Still Debating Whether to Start that Business? 3 Simple Steps to Get Clarity Now! – Taking the plunge into entrepreneurship just clicked for me. Ever since I was old enough to realize that I could make my own money and not rely on anyone else, I was all in. I tried my hand at everything – collecting recycled cans, hair braiding, selling apple candy. Anything that was easy and didn’t cut into precious time with my friends. Soon enough, the essence of entrepreneurship wasn’t just about making money – it was about crafting a life on my own terms. Sure, there were some doubts along the way, and yes, fear sometimes got the better of me, but entrepreneurship always felt like a natural extension of who I was, always within reach.
If you’re on the fence like I’d been many, many times throughout my entrepreneurial journey, torn between the lure of entrepreneurship and the comfort of a regular paycheck, you’re not alone. The oscillation between bold confidence and hesitant uncertainty is a rite of passage for many aspiring entrepreneurs. Through my many ventures, some successful, other lessons learned, read on to explore three critical steps I’ve discovered to help you gain the clarity you need to make one of the most exhilarating decisions of your life.
Let’s dive in…
Get clear on your why
The first step is to get very clear on why you want to start a business. Is it for more freedom, to pursue a passion, or to increase your income? Getting to the heart of your motivation will help you evaluate whether entrepreneurship is the best path.
For example, if you ultimately want to spend more time with family, becoming an entrepreneur may help with flexibility but also demands long hours, especially at the start. If you want to follow a lifelong passion, then a business aligned with that makes more sense than pursuing whatever is currently profitable in the market. Take some time to write out your why—the reasons, hopes, and expectations around wanting to start a business. Does entrepreneurship ultimately align with your deeper goals, or are you chasing someone else’s dream? The clearer you get on your way, the easier your path forward becomes.
2. Test your risk tolerance
Starting a business requires taking risks – financial, personal, and professional. It’s critical to gauge your appetite for risk honestly before jumping in. A helpful exercise is to create a simple risk assessment quiz and score yourself. On a scale of 1 to 5, rate your comfort level with potential realities like inconsistent income at first, needing to invest personal savings, the possibility of failure, longer work hours, and a lack of structure. Tally up your score and evaluate if it falls within the range of tolerance needed to start a business at this time in your life. This assessment injects a helpful dose of perspective into a decision that’s often clouded by optimism and excitement.
3. Talk to real-world entrepreneurs
Speaking with people who have actually started businesses can provide invaluable insight into the reality of day-to-day entrepreneurship. Friends or family who are entrepreneurs can give you a raw look at their challenges and wins. If you don’t personally know business owners, many are active online, sharing their journeys publicly. Search for entrepreneurs in your desired field on platforms like YouTube, Instagram, podcasts, and blogs. Soak up their stories, lessons learned, and advice to get a well-rounded understanding of the entrepreneurial path. Allow their real-world experiences to challenge any assumptions or fantasies you have around running a business.
The excitement of entrepreneurship can be intoxicating. By getting clear on your why, assessing risk tolerance, and learning from real entrepreneurs, you’ll be equipped to make a decisive choice about taking the entrepreneurial leap. Trust the process and listen to your inner voice. You’ll make the right decision for this season of your life and career.
- Grab the ULTIMATE Marketing Secret Hacks series.
- Connect with L.Y Marlow to learn more.
- More articles from our VIP Executive Contributor, L.Y. Marlow.