Even though most businesses fail within the first few years, many people still fantasize about the idea of becoming an entrepreneur. They dream of owning their own business, making as much money as they want, and living a lifestyle that is determined 100% by them. While entrepreneurship can be a path to personal freedom, it isn’t for the faint of heart. In today’s episode, host May Yeo Silvers discusses the important questions anyone needs to ask themselves before they make the decision to start their own business.
Whether you want to exit the corporate world, or you have an idea you’ve been dying to share with the market, you must first determine whether or not entrepreneurship is for you. Before jumping head first into your business, you need to come to terms with the fact that owning a business comes with a lot of sacrifice. While you may see entrepreneurs boast about their luxury lifestyles, May explains that doesn’t happen overnight. So you really need to ask yourself if you are comfortable sacrificing your personal time, money, and resources to make your business a success. In addition, there are certain characteristics that all successful entrepreneurs exhibit. Do you have the grit to forfeit a regular paycheck? Are you okay with taking risks even if the outcome is negative? If you answer no to any of these questions, entrepreneurship may not be the path for you.
Above all else, every entrepreneur needs to know their “why” because that is what will motivate you to success. By taking some time to ask yourself these essential questions, you can clarify your decision about opening a business and potentially save yourself a lot of time, money, and heartache.
Quotes
• “The survival rate of a new business is very short-term if you do not spend some time soul searching, deep thinking, and questioning of why you want to have the business in the first place.” (01:45-02:03 | May)
• “To really understand the end goal of having your own business, you need to ask yourself what does it mean to have your own business?” (04:50-04:56 | May)
• “You see many photos on Instagram, Facebook or Tik Tok of people sipping their pina coladas, by the beach, flying first class, going into exotic venues for vacations. But that does not happen overnight. Before they are drinking the pina colada, they are drinking a lot of coffee for those late nights. They need to work those hours to make that money in order to live that desired lifestyle.” (07:56-08:35 | May)
• “What do I mean by the attitude of a business owner? That means you are willing to take risks with no guaranteed results. If you want guaranteed results, that means you want a guaranteed paycheck. Which means you should go work for someone and not yourself.” (11:24-11:38 | May)
Links
Connect with me at: [email protected]
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