Ce-Ce Gerlach on How to Know if You're Ready to Become an Entrepreneur

10/10/22, 1:53 PM

How to Know if You Are Ready to Become an Entrepreneur | Ce-Ce Gerlach | Entrepreneurship

a

How to Know if You Are Ready to Become an Entrepreneur by cecegerlach | Oct 10, 2022 | Ce-Ce Gerlach, Entrepreneurship

If you’re planning on starting a business, then you’re not alone. According to the Kauffman Index, about 540,000 people in the U.S. start businesses every month. However, not all of them will last. According to the Bureau of Labor Statistics, about 80% of new businesses will survive their first year, while about half will last five years or longer, and 1/3 will make it to ten years.

Before you start a business, it’s important to determine if it can beat the odds. Here are four signs that you might be ready to become an entrepreneur.

You have a solid team https://cecegerlach.net/how-to-know-if-you-are-ready-to-become-an-entrepreneur/

1/4

10/10/22, 1:53 PM

How to Know if You Are Ready to Become an Entrepreneur | Ce-Ce Gerlach | Entrepreneurship

Having a partner or a team of experienced executives has a number of benefits. According to a study by the Startup Genome, it takes almost four times longer for solo entrepreneurs to scale their companies than for two-person teams. Before you start a business with partners, it’s important to determine if your skills and experience match up. For instance, if you’re planning on starting a marketing company, then you should consider hiring people with experience in operations or accounting.

If you’re planning on starting a business without a partner, you might consider hiring independent contractors or freelancers. These individuals can help you with certain tasks that you’re not good at.

You have a good support system Having a good support system is important to ensure that you can get through the exciting and exhausting journey of starting a business. Having a strong family backing you will also help you succeed. It would help if you also started building a network of like-minded individuals to help you navigate the various obstacles that you’ll face as an entrepreneur.

You can also start networking with other entrepreneurs at your local Small Business Development Center or SCORE. These places can provide you with advice and help you build a successful business.

Your finances are stable Family or personal savings are typically the most common sources of startup financing.

However, if you don’t have the money to start a business and keep it going until you make a profit, then you might need to find outside financing or scale back your plans. According to a survey conducted by CB Insights, running out of cash is one of the most common reasons why small businesses fail.

Having a good credit score and a lack of personal debt will allow you to focus on your business’s finances instead of your own. You’ll also be able to get more business credit cards and small business loans.

You have the necessary knowledge and experience If you’re starting a new business after a career change, then you’ll need to gain some experience in the industry you’re planning on going into. You could consider working part-

https://cecegerlach.net/how-to-know-if-you-are-ready-to-become-an-entrepreneur/

2/4

10/10/22, 1:53 PM

How to Know if You Are Ready to Become an Entrepreneur | Ce-Ce Gerlach | Entrepreneurship

time or even a non-paid internship in the industry that you want to enter before starting a business.

You also need to have the necessary business knowledge to handle various tasks such as marketing and sales. Having a good understanding of accounting principles will allow you to keep track of your company’s finances.

Search

RECENT POSTS How to Know if You Are Ready to Become an Entrepreneur Building a Business in Times of Hardship The Best Resources for New Entrepreneurs Why Is Entrepreneurship Important in Today’s Business World?

Entrepreneurship Books All Aspiring Professionals Must Read

Links Ce-Ce Gerlach About.me Ce-Ce Gerlach Behance Ce-Ce Gerlach Medium Ce-Ce Gerlach Philanthropy & Community Involvement Ce-Ce Gerlach Pinterest Ce-Ce Gerlach Professional Overview Ce-Ce Gerlach Vocal Media Ce-Ce Gerlach WordPress

https://cecegerlach.net/how-to-know-if-you-are-ready-to-become-an-entrepreneur/

3/4

10/10/22, 1:53 PM

How to Know if You Are Ready to Become an Entrepreneur | Ce-Ce Gerlach | Entrepreneurship













© Ce-Ce Gerlach | Entrepreneurship 2022

https://cecegerlach.net/how-to-know-if-you-are-ready-to-become-an-entrepreneur/

4/4