Are you thinking about becoming an entrepreneur?  Uncertain whether you have the goods?  Here are seven questions to help you identify whether life as an entrepreneur could be in your future.  Take a peek inside the crystal ball and see if you’ve got what it takes:

1)    Have you identified a market niche?  Are you passionate about becoming involved with your chosen industry?  Running your own business is an emotionally draining experience, and, much like a marriage—reveling in the honeymoon is one thing, but are you certain that your love and passion will endure?  Can it be everlasting, through better times and worse?

2)    Are you prepared to have more bosses than you could have ever imagined?  The most common phrase I hear from women who are considering a career as an entrepreneur is: “I want to be my own boss.”  WRONG!  If you think going into business for yourself means being your own boss, I’m afraid you are sorely mistaken.  Every single one of your customers will be a boss.  Your Executive Team members and employees will also be your bosses, to whom you carry the ultimate responsibility of being a good leader, motivator and educator.  As an entrepreneur, you must be prepared to bow to every single person whom you work with in your business; every single person who makes your dream possible in the first place!  And you must remain grateful to them, every single day.  

3)    Do you have advisors?  Do you have people you can reach out to and seek advice from?  These are the people whom you must trust implicitly.  Be sure to ask your advisors to keep it confidential, or else you could lose your cutting edge through competition.  Advice from close friends or family is golden; listen carefully to everything everyone has to say.  BUT!  Make sure you are strong and resolute in your decisions, that you won’t be dissuaded easily.  Entrepreneurs are often subject to criticism from others, perhaps out of fear on the part of the speaker (maybe even jealousy).  Take it all in, but remember that YOU make the final decisions. Be firm in your beliefs and don’t be afraid to explore an exciting business idea.  The most important thing is that it feels “right” to you.

4)    Do you have adequate financial reserves?  Every new business is bound to have its ups and downs, and in order to weather mini-storms that might be headed your way, it’s best to have at least six months of operating capital available to help pull you through.  I see many startups fail, even if the ideas are good, because the owners hit a hiccup early-on and can’t make it through due to lack of funds.  Dream for the best case scenario, prepare for the worst.  Make sure your business can operate on a shoestring.

5)    Yesterday?  Today?  Tomorrow?  Think big, but act small.  Entrepreneurs want to see their big dreams come alive – and they want it yesterday.  This is totally normal.  But take a step back and evaluate what you can accomplish today for a dazzling tomorrow!  Spend money only as you make it.  Birth an infant business, and then revel in the glory of growth and expansion.

6)    Do you have a business plan?  You can’t even ask for advice from close friends or family if you don’t have something written out.  A business plan can begin with just one or two lines.  “My business will make money by X.  I plan growth by Y.  I need Z in order to make X and Y happen.”  If you personally do not have adequate startup capital on-hand, you will need a business plan to court potential investors.  This plan is really the only legitimate proof you have that your idea is plausible and well thought out.

7)    Can you accept setbacks?  Entrepreneurs must be prepared to live in-the-moment, in the here-and-now.  You must be ready to accept setbacks, and to learn from them.  The greatest lessons in business are learned not from your successes, but from your failures.  Failure, on any scale, is a road-sign.  It means you’ve got to turn on your heels and head in another direction.  But will your journey end right there, just because of one wrong turn?  Get back on the freeway and get going again.  And always remember, throughout your entire journey: Failure is a milestone on the road to your next success.