Our parents experienced a completely different job market than we did. In their time, it was normal to work for the same company for a lifetime and never worry about losing their job. In our time, working for the same company for even five years is a remarkable achievement.
Companies all across the world cut jobs to cut costs every year, and migrate positions to other countries. Smaller companies get bought out by bigger ones, and restructuring to streamline processes happens every day.
Subsequently, more and more people are gravitating towards the prospect of working for themselves and building their own business. While a worthy investment, it isn’t the right move for everyone. Being an entrepreneur requires hard work and key skills, so before taking the plunge, consider these key points to see if a career in entrepreneurship is right for you.
Are you Passionate about Anything?
If the answer to this question is yes, then congratulations, this is the most important requirement. Passion remains an important part of creating successful business opportunities.
Passion entrepreneurs stay up late at night drafting business plans to obtain loans and business partners. Passion inspires them to create ideas the market has never seen. Passion pushes them to keep going when they barely make enough to cover the costs of operation. Passion provides the extra push they need to succeed.
Make sure that whether it’s writing, graphic design, technology or medicine, you are passionate about this field. This helps you to build products and offer services customers and clients feel passionate about as well.
Do you have a Strong, Competitive Nature?
According to Bloomberg, 8 out of 10 businesses fail in the first year and a half. Competition runs high in the business market, and these statistics show that failure runs even higher. So, if competition is not your thing, reconsider becoming an entrepreneur.
The biggest corporate giants spend millions of dollars on smear campaigns and advertising. One such notable incident features Facebook creating a smear campaign against Google in 2011. While this does not represent ethical business practices, it shows that even at the top of the food chain, companies still fight for the best market positions.
Unethical practices almost always backfire on the companies who practice them, but remaining competitive is still important. It is not enough to just do well or make a profit. In order to remain in the market and truly succeed, it’s critical to always strive to earn the title of “the best” at whatever path is being pursued.
Are you an Autonomous Worker?
Smart employers love autonomous employees. These workers know how to self-start and innovate. They solve problems, require little supervision, and remain one step ahead of the game at all times. When it comes to managing time and prioritizing tasks, these people do it best.
Nowhere is that more critical than as an entrepreneur. To succeed as an entrepreneur, it’s important to possess that drive to get work done without supervision. You are your own supervisor. No one else will give you orders or tell you what to do.
Do not take this as an opportunity to slack off. Remember to keep yourself on track. Often times, as an entrepreneur, if you don’t get the work done, no one else will. And if no work gets done, there is no business.
Consider these questions carefully before jumping into entrepreneurship. If your answer to these questions is yes, then you just might outlast the eighteen months that 80% of entrepreneurs don’t survive. Give it your best shot.
Jonah Engler is a financial expert and entrepreneur from NYC.
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