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5 Things You Need to Know About Yourself Before You Start Your Own Business

Starting a successful business does not take just a week, your company will not become successful overnight and years may pass until you actually start making profit. I am not telling you this, because I don’t believe in you. Actually, the opposite! The world needs more innovative ideas and products that solve major problems and the key to achieving this is clearly through the power of entrepreneurship.

But before you jump into the world of entrepreneurship, there are some important questions that you need to answer to yourself. These questions are that important, because the answers can determine the future of your venture. Do not waste your time – it is your most valuable asset. Make sure that you know yourself well and that the things you truly want match what you actually are going to do.

Do I want business or I just want money?

The first and most important question is this one. Many people think that once they start their companies the money will start to rain. Well, this is not true. Actually, most entrepreneurs work on pretty tight budgets and don’t break even for years. So, if money is your main motivator to start a business, better rethink your decision.

How well do I handle stress?

Well, this is one very important question that every entrepreneur should answer. Entrepreneurship requires many long hours of work under pressure. The stress is often that unbearable that it becomes one of the main reasons why many startups don’t succeed, many co-founders separate their business path and many people harm their general health for very long time.

Before you jump into the world of entrepreneurship, know your limits, know how well you can handle stress and make sure that you keep your health under control. Many entrepreneurs start strong, but somewhere in the middle of their work the complete burnout happens and the future of the company becomes unclear.

How well do I handle rejection?

You will most definitely fail on your way to building your company and you will face many rejections and setbacks. Before you even start, make sure that you know how you handle rejection and how you can face failure. You should be prepared for both, so you will not give up after you face the first rejection.

Do I know it all or I am willing to learn?

As an entrepreneur, you can’t know it all from the very beginning. Learning and improving is one of the keys to success and entrepreneurs, who believe in the power of new knowledge, are the ones that succeed. If you don’t like to learn and to improve, to try new things and to think out of the box, entrepreneurship might not be for you.

Am I a leader or just a good manager?

Good leadership skills are essential for the success of a startup. It is not enough to be skilled manager to be a good leader. The entrepreneurs are fully responsible for the success or the failure of their companies and they must know that one of their biggest assets is the strong and highly motivated team. Hiring the right people is just not enough, entrepreneurs need to know how to lead, inspire and motivate their employees in order to build strong team with devoted members.

─ September 16, 2015