To Be Or Not To Be An Entrepreneur

Bill Warner Sunday, July 26, 2009

Entrepreneurs take an idea for a business and do what it takes to create a company and make the business a success. Often, they join with other like-minded entrepreneurs in order to create the right kind of team to get the business started. In the midst of this recession, we see a lot more people starting new businesses due to the downturn of job opportunities. However, the lack of a job is not a sufficient reason to decide to become an entrepreneur. There’s a lot more that goes into the consideration of whether or not you are cut out to be an entrepreneur. Take a look at the insight perspective of Carl Schramm, President of the Kauffman Foundation.

Are you ready to be an entreprenreur?

Becoming an entrepreneur and starting your own business is a big deal, not to be taken lightly. If you are considering this, you need to think it through:

  • Do you have the passion of an entrepreneur? In other words, does the business you want to start drive every ounce of your energy and you wake up every morning with the drive to keep it going. If you don’t, you should not attempt this because your passion will be the only thing that keeps you going during the hard times.
  • Can you afford it? If you have a day job, don’t quite until you know you have something new to sustain you.
  • Are you prepared? Before you start a business, you need a well thought out business plan that you can finance and execute. Do the due diligence needed to make sure.
  • If you do have financial resources, do you really want to spend it on a new business? If you are not prepared to lose it all, don’t make the bet.
  • Is your family with you? Better not leap into a new business if your family doesn’t know what they are in for. You will be working 14-16 hour days and making other sacrifices that they will need to know about. This could be the end of a good relationship if you don’t get their support.

This is still a good time to start a business, but really think it through before you attempt it. Maybe you should be getting another job instead.

Filed Under: Financing a Company, Business Operations, Starting a Business



Bill Warner is the Managing Partner of Paladin and Associates, a business consulting firm in the Research Triangle Park area of central North Carolina, and is the Chairman of the Triangle Accredited Capital Forum, an angel investor network with over one hundred members throughout the southeast.

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