Can You Manage the Risk of Entrepreneurship? Questions to Ask Yourself

  1. Can I live with an unstable income for the first year, two, or more of my business?

  2. Do I have enough money saved to sustain my personal life and my family while my business becomes established and starts to generate profits?

  3. Can I manage the stress and volatility associated with entrepreneurship?

  4. Will my family be supportive, even if things are difficult financially?

  5. Will my family understand that I will have very long workdays and an erratic work schedule?

  6. Am I willing to stake my professional reputation and career on my new venture?

If you can answer yes to all of these questions, then you're poised to launch your own business and should be able to comfortably manage the risks involved.

If, on the other hand, your answer is no to several of these questions, then take some time to evaluate whether or not entrepreneurship is truly your best career choice. The risk will always exist and there is no way around the risk, no matter how spectacular your business idea.

 

SOURCE: Adapted from Wendy S. Enelow, The $100,000+ Entrepreneur (Impact Publications, 2008), pages 8-9. All rights reserved. Copying strictly forbidden.