5 Questions to Ask Before Leaping into Small Business Ownership

Deciding to make the jump into small business ownership can be a nerve-wracking decision, especially if it means leaving a stable job (and income) to venture out on your own. How can you tell if it’s the right decision – before you’re in too deep?

Business coach and franchise consultant Jeff Levy has helped hundreds of individuals pursue business ownership by connecting them with the business model that fits their personality and goals. In his experience, fear can be a deterrent to business ownership, but it’s when “dreams become heavier than [your] fears” that most decide to make the leap. Here are questions he encourages every aspiring entrepreneur to ask themselves to help them decide whether or not entrepreneur is right for them:

1. Are you self-motivated?

Dissatisfaction with corporate America is one of the top reasons why individuals pursue business ownership. They’re tired of working for someone else and want to be their own boss. But part of that also means they must have a sense of responsibility and being able to motivate themselves to make progress without needing someone to tell them what to do.

2. How organized are you?

Business owners must be inherently organized and have the ability to maintain orderliness while juggling multiple priorities.

3. Are you intention-driven?

Business owners must wear multiple hats, especially when they’re starting out. That means distractions and challenges can be endless, especially if you allow yourself to get lost in the weeds. But a successful entrepreneur will be able to keep their eye on the prize and prioritize, even while completing mundane tasks.

4. Are you a lifelong learner?

Most entrepreneurs are driven individuals. They usually aren’t satisfied when they’ve reached a plateau and will continue to learn and make endless improvements.

5. Do you understand the relationship between risk and reward?

There’s no denying business ownership is a risk, but there’s also a great opportunity for success. Entrepreneurs must understand that in order to receive the reward, they must first be willing to take the risk.

See more of Jeff Levy’s tips to becoming a successful entrepreneur here.

[Source 1]

[Source 2]

[Source 3]

Table of Contents

Download the Guide

Download the Complete Guide to 401(k) Business Financing – you can save it for later or print it at your leisure.

If this was useful, you might like:

Keep in mind these SBA loan trends for the coming years!
Trends & Analyses

2022 SBA Loan Trends

In these uncertain times, looking toward the future can seem like even more of a guessing game than usual. Here are our predictions for SBA loan trends for 2022.

Buying a business doesn't have to be complicated. Our complete guide will take you from uncertainty to ownership!
Buy a Business

How to Buy a Business or Franchise [Complete Guide]

Buying a business is a fun way to quickly become a successful entrepreneur, but it’s not a good fit for everyone. Learn more about determining whether buying a business or launching a start-up fits your personality, lifestyle, and budget.

Stressed About Financing?

Let our team of experts help you identify the financing that will make it easy to create a thriving business by guiding you through a quick and simple process that is tailored to your unique situation, and explaining all of the funding options available for your business.

 

By pressing “Get Started,” you agree to this website’s Privacy Policy. You also consent to receive information from Guidant Financial at the email address or telephone number you entered. This information may be provided by a phone system that can auto-dial. You aren’t required to consent to use our services.
Scroll to Top