7 Signs You Should Start Your Own Business

Not everyone can be an entrepreneur. The hours are long, the decisions are tough, and failure comes as often as success. However, for some people, there is no other option – destiny is pushing them toward business ownership.

If you feel that traditional career paths aren’t compelling, if you have a captivating business concept, if you are a hard worker with keen business sense, you might be a natural-born entrepreneur. Here are a few common signs of a life destined for entrepreneurship – and at least one reason you shouldn’t drop out of school and start your business too soon.

You Are Always Team Leader

Working in teams is a common occurrence throughout grade school and college for the same reasons workers team up in the real world: It encourages greater productivity and creativity. However, every team needs a leader – and you most often take that spot.

Good entrepreneurs prefer to be in control, which means they don’t enjoy being bossed around and they need the freedom to follow their vision. Though you might struggle to manage your controlling tendencies in other aspects of your life, entrepreneurship is where you can let your natural leadership shine.

You Search for New Achievements

“Good enough” is not what you strive for. For some reason, you feel the need to chase perfection, to excel and to win praise, awards and other recognition for your actions. If this is the case, you should become an entrepreneur. Entrepreneurs have the ultimate opportunity to prove their worth. Business ownership can be brutal, but in success, you will show yourself to be the best of the best.

You Feel Comfortable With Risk

There is hardly a riskier endeavor than running your own business – save perhaps bull riding or base jumping. An entrepreneur’s goal is to reduce risk as much as possible, but that doesn’t mean you can ever eliminate it completely. Every decision you make as an entrepreneur carries risk, so you must feel comfortable with risk before you start your own business.

You Are Financially Savvy

Cash flow issues are the number-one cause of business failure, accounting for more than 80 percent of all small business collapses. Other money troubles, such as failing to acquire sufficient funding, pricing products and services poorly and improperly forecasting sales, claim nearly as high rates of fatality. Thus, it is imperative that you know some about finance before you nosedive into entrepreneurship.

Personal finance and business finance are two different beasts, but if you are relatively proficient with managing your own money, you will likely be better at juggling your business’s finances. Fortunately, you can always enroll in finance courses to become better at handling financial matters.

You Understand Yourself

Though movies and television shows often depict entrepreneurs as brooding, introspective types, you should not be indulging in soul searching after you launch your business. By the time your business opens its doors, you should know yourself inside and out: your strengths and weaknesses, your goals and dreams, your ideal daily routine, your social preferences, your favorite destressing activities, etc. etc.

Entrepreneurs who understand themselves are more confident in their abilities, more comfortable in their situations and less likely to make mistakes due to blind spots or insecurities. If you feel there is still much for you to learn about you, you should spend some time with yourself before you start a business.

You Are Committed to Being Better

A business has all sorts of competition, from existing competitors in the market to future market disruptions. However, an entrepreneur’s true rival is their past selves. If you are always looking to improve your skills and knowledge, if you are working toward answering any question and finding solutions to any challenge, you should start your own business.

Entrepreneurs must be the best versions of themselves to ensure their business succeeds. Unfortunately, that means it likely isn’t prudent for you to jump into business ownership right away; instead, you should spend a few years gaining more wisdom and experience in your chosen field. Obtaining a job in an appropriate role and industry while you are enrolled in an online MBA program should provide you with the skills and expertise needed to thrive as a new entrepreneur.

Entrepreneurs are self-starters who constantly search for new opportunities and new challenges. If you are a natural leader, if you feel comfortable with numbers and if you know who you are and what you want, you should become an entrepreneur.