There are many issues to consider before taking the leap from employment to self-employment. Before you start making any concrete plans for a new venture, take some time to consider if you are prepared for the challenge.
What does it take to become an entrepreneur?
Successful entrepreneurs possess many of the following attributes:
- Self-confidence & self-belief
- Willingness to take a risk
- Self-motivation
- Good communication skills
- Strong managerial experience
- Comfortable with taking on extra responsibilities
- Patience - it generally takes about 3 years for a new business to become profitable
As a budding entrepreneur you should carefully examine the list above. Consider which of these qualities you possess and which you need to develop.
Consider the positives and the negatives
It is very important that you are fully aware of both the positive and negative aspects of being your own boss before embarking on any new business venture.
Advantages of being your own boss:
- Increased job satisfaction
- Flexibility
- Can lead to a better work-life balance
- Financial rewards
Disadvantages of being your own boss:
- Long hours
- Possible isolation if working alone
- Risk of business failure
- Financial insecurity
- Extra legal responsibility
Ask yourself the following:
- Have I got the right business skills?
- Can I survive financially until the business becomes profitable?
- Will my friends and family help support me to develop the business?
- What are my commitments now and how will they fit with starting a business?
When you have answered these questions then you can take a look at our Start Your Own Business Course and our advice on Starting a Business.
