Is Entrepreneurship the right choice for you?

We all love the idea of being self-employed and at some point we have had a side hustle to supplement our employment. While most of us toy with the idea of starting a business, entrepreneurship is a bumpy ride especially for the first timers. Before you quit your job to become an entrepreneur, it is important for you to examine if it is the right fit for you.

Finding the right business for you will determine your resilience when you experience any challenges. Put into considerations your passion, skill sets and your ability to solve problems for your target audience

How to determine whether or not entrepreneurship is for you.

To determine whether you want to venture into entrepreneurship, start by asking yourself;

• Are you risk tolerant? A big chunk of entrepreneurship involves taking risks every day to support and expand your business.
• Can you handle different responsibilities each day? Starting your own business means you have to think about all angles and cover them before the business matures enough to hire professionals.
• What’s your income preference, monthly paycheck or potentially unlimited earnings? Depending on the kind of business you want to start, chances are what you earn depends on the risks and the effort you put.
• Are you truly passionate about the business idea you have? While you may think passion is overstated, it usually comes in handy in terms of your commitment and the energy you put on it.
• How good are you in decision making? It goes without saying that you will be in charge of all the decisions need to be made pertaining your business and this can make or break your start up.
• What are the thoughts of other stakeholders in your life? Not everyone has your best intentions at heart, but getting the support of your friends and family is essential since they may be able to evaluate your idea in ways you hadn’t figure out.

Are you confident that you can take on the risks, responsibilities and rewards?

The next step is discovering your passion and learning how to turn it into profits. If your business is to stand the test of time, your motives for starting it should not be purely money. Turning a profit will eventually come into play and sure, the chance to earn more than your job feels like reason enough to start your own business but your reasons for staying in business will be determined by your passion.

Position yourself to solve the problems of your audience that you truly care about. Aligning your goals with those of the people you will be helping will give you more satisfaction when you are able to handle any challenges coming your way. The temptation to give in when pursuing a business opportunity that you are not into is high especially in the face of the first failure.

Set yourself up for long-term success in entrepreneurship

Discovering your strongest passions will help you determine which one has the highest potential that you can monetize for a long last successful business. Answering the following questions is a great starting point.

• What is the best part of your day?
• What is your favorite hobby?
• What do you love and enjoy doing?
• What topics are you an expert on?
• Which topics do you enjoy talking about with your family and friends?
• What issues do you feel strongly about?
• What skills can you boast of?
• What topics are you an expert on?

How you spend time after your 8-5 job is a great starting point to finding out what genuinely interests you. Another way to discover your passion is by doing a SWOT analysis on yourself to find out area you are really good at and the skills you will contribute as an entrepreneur. You will then be in a position to know if the business idea have in mind match your current skills.

For instance, what do your friends consult you mostly on? Then come up with a business model that clearly outlines what problem your skills will solve.

Which type of Business is the right for you?

You are now in a better place to decide which business idea suits you best. There are different ways you can monetize your passions and strong skills, for example if you are good in web design, writing or graphic design, you can turn it into a freelance hustle. You can also choose to manufacture a product or supply one, sell digital products, and start a blog or podcast

Being an entrepreneur means taking a lot of action daily, connecting with acquaintances and a lot of networking. Determine what problem you will solve and how and learn how to best reach more people with your solution.