Should You Become an Entrepreneur?

Striking out on your own can be frightening. There are certain benefits of having a "job." Those include regular and predictable income.

However, being an entrepreneur can be a huge lure for some people who want more out of life. They want freedom. They want limitless earning potential which isn't constrained by their career of choice. They want to make a lasting difference to the world through their ideas.

And if that sounds like you, then you might also have the entrepreneurial bug.

But, being an entrepreneur requires embracing fear and uncertainty.

Yes, there are a lot of good things about being an entrepreneur, but starting your own business can come with it's own set of challenges, especially in the beginning. Inconsistent income, long hours of work, struggling to get more clients and constantly doubting yourself every step of the way are not uncommon.

How do you know if you should take the risk and start your own business?

Here are a few things to consider:

First, what is the potential risk of doing this? That is to say, if you do what you are considering doing, what is the possible downside? Is it losing money? Leaving your career? Possible humiliation that might come with failing?

Second, what is the potential outcome if everything works out? What if you "win" the entrepreneurship game? Will you be wealthy? Will you be famous and admired? Will you get to finally do what you want and live with an improved quality of life?

Third, what will likely happen if you do nothing at all? What is the cost of not taking action in any way whatsoever? Is it to spend a lifetime in a career that you don't love? Is it to always wonder what could have been if you took that risk? Is it knowing that you'll never be able to provide the kind of life you really want for yourself and your family?

Okay, now that you've got all that taken care of, ask yourself if the outcome of taking no action is worth avoiding the potential risk of failure? Then ask yourself if it's worth the pain of never having the huge positive outcome of success?

Is the cost of avoiding the failure and staying on your current path worth the pain of never getting the success and achievement you are hoping for?

If that security isn't worth giving up, then you should not jump into the world of start ups and entrepreneurs.

On the other hand, if the pain of staying the same outweighs the risk of failure, then you know you need to take action, and you know you need to start your own business.