5 Questions Entrepreneurs Should Ask Themselves

March 14, 2017

Have you caught the entrepreneurship bug?

Whether you’re contemplating starting a business, are new to the game, or you’re a seasoned and successful (or struggling) entrepreneur, there comes a time when you have to pause for a second and ask yourself a few questions. Why? Because it’s time to take stock and decide if you’re doing the right thing.

Entrepreneurship isn’t for everyone, and if you do decide to get into it, you need to make sure you’re doing it for the right reasons. Some top CEOs weighed in on what questions entrepreneurs should ask themselves. Here they are.

What is Your Motivation for Being an Entrepreneur?Brent Beshore, Founder/CEO of adventur.es

If you aren’t looking to make life easier for other people, then that should be a red flag. If your motivation is solely monetary gain, you’re probably not on the right track. Don’t get us wrong, you can have both, but as an entrepreneur, if your goal isn’t to solve people’s problems, then you probably shouldn’t be in business.

The problem you aim to solve can be something as simple as manufacturing good quality jeans and selling them at minimal profits; or something as big as building a school. Either way, make sure your motivation behind it isn’t selfish.

Are You Passionate About It?Richard Branson, Virgin America CEO

Entrepreneurship isn’t easy. Hardly anyone gets it right the first time. Even after failing a hundred times, what is it that keeps some entrepreneurs going? Passion. Passion is what makes you put in longer hours when all you want to do is sleep or hang out with the guys. Passion is what makes you put in more effort and keep persevering even when your plans and ideas have been shut down by investors, and doors have been slammed in your face.

Sounds a bit grim, doesn’t it? But failure happens and passion can get you through it.

What Am I Willing to Sacrifice?Mike Kappel, Founder/CEO of Patriot Software, LLC

You probably already know that in order to make your business work, you are going to have to make some sacrifices. There are the standard sacrifices that everyone has to make—long hours, missing out on a guys’ night out—and then there are the sacrifices that are specific to you.

If you’re not willing to give up fun times with your friends, would you be willing to sell all your earthly possessions to raise capital for your business venture? It’s possible that your unwillingness to make the real sacrifices could actually stand in the way of your business’ success.

Have I Learned from My Mistakes?Joelle K. Jay, Principal of Leadership Research Institute

A big part of the journey to success as an entrepreneur is making mistakes. No one goes into business knowing how to do everything—or anything. Sometimes the only way you can learn is to actually do it. You’ll probably fall on your backside a couple of times, but that means you’ll know what not to do when you give it another go.

If you keep repeating the same thing over and over and it’s not working, then you’re not learning from your mistakes. Try, fail, reevaluate, and repeat until you find the winning formula.

Why Not?Pratik Kanada, CEO of 360 Degree Technosoft

This question is a game-changer. When everyone is asking you “why,” you need to have the guts to ask yourself, “why not?” This question opens up the door to possibilities because rather than focusing on the negative question, “why”—which more often than not stops you from doing something—“why not” is more likely to boost your confidence and compel you to take risks. Why not start the business? Why not take the risk? Why not expand the company? Why not approach that potential client?

Evaluating the Situation

These questions are relevant at every stage of entrepreneurship, whether you’re a beginner or an expert. If you’re considering whether you’re doing the right thing, it’s often best to pause and evaluate your current situation.

The answers to these questions are only for you. And although the “fake it ‘til you make it” motto is a common one among entrepreneurs (we don’t all know what we’re doing), you should always be honest with yourself and never buy into the perfect picture that you’re showing everyone else.

At Six Figure Profession, our seasoned entrepreneurs have developed their own responses to these crucial questions, achieving business success in their respective fields. Contact us at (858) 837-1505 or www.sixfigureprofession.com to learn how our mentors can help you excel in the business world.

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