Do You Have What it Takes to Start a Business?

Do I have it in Me to Start a Business?

Do I have what it takes? Am I good enough?

These questions don’t just haunt would-be entrepreneurs; they afflict most humans in everyday life. They nag even the entrepreneur with a string of successes who is jumping into a new industry… “Can I do it again here?”

Fear, doubt, anxiety, and the endless ruminations that visit you at 3 a.m. are a part of life but especially if you decide to start a business.

Adding to the anxiety is data from the Bureau of Labor Statistics that tells us only 49.7% of businesses survive their first 5 years (2016 – 2022). Other sources suggest that the failure rate for new businesses may be much higher.

The real question you need to ask is this: is starting a business or side hustle worth it?

To that, I say, “YES!” — with some important caveats.

There’s nothing like having your own business and being your own boss. I believe that nearly anyone with a valuable skill or special idea has the potential to start, run, and have success in business.

Can You Take the Risk?

Having your own business is not for everyone, though. I’m not talking about aptitude, smarts, or skill sets. Most of these can be developed.

I’m talking about your affinity for or aversion to risk, uncertainty, and discomfort and the willingness to ditch the idea of a 40-hour workweek.

What Employment Can Provide

There’s nothing wrong with having a secure job, working your way up in a career, or finding a position you love and sticking with it for the long haul. Stable jobs provide:

• Opportunities to expand, grow, and develop yourself
• Security of consistent paychecks, retirement programs, and insurance packages (especially during stable economic times)
• Other benefits such as paid time off, sick leave, and having teammates who take up the slack when you’re not able to

What Owning a Business Can Provide

But your own business, while it may lack in some (or all) of these benefits, can provide so much more:

• Unlimited growth potential
• The independence to pursue ideas, opportunities, and passions
• The freedom to determine your work schedule, to take time for family or friends without having to ask a superior
• Most of all, the challenge of building something meaningful that brings you purpose

A business done right also allows you to build equity and inherent value beyond the revenue that the business generates.

Okay. But Can I Do it?

About now, your mind might circle back to the opening question: Can YOU do it?

You want to be honest with yourself when answering this question, but you also don’t want to let past behaviors or limiting beliefs confine your aspirations. Scientists and researchers have demonstrated again and again that your past behaviors do not limit you. No matter how badly you’ve done in the past in life or in business, change is always possible. Organizational psychologist Dr. Benjamin Hardy says,

The whole notion of “finding your calling” has led people to having fixed views of themselves.

There isn’t just one thing you were born to do.

You can expand and grow in countless ways. Especially after you learn the process of learning. You can take all of your experience becoming great at something, and quickly become proficient at something else.

(source: How To Change Your Life In 30 Days | by Benjamin Hardy, PhD | Medium)

Don’t Be Afraid!

Beliefs and formulas on their own can never guarantee success. What is certain, though, is that a belief in yourself — in your ability to try new and scary things, to work hard, to make sacrifices, to get back up after stumbling, and to learn and grow each day — is a prerequisite for a successful startup.

Am I willing to Do the Work?

So, if you’re thinking about starting a full-time business or a side hustle, my advice to you is not to ask yourself if you have what it takes. If you’re reading this, you probably do. Ask yourself, instead, if you’re ready to do what it takes:

• Ready for sacrifice, working long hours, and feeling a general lack of security?
• Ready to put in the time, the effort, and take financial risks?
• Ready to use your skills, subject expertise, and network to not only start but see it through?

The answers to these questions will tell you more than anything I can add. If the answers to these questions are all no, that’s fine. You can change each of them to “yes” any time you want.

Key Takeaways

• Your success may be less dependent on what you have than on what you’re ready to do.
• For your startup to succeed, you have to believe in your own ability to learn, to get back up after stumbles, and to grow.
• No formula or belief system can ever guarantee success, but a willingness to really work hard and make sacrifices is always a requirement.