For many business leaders, a life of entrepreneurship is often more of a calling or vocation than it is a job. If you’ve been considering becoming an entrepreneur, the reasons for doing so may be many, but honing in on the right motivations for pursuing a path towards entrepreneurship can and should be a difficult proposition requiring much soul-searching. The good news is that when entrepreneurship is pursued for the right reasons, it can be one of the most rewarding paths that a person can take in life. Here are just a few questions to ask yourself to know if entrepreneurship is the right path for you, and why realistically planning for the future is one of the best things that an aspiring entrepreneur can do.
Are You Passionate About Your Product or Service?
While the rewards of starting a business are many, the truth is that entrepreneurs work very long hours for very little money in the initial stages of developing a company. Even when a company succeeds, founders need to work hard to ensure that their company will reach its full potential. Fortunately, a passion for one’s work can get entrepreneurs through any road bump that may arise through this process, but without passion or genuine interest in their field, individuals can burn out long before their company gets off the ground. If you’re truly passionate about your business idea, you’ll already be miles ahead of the competition.
Does Your Product or Service Have a Good Likelihood of Succeeding?
As any successful business founder will tell you, one of the greatest assets an entrepreneur can have is a realistic plan for success. A realistic business plan will help entrepreneurs acquire funding for their business, it is true, but such a plan will also let individuals know whether their efforts will be worth the time and expense of creating a start-up and entering the marketplace. To test the waters on an idea, try looking at the current market to see how similar businesses are faring in everything from acquiring clients to creating an IPO. When you can develop a realistic expectation for how your company will succeed, you’ll be all the stronger when you make a case for funding to your investors, and you’ll feel confident in your ability to meet new challenges head-on.
What Truly Motivates You to Create a Company?
Years ago, psychologists developed the notion of “intrinsic” vs. “extrinsic” motivation. In study after study, psychologists found that people who developed a personal sense of satisfaction in their work ended up being far more resilient and successful than peers who derived their self-image from the opinions of others.
To wit, intrinsic motivation is based on a deep sense of personal satisfaction with one’s self and one’s work; extrinsic motivation derives itself from exterior factors such as social pressure or a deep (and often unhealthy) need for accumulating wealth or social status. When our sense of motivation is based on what we want for ourselves, in other words, we’ll be far more likely to achieve our goals. When we’re pursuing a career path simply because we feel pressure from parents, friends, or society to do so, on the other hand, we’ll experience deep resentment and burnout in the long-term.
For these reasons, a decision to pursue a path of entrepreneurship is a major life step that should not be taken lightly. If you’re passionate and self-directed in your goals and planning, however, pursuing entrepreneurship as a calling may just be the best decision that you can make in life. Indeed, if you love meeting challenges as they arise and derive a personal sense of satisfaction from developing your ideas and seeing them through, you may just find that life as an entrepreneur suits you perfectly. And that is entrepreneurship done right!
About The Author
Yuri Vanetik is an Entrepreneur, Private Investor, Coalition Builder, and Philanthropist in Orange County, California. He is the Managing Partner of Vanetik International, LLC, a management consulting firm which offers advisory services and strategic planning to businesses and industries. He is also the Managing Partner of Dominion Asset Management, a technology-driven opportunity real estate fund that invests in undervalued real estate throughout the United States. Yuri Vanetik brings over 20 years of professional experience in a variety of roles, and has been in featured in notable publications, including the Wall Street Journal, California Business Journal, Forbes, and Entrepreneur.