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Home  > Article

Are You Cut Out for Self-Employment?

By Laura Sweeney

Every year, more than a million entrepreneurs across North America start new businesses. If you are considering the self-employment career path, be certain you can weather the challenge. An entrepreneurial career is among the most rewarding, but it is also the toughest job going. Do you have the passion, the stamina, and the guts to run a successful business?

 
Putting aside your ego is imperative if you are going to be successful.
 
Every year, more than a million entrepreneurs across North America start new businesses. If you are considering the self-employment career path, be certain you can weather the challenge. An entrepreneurial career is among the most rewarding, but it is also the toughest job going. Do you have the passion, the stamina, and the guts to run a successful business?


The right stuff

Dreaming about being self-employed is the first step to starting a business, but you need to do a thoughtful reality check to determine whether you are cut out for the lifestyle of self-employment. If you can answer "yes" to these questions, you may be fit to turn your dreams into a business:

  • Are there elements of working for someone else that you do not like?
  • Can you live without a steady paycheck?
  • Are you specialized in your field?
  • Do you have a business plan?
  • Can you wait three to five years to see successful results?
  • Can you control your emotions when dealing with clients?
  • Do you have funds to cover expenses for the first one to three years?
  • Are you technologically literate?
  • Do you have a team to support your decisions?
  • Are you self-motivated and confident?
  • Do you like to be in charge? Are you a decision-maker?

Personality traits for success

Being an entrepreneur requires physical, mental, and emotional strength. Before you take on the risk, do the research. Talk to as many business owners as you can to get a sense of what it takes to ride the roller coaster career path of an entrepreneur.


Among the most common personality traits of successful entrepreneurs is energy. This job is no less than a 24-hour obsession. Most entrepreneurs say the unremitting stamina comes from the passion they feel for their businesses and a belief in what they are doing. Entrepreneurs also have to be willing to risk their money and reputations; and it takes a thick skin to deflect the criticisms of doubting colleagues and friends. For this reason, you have to be prepared to go it alone, to trust in yourself and your decisions.

Which isn't to say entrepreneurs don't ask for help. In fact, putting aside your ego is imperative if you are going to be successful. While you'll need to possess a myriad of skills of your own, as you'll have to where many hats at the helm or your business, successful entrepreneurs also surround themselves with capable people who are experts in their fields.

Starting your own company comes with an enormous amount of risk, and no one advises that you accept that risk without taking a personal inventory first. Once you've determined that you're made of the right stuff, enjoy the ride!







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