Think you’re cut out for entrepreneurship? Take this quiz.
“Dear pessimist, optimist and realist, while you guys were arguing if the glass is full or empty, I sold the glass. Sincerely, Entrepreneur-ist”
I was not always an entrepreneur. Before I started my own business, like most people, I had a corporate job at a big credit card company. And if you have worked in a corporate environment, you know how toxic it can get. There’s always this one person in the office that you cannot stand but is always in your face, your boss who could say a lot of borderline disrespectful things because they feel like they are protected by HR and too much bullshit and politics in the office. It was just killing me.
After a few more unsuccessful attempts at finding happiness in the corporate world, I decided to set up my own business and work for myself. I became an entrepreneur.
Nowadays, with so many factors impacting the market…
a surge in consumer demand as evidenced by a strong GDP growth of 6.5%
global supply chain disruptions — with 100+ container ships stuck off the coast — trying to dock and unload at the Port of Long Beach and the Port of Los Angeles.
great resignations — more than 19 million US workers have quit their jobs since April 2021
labor shortage — in the U.S. we need roughly 10 million people for unskilled and skilled workers to fill job openings nationwide.
early retirement — America’s retiree population grew by about 3 million during the pandemic, about double what would have been expected given pre-pandemic trends.
slow immigration process — Prior to COVID the US welcomed over 1 million immigrants each year; however in 2020 that number dropped to about 263,000.
and the list goes on.
For the business-minded, all these factors offer a myriad of opportunities. And it’s no surprise that last year more than 4.4 million new businesses were created in the U.S. — the highest total on record. Economists speculate a combination of accessible technologies, home confinement, and yes, spare time, as the catalyst.
Being your own boss is the ultimate inspiration to many. But behind the glitz and glamor that social media depicts entrepreneurs to be, the reality is it involves a lot of sacrifice, hard work, tenacity, creativity, and a lot more. And, don’t think that starting a business is a quick way to getting rich… because it’s not. In fact, being your own boss means first losing money, whether you’re doing it right or not. And it may take a while before you realize a return on your investment.
Before I convince (or dissuade) you to get into entrepreneurship, take this short quiz from Entrepreneur magazine to see if starting a business is really for you.
1. Are you a leader? Y__ N__
2. Do you like to do things your own way? Y__ N__
3. Do you enjoy competition? Y__ N__
4. Do you have persistence and self-discipline? Y__ N__
5. Are you coachable? Y__ N__
6. Do you consider yourself to be a risk-taker? Y__ N__
7. Do you like to be in control? Y__ N__
8. Do you like experimenting with new ideas? Y__ N__
9. Are you willing to work 24/7 for success? Y__ N__
10. Are you and your family prepared emotionally & financially? Y__ N__
If you answered yes to each question, then strap up your boots because you have what it takes to be an entrepreneur! Otherwise, don’t give up easily. You can keep improving yourself to get into the ideal entrepreneur mindset and succeed at it.
For more business advice, check out my other blogs on the website. And email me at email@example.com for help with marketing and branding for your small business.