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.

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