Entrepreneurship over the years has caused a significant growth in the national economy of many nations around the world. World Bank states that the input of small-scale businesses account for more than 50% of employment opportunities in the world and 40% of national income (GDP) in emerging economies. In Nigeria, Small and Medium scale enterprises contributed to over 50% of her yearly GDP in 2020. With the COVID-19 pandemic, Forbes recorded that many nations experienced an increase in the emergence of start-ups.
However, running a business isn’t always a smooth sail, it has it numerous challenges that require resilience to withstand them and come out successful. It is at such moments you get to ask yourself, is entrepreneurship for me? Are there traits and attributes one must possess first before venturing into entrepreneurship?
There is no way to remove all the risks connected with entrepreneurship. However, you can adequately manage your chances of success with proper planning and preparation. An excellent means of achieving this is to evaluate your strengths and weaknesses as the owner and manager of a small business.
Some simple ways to answer the question if entrepreneurship is for you is to ask yourself the following questions:
Am I a self-motivated person and how good am I at making decisions: entrepreneurship means that no one will be on your tail to ensure that you get important and trivial assignments done. It is all up to you to motivate yourself and make the major decisions to get tasks done.
Am I an easy-going person and do I find relating with new people easy: Entrepreneurship is all about relating with people, from your vendors to customers to your staff. You are in constant interaction with people.
Do I find planning and organizing exhausting: one of the major mistakes some entrepreneurs make is jumping into the entrepreneurship wagon without any proper plan for their business or management strategy. Without these two, you stand a chance of shadow boxing and building cloudy expectations with no actual means of achieving them.
Is your drive strong enough to maintain your motivation: starting a business isn’t always the issue, most people go into entrepreneurship highly motivated and expectant but after a while, when burdened with challenges, the drive either reduces or dies completely.
What price are you ready to pay for your business: the goal for every entrepreneur is growth and success. What this simply means is longer work hours, sacrificing family time, travelling in some cases etc. Do you feel capable of handling and maintaining these responsibilities at whatever cost? If your answer is no, then you need to think twice.
Do I have the physical and emotional stamina to run a business: running a business isn’t cocktails and lunches, its hard work and sometimes heartbreaks. Do you have the capacity to keep yourself going when the road gets rough? When you experience some setbacks, can you get yourself back on your feet?
The above questions might seem like reasons to be discouraged from starting your own business but as you probably would have heard before now, there are tons of beneficial reasons to start your own business. The above questions if heeded to is to prepare you for what is involved in entrepreneurship and how you should handle it. The truth is, for the diligent and commitment person, the advantages of entrepreneurship far outweigh the risks.