What’s entrepreneurship and is it for everyone? Check these checklist to see if you make the cut.
Let me put it out there: anyone can have an idea, but not everyone will become an entrepreneur. You don’t have to be one, and if building a career at an established company makes life easier for you, that’s a perfectly valid path. If that’s the case, you can stop reading now and go work on mastering your craft.
But before you go, allow me to pull back the curtain and show you what it really takes.
This is the litmus test for entrepreneurship.
- Are you ready to take bold risks and face the unknown head-on?
- Can you function on minimal sleep, working late while others are at rest?
- Are you prepared to give up your favorite TV shows, sports, and hobbies for the sake of your vision?
- Can you deal with constant anxiety and uncertainty as your new normal?
- Are you ready to lose money—including your initial investment—and have the grit to keep going?
- Can you handle the doubt from your closest friends, family, and associates?
- Are you willing to get a “no” today, and a “no” tomorrow, and still wake up the next day with the determination to try again?
- Can you earn revenue for the business while remaining unpaid yourself for a while?
- Are you ready to sleep in your office to meet a deadline, only to lose the deal anyway?
- Are you willing to accept, use, and return other people’s money, understanding the weight of that responsibility?
- Can you take a phone call from a vendor or client you owe, knowing they are about to yell at you?
- Can you see enough money in your account to buy a nice car, but choose to reinvest every last naira back into the business?
- Are you prepared to share the interest and ownership in your company, knowing others will now have a say in your vision?
If you cannot answer an emphatic “yes” to every single one of these questions, then I’m sorry, you didn’t make the cut. Go find a job and build a great career; entrepreneurship is simply not for you.
It’s as simple as that.
Next week, we’ll discuss a core trait that every entrepreneur must have. I hope I haven’t scared you away. If not, I’ll see you then.
Ugo is out.