What to Know before starting a business

We are all being told that the entrepreneuerial life is a dream within a dream. What we are not told is how hard the work is or what we need to examine internally in order to determine whether or not this life is for us!

I recently posted a TikTok that talks about Comfort and Freedom. These are two main values that you have to weigh to really understand if this life is for you. This is, of course, an oversimplication of what I ask clients to evaluate before they dive in to the life of business ownership.

Here are some questions to consider to determine what matters most to you in the context of entrepreneurship:

1. Passion and Purpose: What are you passionate about? Does the idea of building something new and innovative excite you?

2. Risk Tolerance: How comfortable are you with taking risks and dealing with uncertainty? Can you handle the possibility of failure?

3. Work-Life Balance: How important is work-life balance to you? Are you willing to sacrifice personal time and comfort for the sake of your venture?

4. Financial Stability: How crucial is financial stability to you? Can you manage with potential financial instability in the short term for the promise of long-term rewards?

5. Self-Motivation: Are you self-motivated and disciplined enough to work without external pressure or a structured environment?

6. Problem-Solving: Do you enjoy solving complex problems and overcoming obstacles? Can you stay resilient in the face of challenges?

7. Independence: How much do you value independence and the ability to make your own decisions without being answerable to others?

8. Impact: Do you want to make a significant impact in your field or community? Is creating value for others important to you?

9. Learning and Growth: Do you have a strong desire for continuous learning and personal growth? Are you eager to acquire new skills and knowledge?

10. Long-Term Vision: Can you commit to a long-term vision and persistently work towards it, even when immediate results are not visible?

Reflecting on these questions can help you understand what you value most and whether the entrepreneurial path aligns with your personal goals and values.