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Do You Have What it Takes to be an Entrepreneur?

Lucere Legal helps entrepreneurs build their businesses

Every day, dozens of aspiring entrepreneurs don the accouterments of the professional businessperson and go through the mechanics of starting a business. Of these, only a select few will make it through the first year.

How can you join these enterprising individuals?

You, like generations of entrepreneurs before you, need to  ask yourself the following seven questions before committing considerable time and financial resources to what otherwise might be a pipe dream:

  1.  Why do you want to work for yourself?  If the first response that comes to mind is your dislike for the job in which you currently find yourself, be sure to give the idea much deeper thought. Motivation is far more effective when it is positive–ie. desiring to move toward something greater–rather than negative–ie. avoiding a job you’ve grown to hate. Passion is by far the greater fuel.
  2.  Are you self-motivated?  Often, it will seem that the payout of all the hard work you put into your business is ever further down the road. The first year may be the hardest of your life, so you must be certain that you possess the drive to put in the long hours and bear every burden. Self-motivation is indispensable.
  3.  Can you multitask?  Many who step away from a large firm to go their own way quickly realize just how much they had underestimated what was taken care of for them in the background. If you’re not already a jack-of-all-trades, be sure to have either the connections who can take care of the wide variety of tasks outside of your skillset, or the will to take on the challenges they pose yourself.
  4.  Can you sell yourself?  No business owner can afford to be anonymous. Customers, employees, and investors look for more than some mere product or service–they need to be sold on who you are. If networking and image management are not your thing, it will be vital that you are able to fake it until you make it.
  5.  Can you support yourself during the ramp-up phase?  Not every startup launches a multibillion dollar IPO within their first year of operation; will you be able to support yourself in the months and even years it may take your business to provide meaningful returns?
  6.  Can you handle uncertainty?  Say goodbye to your benefits package. A steady paycheck and a 3-week vacation will be hard to come by when you first go into business for yourself. A tolerance of risk is an absolute must if you wish to pursue the bigger rewards down the line.
  7.  Do you have a passion for what you do?  Passion contributes to your will to overcome the challenges you will face, but never forget that a personal dream means nada to the vast majority of people. Before you charge headlong into the unknown, make sure your idea has an actual market.

Not everyone is entrepreneur material, particularly those without a stomach for risk! However, one way to lessen these risks is to invite the advice and guidance of a qualified business attorney. Their years of experience at your side will help you see any pitfalls in the path ahead.

If you are interested in learning more about legal protection strategies for your business and how we work with you as a partner in protecting your company, call us today at (612) 206-3701 or fill out our contact form to schedule a small business consultation session.

Image Courtesy of  Paul Inkles

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