When you think entrepreneur, you generally think of words like risk-taker, innovator, leader and time manager. They have a vision or an idea that they want to share with the world by way of a new company and rather than just sitting back and waiting, they act. Perhaps you've always dreamed of being an entrepreneur. Or maybe you've just recently started a business and are wondering if you truly have what it takes.
Below are some questions that you should ask yourself in assessing whether or not you are true entrepreneurial material.
1. Are you easily knocked down by having to make the tough calls? In other words, do hard decisions throw you off your game. It stands to reason that a business owner is going to have to make those tough calls, whether it be to let someone go, to severely tighten the company belt or to even shut down a division. Yes, there may be hurt feelings involved, but at the end of the day it is a business and you have to be able to treat it as such.
2. Are you okay about bringing work home with you? As you are the owner, you are going to worry about things—lots of things. Being an entrepreneur, unfortunately, is not a 9-5 job. Especially in the beginning, you will work weekends, nights and when you're not working, you're probably, some of that time, going to be thinking about working.
3. Are you a people person? A huge part of being a business owner is interacting with people. Everyone from employees to suppliers and vendors, to contractors, to customers will be looking for you to communicate. Even during more tense situations, you still have to be able to articulate your thoughts and what you want in a clear, calm and concise manner. You need to be comfortable dealing with people every single day as this is all part of your job.
Whether you're a newly minted entrepreneur or have been in business for a while, we'd certainly like to discuss any financing needs you might have. First Union is in business to help companies just like yours. With short-term loans, lines of credit and merchant cash advances, we have flexible and fast funding solutions to help you. Call today!