The pandemic led to an explosion in small business applications. Millions of employees took the opportunity to go on their own. Here are the 5 questions anyone can ask themselves to help decide whether entrepreneurship is right for them.
Job security is wishful thinking these days. Previous generations could expect to take a job and stay in it all the way to retirement. But this is no longer the case. The average employee today will work for 10 different companies. Most of those changes are steps up.
Right now, most people who wants a job can get one. Current employment statistics in the US indicate that two job offers exist for every person looking. There are several reasons for this surplus, especially changes to the employment landscape. While getting a job may be easy, consistency and security in the workplace are not always guaranteed right now.
Perhaps this is the perfect time to think seriously about the entrepreneurial alternative.
So for anyone thinking about to get self-employed or experiencing the entrepreneurial adventure, here are the 5 questions to ask and to find out if entrepreneurism will work for them.
1. Do you have a thick skin?
You need a thick skin to withstand family or friends opposition and doubts about your bright business ideas. If you don’t have this ability, you won’t survive the onslaught.
2. Do you have savings?
Your business ride will be bumpy, no matter what. You need a financial cushion while you are developing your concept. Ideally, you are completely debt-free including your mortgage on your home and have enough savings to live on for at least a year.
3. How committed are you?
If you go into business with a “let’s try it” attitude, it will be difficult to get through the real problem that will occur. You probably give up before you achieve success. Once you jump, you have to be all-in and totally determined.
4. Who will mentor you?
You need somebody to guide you who has done something similar and who can keep you away from making mistakes. It will never be as easy as you think. You also need psychological inspiration to keep you going when things are not going your way.
5. What are your values and does this idea fit with them?
You’re not looking for something to do. You are looking for something to give your life to. Vision drives mission, mission drives operations. Your vision needs to be a naturally synchronized outgrowth of your values.
In today’s insecure working environment and fluctuating business climate, trust and faith in partners or employers is harder. You might lose your job because you are not vaccinated or look at the woke-ness and political partisanship. Be ready to bet on you, not the others. In this climate, betting on ourselves could be the most stable option.
Sven Franssen