What do you do if you're considering the risks and rewards of becoming an entrepreneur?

When contemplating entrepreneurship, thoroughly assess your skills, passion, and financial readiness. Research the market, legal requirements, and potential impact on personal relationships and well-being. Consider networking opportunities, adaptability to change, and social responsibility. Develop a financial plan, exit strategy, and prioritize passion and purpose. By considering these factors holistically, you can make a well-informed decision about whether entrepreneurship is the right path for you.

Weigh the potential rewards of being your own boss, pursuing your passion, and realizing your vision against the risks of financial instability and high stress. "The way to get started is to quit talking and begin doing" (Walt Disney). "The biggest risk is not taking any risk" (Mark Zuckerberg). With careful planning and an optimistic mindset, entrepreneurship can be immensely rewarding. Every risk carries an opportunity - success lies in harnessing ambiguity as fuel for growth. The greatest accomplishments in life don't come easily or overnight. They are the result of long-term commitment, perseverance, and an unwavering belief in your vision.

Conduct thorough market research to assess the viability of your business idea and the potential demand for your product or service. Identify your target market, competitors, industry trends, and potential challenges or obstacles you may face.

Seek advice and mentorship from experienced entrepreneurs, business advisors, or industry experts who can provide insights, guidance, and support as you navigate the entrepreneurial journey. Learn from their experiences and leverage their expertise to avoid common pitfalls and mistakes.

As an entrepreneur, I can tell you that I've never worked harder. Gone are the 40-hour work weeks, and some weeks have been replaced with 60—and 70-hour weeks. However, I've never been happier in my career. One primary consideration when assessing personal fit is determining whether you want to work that much and dealing with the risk of not having a steady income. How much are you a risk-taker? How will this new venture impact your personal life? Make sure to examine all avenues when considering entrepreneurship and consider enlisting the help of a successful business coach or entrepreneur to help you determine if this is a great fit for you.

Fundamental to starting a business is developing a solid business plan (and having it reviewed by experts). One important step toward proving that your business will be viable is through a financial forecast. A complete picture of the financial potential for a business relies on data like forecasted operational costs, traffic (how many people will see your offer and how), sales projections and more. Since the business is not running yet, much of the business plan data comes from market research- finding out what other similar businesses have experienced- what works, what does not work and what they would do differently of they were starting over. Don't plan in isolation- take advantage of all the resources you can to shore up your idea!

Breaking down the risks and rewards of being an entrepreneur is a great way to assess whether it's for you but each risk and reward is not equal. Some may have more impact than others. I would recommend also looking at things holistically - how will your life change as an entrepreneur? When I look at my life now compared with when I was employed, I couldn't go back. The flexibility I have has been invaluable in supporting my daughter through difficult times. I couldn't put a price on this.

Consider dipping your toes into entrepreneurship. through a side hustle. This allows you to maintain a steady income from your primary job whilst you look to validate your business concept, develop your entrepreneurial mindset, and establish a foundation for future growth. As you grow your side hustle, you'll gain insights into the intricacies of running a business, from marketing and sales to financial management and customer service, preparing you for the eventual transition into full-time entrepreneurship.

Don't over inflate the risk or the reward. Remain objective and realistic in your analysis. Do you have the discipline to start and sustain a business? Managing your own time and tasks can be challenging for many. Are the risks as large as you imagine? How can you mitigate those risks? Be honest with yourself about where you will thrive and where you will need support. Ask for feedback regarding your strengths and opportunities from those who know you best. As much as starting a business is about the product or service, it is also about you.