings are distributed, how to participate in that syste m, what the requirements are, how we could be excluded, etc because if anything went awry there, nothing else matters.“You should spend a significant amount of time understanding both your business and the industry before starting a company. If anyone decided to become an entrepreneur overnight, they have not done enough homework.”Beyond research, there are other reasons not to immediately jump into the entrepreneurship pool headfirst.“One of the most effective ways to lower the risk of beginning an entrepreneurial venture is to ensure that you continue in your present working capacity to continue to earn a steady income until your entrepreneurial venture is sustainable,” recommended Nick H. Kamboj (@nkamboj), CEO of  Aston James, LLC .“Furthermore, you can further minimize entrepreneurial risks by initially budgeting for approximately no sales for a period of 6 months and to have enough funds to cover the operating costs. Hence through financial prudence, an entrepreneur can have a considerable amount of confidence knowing that they have a solid financial foundation and thus can focus on the creative aspect of their endeavor.”And be certain to have all of your bases covered.“Get insurance,” urged Tayne. “Make sure your business is insured. If it’s not, you could be in a major financial disaster if a crisis occurs. You don’t want to be at risk of losing everything for both your business and yourself.”Now if you do decide to go into business, you’ll be a bit more prepared. Perhaps we’ll be reading your content blog one day! To learn more about how you can jumpstart your career and up your earning potential, check out these other posts and articles from OppLoans:10 Skills You’ll Need in the Job Market of TomorrowNeed Cash Fast? Try These 10 Great Side Hustles10 Tips to Help You Score That Big Promotion6 Expert Tips to Start Your Side HustleDo you have a   personal finance question youd like us to answer? Let us know! You can find u s  on  Facebook  and  Twitter.  |  InstagramContributorsNick H. Kamboj (@nkamboj) is the CEO of Aston James, LLC an academically focused consultancy and is also the CEO of Aston James Publishing. He is the author of 6 books and has also previously held leadership and executive positions at Microsoft, Xerox, and Accenture respectively. Nick is the recipient of the Microsoft Most Valuable Player Award, Microsoft CPE Award, Microsoft Pinnacle Award, Employee of the Year Award (LANAC), Chandler Case Award (Booth), Bright Idea Award (LANAC), Implementation Award (LANAC), Global Awareness Award (Booth), and two Illinois Governor commendations.George Kuhn (@gwkuhn3) is the Owner President of Drive Research, a Syracuse-based market research company. In under three years, his company has grown to 10 employees and works with organizations across the globe.James McGrath is a co-founder of  Yoreevo (@yoreevo), the tech-driven NYC real estate brokerage dramatically lowering transaction costs for buyers and sellers. Prior to founding Yoreevo, James worked in finance, most recently at Citadel where he researched the housing market.Dave Munson is the founder and CEO of  Saddleback Leather (@saddlebackbags) and their factory in Mexico, Old Mexico Manufacturing. He is passionate about using his business to impact lives and is also passionate about spreading the quality message. He lives in the country outside of Fort Worth, Texas in African Safari tents with his wife, Suzette and two kids and three Labradors.Anja Smith (@AnjalogAnja) is a plumbers daughter and advocate for small business sanity. She is a speaker, author, and entrepreneur at  TradebizToolbox.com.Leslie H. Tayne, Esq.  (@LeslieHTayneEsq) has nearly 20 years’ experience in the practice area of consumer and business financial debt-related services. Leslie is the founder and head attorney at  Tayne Law Group  (@taynelawgroup), which specializes in debt relief.