Tough questions to answer before quitting your job for entrepreneurship

I have had the privilege of being an entrepreneur for over a decade, I advocate it, I eat and sleep it. I love the pains, the gains and the uncertainties that come with it. I particularly enjoy the process of turning nothing into something, the attendant challenges give me the adrenaline rush compared to that of a junkie.

I encourage others to become entrepreneurs, most especially young men and women with the right passion and zeal required to succeed.

The increasing harsh economic condition and joblessness has further driven so many young men and women into the world of entrepreneurship. However, I have also noticed a trend, some young persons with the gift of eloquence, have also turned to motivational speakers, spreading the gospel of “Be Your Own Boss”.

Entrepreneurship is a good thing, as a matter of fact, anyone can be an entrepreneur but in reality, not everyone can be an entrepreneur. Entrepreneurship is a mindset, developed through several factors such as the environment, education, experience, and exposure. Therefore, before you quit your job to become an entrepreneur, regardless of what the motivational speakers have told you, there are basic questions you need to ask and also answer by yourself.

1. What is your motivation?

Do you want to become an entrepreneur simply because it is a fad or because you are tired of saying “yes sir” to your current boss, or you are tired of working eight hours a day? Trust me you have the wrong reasons, as an entrepreneur, you will continue to say “yes sir” to a new set of bosses, this time your clients. Also, let me shock you, you will literally work twenty-four hours daily. So, you need to be clear about your motivation.

Read Also: Akeredolu tasks youths on entrepreneurship, agribusiness to grow economy

2. What vision do you see?

The ability to see beyond what others are seeing is a critical element for business success. Most times the vision is beyond what the ordinary eyes can see. It is the picture you see when your eyes are closed, the dream you have when your eyes are wide open. It takes the eyes of the mind. As an entrepreneur, you need to have the right vision to succeed.

3. How prepared are you?

Entrepreneurship is War. Only a fool goes to war unprepared. Just like any war, you need to be determined to fight for what you believe in. Even though it is a good thing to fight for whatever cause you believe in but it is suicidal to go to the war front without arms. Same goes for business, you need to arm yourself with the right information before you take the leap.

4. How much knowledge do you have about the business?

Most young entrepreneurs get excited about ideas or go into a business simply because they have seen someone do it and succeeded. Knowledge is power, to succeed in any business, you need to get the right information about the industry you intend to go into. You need to arm yourself with as much knowledge as possible about the business and skill-sets in order to create value.

5. Are you ready to take the risk?

Entrepreneurship is all about taking risks, calculated risks but rewarding. The higher the risk, the more the rewards. Because business is like a warfare where only the strong survives, the determination to succeed against all odds will see you through. But before you go on to the battlefront, you need to be ready to be mentally prepared to win or lose, sometimes but the experience is worth it.

6. Are you passionate enough?

In your entrepreneurship journey, you will be faced with various challenges; there will be ups and downs, good days and sad days, there will be wins and losses, there will be times to celebrate but there will also come a when you want to leave everything and run away but when those challenging moments come, passion is the only thing that will keep you going.

So, before you take the leap, are you ready? If the answer is YES, then take the plunge, pretty soon you will be happy you did!