Empowered Entrepreneurship

5 signs you’re ready to start your own business

Whether it was after a grueling week at the office, on the heels of a maternity leave you weren’t quite ready to finish or part of an ever-present yearning for the freedom of making your own schedule, most of us have wanted to be our own bosses at some point. However, as appealing as the flexibility, increased earning potential and idea of not having to answer to anyone other than yourself are, working for yourself comes with its own set of complications. Are you ready to make the leap into entrepreneurship?
Here are five signs you might be:
You’re passionate
Whatever it is you’re planning to do, you’re super psyched about it. This is important because the only way you’ll have the energy to springboard yourself through the inevitable rejections that will come on your path to success, is if you have total confidence in your game plan. On that note…
You have a clear and concise game plan
Building any kind of business requires putting one foot in front of the other in a planned direction. Sure, there are bound to be unexpected curves in the road and you may need to readjust. However, no business thrown together on the fly yields its optimal results for the long haul. And the long haul is what you’re in for, which brings us to, our next clue:
You know how to manage time and expectations
It’s not just that you need to have time in order to succeed as your own boss, it’s that you must know how to use your time wisely. A day will undoubtedly come when your flexibility gets misinterpreted to mean your work schedule is secondary. Unless you know how to set boundaries and reschedule around changes, you’ll wind up falling behind, which will cost you time, money or most likely, both.
You’re not afraid of risk, success or failure
Starting off as an entrepreneur is never easy; it requires a realistic, but optimistic attitude and general lack of fear. If you’re afraid of failure, you won’t take adequate risk. If you’re afraid of risk, you’ll fall short of your potential – or maybe not take off at all. And if you fear success (believe it or not, lots of us do!), you’ll find ways to talk yourself out of doing what it takes to get there. Instead, you have to be operating from a stable place where you’re well informed, take a few calculated risks and are willing to let the cards fall where they may. Which likely means…
You’re at least financially solvent
You don’t have to be rich to start your own business. But if you’re looking for a quick return – or worse, need it in order to stay afloat – you may want to bide your time. While necessity is the mother of invention, survival mode isn’t a sound foundation from which to build a business. Don’t cash in your 401-K or quit your day job until you know you can sustain yourself without them.

Stephanie K. Smith is a freelance writer working across mediums. Her pieces have appeared on sites ranging from CNN.com to National Lampoon and she’s written television pilots for Fox, CBS, The CW and Legendary Television. She lives in Los Angeles with her son, Dash and their (girl) cat, Fred.  http://www.stephanieksmith.com/

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