In today’s business world, there’s still a lot to be said for “traditional employment.” For the most part, it still provides a certain amount of security in the form of a regular paycheck and benefits. But there’s a lot to be said for entrepreneurship, as well. Some of the biggest benefits are freedom and flexibility of “being your own boss.”
So as you face the challenges of the “real world” with your brand new college degree in hand, or ponder a career change after years in the same field, the question is: which option is best for you?
Five key questions
Here are some things to consider as you try to decide whether you have the mindset of an entrepreneur.
- What are you passionate about? As the old saying goes, if you do what you love, you’ll never really work a day in your life. So it doesn’t matter if you’re passionate about photography, cars, music, sports, finance, or anything else, for that matter. If you know where your passion lies, you’re off to a great start.
- Can you think outside the box? Once you’ve identified your passion, the next step is to figure out how you can translate it into a Fort Lauderdale-area business. In most cases, this means doing comprehensive research to see if there’s an unmet need that you can address. But it also requires a certain amount of creative thinking and flexibility.
- How do you feel about failure? If “failure’s not an option,” then entrepreneurship may not be for you. The stark reality is that many, if not most small businesses do fail. There are many reasons for these failures, so the bottom line for you is not necessarily whether your business will survive, but how you’ll handle the failure if it doesn’t. If you’re willing to learn from defeat and apply that knowledge in the future, you may have the mindset of an entrepreneur
- Are you a thrill seeker? As we just noted, there are no guarantees in business. With that being stated, ask yourself if you are willing to put your savings on the line to start your own business, and if you are prepared to give up some of the “creature comforts” you may have gotten used to while collecting a regular paycheck.
Although he probably had more money in the bank than most of us when he was fired from Salomon Brothers, former New York City Mayor Michael Bloomberg didn’t think twice about starting his own company; in fact, he started the process the next day. As of 2017, that business, Bloomberg, LP, was generating approximately $9 billion in annual revenues. At that time, Mr. Bloomberg’s estimated net worth totals $47 billion.
- Are you a loner? Starting a business from scratch is a full-time job in and of itself. Even if you have some legal or financial expertise, you’ll still need some help to get your business off the ground. Unless you are creating one with minimal startup costs or you have the money to cover those costs yourself, you’ll need help to secure funding. And once your business is established, you’ll need to deal with customers, clients, and vendors. Unless it is a sole proprietorship, you’ll also have to cope with co-workers. In other words, having effective interpersonal skills is an important aspect of entrepreneurship. So if you are a “loner” or a “lone wolf,” entrepreneurship may not be for you.
Additional characteristics of successful entrepreneurs
In general, successful entrepreneurs also share several characteristics. They are:
- Effective leaders
Be honest in your assessment. If this describes you, you may have what it takes to become a successful entrepreneur.
And if you do decide to take the proverbial leap into entrepreneurship, the skilled and knowledgeable business lawyers at Eskander Loshak LLP are here to help. Specifically, we can provide advice about the pros and cons of different business models, and complete the legal paperwork necessary to establish your business, and more. Once you get your business off the ground, we can also provide comprehensive legal representation. To learn more, contact us day.