FAQs: What to Consider Before Choosing to Be an Entrepreneur

Looking at the possibility of becoming an entrepreneur? Need a quick list of questions to consider first?

Well, here you go…

1.  Why do I want to be an entrepreneur?

Firstly, clarify your motivations - do you want independence, creative control, financial opportunity, or to solve a specific problem?

This ‘why’ will anchor you when challenges arise.

2.  Am I comfortable with risk and uncertainty?

Unlike salaried jobs, entrepreneurship often comes with income instability, unpredictable schedules, and the possibility of failure.

Being honest with yourself and making sure you’re prepared will ensure you have the support you may need.

3.  Do I have a viable business idea?

Test whether your idea solves a real problem, has a clear customer base, and stands out from competitors. Do your research.

4.  Have I validated demand for my product or service?

Market research, customer interviews, pilot programs, or pre-sales can show whether people are willing to pay for what you’re offering.

Without paying customers it won’t be a viable journey.

5.  What skills do I bring - and what gaps do I need to fill?

Entrepreneurs, through necessity, often wear many hats: sales, finance, marketing, operations.

Identify what you do well and where you’ll need partners or advisors.

6.  How will I fund the business?

Consider savings, loans, investors, crowdfunding, or starting lean. Understand the financial runway you’ll need before becoming sustainable – you have to eat.

7.  Am I prepared for the workload and lifestyle change?

Running a business often means long hours, blurred work–life boundaries, and high responsibility, especially in the early stages if you’re wearing all the hats a business needs.

Does your partner support you?

8.  Do I have a support system?

Family, friends, mentors, or peer networks can provide emotional support, advice, and practical help. Entrepreneurship can feel isolating without this.

9.  What’s my tolerance for failure and setbacks?

Most businesses face unexpected challenges. Resilience, adaptability, and learning from mistakes are key.

10.  How will entrepreneurship affect my personal finances?

Think about healthcare, retirement savings, steady income, and whether you have enough savings to cover personal expenses during lean periods.

11.  Do I understand the legal and regulatory requirements?

Licensing, taxes, contracts, intellectual property, and employment laws vary by industry and location. Ignoring them can create costly problems and possible failure.

12.  What kind of business structure should I choose?

Sole proprietorship, partnership, LLC, or corporation each have pros and cons in terms of liability, taxes, and complexity. Discuss with an accountant to be sure you’re choosing the right one.

13.  How will I measure success?

Define whether success means profitability, growth, social impact, lifestyle flexibility, or something else – it’ll guide your decisions.

14.  Am I ready to lead others?

If you plan to hire, leadership and people management skills become just as important as your business idea.

15.  What’s my exit strategy?

Even at the start, think about whether you want to build to sell, scale indefinitely, or create a lifestyle business you run long-term.

Final thoughts…

When looking at becoming an entrepreneur, it’s more than just having an idea that needs consideration. To be truly amazing do the research which will give you the tools to succeed and open the doors so that you can excel.

Good luck,