12 Ways To Know You’re Ready To Own Your Own Business

Are you thinking about quitting your job because you dream of owning your own business?

As amazing as it is, owing your own business is also hard, and not everyone should be a business owner. And that’s ok.

It’s better to know before you quit your job and invest your money and heart into a business that you later find wasn’t right after all.

But if what you’re really concerned about is whether you are an entrepreneur at heart or not? Or whether you should pursue your particular business idea at all?

Here’s a quick guide that will help you decide whether to make the decision to own your own business, or whether to look for a dream job (or a different business idea) instead:

I Am An Entrepreneur – Right?

1. You’re passionate about the idea. If you’re not passionate about your idea, you probably shouldn’t pursue it no matter how much potential you think it has. The blood, sweat and tears required to make your business work burns fuel, and that fuel is passion. If you don’t have it, you burn out quickly.

2. You’re willing to work hard. (no harder). Do not underestimate the amount of work it will take to get your business going and keep it going. It IS possible to be successful if you learn from other’s mistakes instead of taking the hard road and making them all yourself. But you’ll still have to put a lot of work into it. Don’t be fooled by the “If I Build It They Will Come” mentality. They won’t.

3. You’re not afraid to be wrong or to fail. Woo, doggie! I can’t tell you how many times I’ve been wrong or failed. If it wrecks you, you’re done. If you can see it as learning, you can flourish.

4. You don’t mind solving tough problems. In every business you’re going to be asked to solve tough problems. If you run a solo business, you’re probably going to be your own tech guy, your own CFO, your own copywriter. . . and if your business is bigger your problems are bigger – or maybe just different. They’re frustrating, sure. But if you can’t deal, you might want to reconsider owning your own business.

5. You can withstand crying, head-bashing and computer-throwing. You’re probably going to encounter situations that would make Clint Eastwood cry like a little girl. The level of frustration is sometimes maddening. I’m not saying it’s fun for anyone, I’m just saying that if you already know that it would make you absolutely miserable and you’d want out, you might want to turn back now.

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6. You can deal with rejection. Lots of people will tell you no. Potential clients, potential partners, people who might have promoted you. If you can deal with it with your ego intact and you can keep going, you’ll have a chance.

7. Big wins don’t give you a heart attack. Sometimes you’re going to have an amazing day. It might be a financial gain, someone who agrees to publish your stuff, a new partner or a huge contract. But sometimes even the good stuff is too much to handle. Can you cope?

8. The money rollercoaster is ok with you. Working for yourself is feast and famine for a lot of businesses. If you can deal with it from both a financial and from an emotional perspective, owing your own business could be good.

9. You’re creative as hell. It doesn’t matter how you’re creative. You could be great with people, with ideas, with words, anything. But being a successful business owner usually means standing out from the crowd. And that usually means doing something different – which means being creative.

10. “Suspense” is another word for “fun”. Things don’t always happen on your timeline when you own your own business. You don’t get paid on Friday, you don’t have lunch at noon, and customers don’t walk in like clockwork. You are left wondering “will this client sign up or not?” “Will my product sell or not?” Sure, you will get good at what you do, and things will get more predictable. But if that suspense – the not knowing – kills you, you might not be suited to owning your own business. If, on the other hand you see it as an exciting alternative from the hum-drum, that’s great! Because day-to-day, you never know what might happen.

11. You’re willing to learn.  There are always going to be people out there who know more than you, and the world and technology are constantly evolving. If you’re open to learning, growing, and always being curious and asking how you can do better on your business goals, you’ll do just fine.

12. You’re willing to take charge – of yourself. If you want to own your own business YOU are in charge of your fate, which means you can’t wait around for someone to tell you what to do. You need to be pro-active. Pro-active about problems, solutions, issues that might arise, learning that needs to happen and more. After all, this is your baby.

Owning Your Own Business Can Be Incredible

So, do you think you’re ready? Do you have what it takes?

If you think you might be a born entrepreneur and you have an idea that you’re passionate about sharing with the world, you might be feeling like you’re ready.

The good news is even if you don’t have everything you need to be successful right now, you don’t have to give up. 

If you want it bad enough, you can learn how to become an entrepreneur. Knowing these 12 traits will give you the edge to make yourself unstoppable.

Which of these do you feel like you need to grow into? Which of these do you feel like you have already? I’d love to hear from you in the comments below!

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