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How to Know If You're Ready For Entrepreneurship? Career Dilemmas of An Entrepreneur.

Ask yourself these questions and examine your situation to know if you should start a business.
How to Know If You're Ready For Entrepreneurship? Career Dilemmas of An Entrepreneur.

Before you can become an entrepreneur, you face the dilemma of choosing between you career and startup vision. The motivation of power, money, influence and freedom must be strong enough for you to leave your job and venture into the unknown.

As an aspiring entrepreneur, you should consider how much of the following capital you have before deciding if you should become an entrepreneur:

  1. Social capital — how much of a network do you have? Examine if you have a good degree of resources in business relationships and personal reputation.
  2. Human capital — what are your capabilities and skills? You should identify your weaknesses, and aim to fill the gaps by selecting suitable partners in the form of employees, cofounders and advisors.
  3. Financial capital —how much of a capital do you have to start? How much can you get from other sources?

When making the decision to leave your job, you may face these dilemmas:

  1. Golden handcuffs — you’re paid well in your job and it’s hard to leave. You worry about the prospect of not having a stable income.
  2. Legal handcuffs — a non-compete clause with your employers.
  3. Family handcuffs — your family isn’t supporting you in your vision, and they demand you settle for a stable job.

Not sure if you’re ready to be a founder? Ask yourself these questions:

  1. Career — are you at a point in your career where entrepreneurship is wise? Are you prepared for the emotional roller coast that comes with starting a business?
  2. Personal — is your family supportive? Do you have children that makes you less likely to take risks? Do you have an emergency fund as a financial safety cushion?
  3. Market — are you rushing to be first in the market? Will people pay for your idea? Would you be able to readjust your vision to suit customers’ needs?

Learn more on dealing with your entrepreneur’s dilemmas here:

The Founder's Dilemmas: Anticipating and Avoiding the Pitfalls That Can Sink a Startup (The Kauffman Foundation Series on Innovation and Entrepreneurship)

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