Is it time to consider an entrepreneurial path?

Raymond Keating
Raymond Keating

The coronavirus and largely necessary responses to the outbreak have fostered fear and uncertainty. Health risks, worrying about loved ones, lost jobs, small businesses struggling to hang on and wondering how bills will be paid have become harsh realities for millions of Americans.

But for those who can look beyond the crisis, being stuck at home could offer the right time to think seriously about whether or not entrepreneurship is for you. Meanwhile, business owners who try new approaches to keep their doors open could find new and unfilled needs in the marketplace.

Working from home frees up time that would otherwise be lost to commuting and less-than-productive meetings. Working from home also generates added schedule flexibility.

If you’ve ever dreamed about starting your own business, perhaps time at home and added flexibility can be used to seriously evaluate the potential of entrepreneurship. Here are a few points to consider:

Do you enjoy the independence that comes with working from home? If you do and truly have the discipline to get things done, that’s a big plus for becoming an entrepreneur.

What are you passionate about and can that be turned into a business? Will that passion aid you in owning and operating a business?

Are you creative? Running a business requires a creativity, not just in terms of the goods or services you offer, but also operating, financing and marketing your business.

Are you bored? Entrepreneurs are go-getters and opportunity seekers. One of my entrepreneurship tests is the boredom check. If you’re working from home and are bored, I’d think twice about entrepreneurship. The entrepreneurial mindset would use additional time and flexibility in some positive fashion, whether that’s enjoying more time with family, working toward goals, improving skills, getting organized or planning potential entrepreneurial endeavors.

Finally, how are you reacting to this time of enormous uncertainty? That will tell you something about your tolerance for uncertainty and risk. Starting a business is an undertaking jam packed with uncertainty and risks. How well you handle the crisis will provide some clues as to how to you might handle the inevitable challenges you’ll face as an entrepreneur.

Hopefully, these points will serve up some food for thought about your entrepreneurial path. This crisis will end and then opportunities will increase, perhaps exponentially. This could be the right time to consider whether or not your future will feature entrepreneurship.

But keep it all in perspective, and make sure your priorities are aligned properly. Most important in these rough times, stay safe and healthy. The same goes for your family and friends.