SEVEN QUESTIONS YOU MUST ANSWER BEFORE BECOMING AN ENTREPRENEUR (THE ENTREPRENEURSHIP PREPAREDNESS TEST)

(THE ENTREPRENEURSHIP PREPAREDNESS TEST)

The number of people that swapped into the world of entrepreneurship in the last few years has risen greatly and it keeps rising even among university graduates owing to one major fact – THERE ARE VERY FEW GOOD JOBS and over 80% of the people who have got such great jobs have certain connections pulling the strings for them.

 You have probably search for too long or you have been working for someone else unsatisfied and you now believe its time. YOU WANT TO BE AN ENTREPRENEUR.

Firstly let’s get one thing clear, there is nothing wrong with you wanting to become your own boss, in fact it could be one of the best things that will ever happen to you but before you set out to start that business there are 7 questions which you must answer beyond reasonable doubt if you hope to success.

QUESTION ONE:               Why do you want to be an Entrepreneur?

If you want to succeed greatly in any business, you must have good passion for it. Don’t venture into any business because you are tired of your boss, or because someone gave you a bad day at the office or worst still just because you believe is financially lucrative. It has to be something you have passion for and you may need to get plans up and running before you leave your job.

QUESTION TWO:              What are your Dreams and Expectations?

You need to decide on certain issues before embarking on your venture, for example is the business going to be full time or part time? Is it your business for the long term or only for a short while? Is it going to be a sole-effort or would you need a partner(s)?

QUESTION THREE:  Is your Health and Mental Capabilities fit enough?

This depends largely on the type of business you are starting up, you may have to do a lot of travelling, dealings or even hard labour  You also cannot rule out both the physical and mental stress that may come with the responsibilities of an entrepreneur.

QUESTION FOUR:            Who may suffer from your Venture?

This is a very vital question especially if you have a family and responsibilities, so you must put this into consideration and work out a plan around it as your family and close friends are your greatest assets. You have to work out a time for work and that for the family.

QUESTION FIVE:               What is the Life Span of the Business Industry?

Is your venture one of spur of the moment or is it likely to survive the test of time, don’t get caught in the net, which ever the case be prepared. Carefully analyse the choice of business to decide to establish.

QUESTION SIX:                  Do you have the Required Skills?

You need both the basic skills for the business and entrepreneurial skills

QUESTION SEVEN:           Do you have the Required Cash?

What are your plans to finance the business, in other words, do you have the required capital to start up your business? You need a business plan which includes detailed financing and note, an idea and good business plan is like a pregnancy, even after the baby is born you still need to nurture it (the business also) until it can sufficiently stand on its own.

You can’t start attending to certain personal needs when your business is not yet strong enough              or it may collapse. There are three major areas you must financially arrange for, especially if you have your own family and responsibilities.

Ø  Business Start-up Capital

Ø  Personal Cash Needs

Ø  Emergency Cash

That’s it, if you were able to answer all 7 questions and have everything in place then you are good to go.

There is also one last thing you need to do, although not compulsory but highly advised. Find a business role-model, someone who have been through the huddles of an entrepreneur (even if it is in good books and seminars) preferably in a similar business. It could save you from making certain mistakes that they may have already made, it’s like the saying, experience is the best teacher, but must it be your own experience.

I wish you all the best of luck, note though I never said it will be easy but it sure is possible and the rewards great.