Being an Entrepreneur sounds sexy. Working for yourself. Being your own boss. Able to do what you want, when you want to, and make money doing it. It has some major appeal but did you know, statistically speaking 9/10 businesses fail within the first 3 years?!?!

That’s a dangerously high figure.

While most people think being an Entrepreneur sounds fun… what it really takes is a lot of discipline, savvy, and a willingness to learn as you grow. 

If you’re launching a business, here are 4 questions to ask yourself to make sure you’re set up for success.

1. Why am I deciding to start this business?

Every single entrepreneur has their own reasons for starting a business. Maybe it’s financially motivated? Maybe you want more time with your family? Perhaps you have an idea you just can’t stop dreaming about? Whatever your reason, be super clear. Then, if things aren’t working out, you’ll be able to look back and remember your WHY. It’s easier to get through the trials and tribulations of launching a business with a really strong WHY.

2. What capital do I have access to?

Every business has its own start-up costs. There are the expected expenses of starting a business – registering your name, insurance, website, etc., and the unexpected things like certifications, ongoing education, marketing opportunities, etc. You’ll want to ensure you have enough capital to start AND to keep going once you open. Choosing to have 6-months to a year of financial support and contingencies breeds confidence in your business and allows you to focus on your why while you grow.

3. What do I excel at and what are my strengths?

I personally love this question. What do you know best? By knowing what you know, you also can examine what you don’t know. And can you hire for the things you don’t know? For example, you may be brilliant at marketing but, finances, are not your forte. Could having a tax accountant or bookkeeper support you in keeping the business running while you market and promote?

4. If this fails, will I regret my decision to start?

Launching a business will be one of the most rewarding and risk-taking experiences of your life. Do you love it enough, that if it failed, you would be broken? Would you regret it, if it failed? Or be ecstatic you even went for it? Not all businesses succeed but with these 4 questions in mind, you’re on the pathway to success.

What are you launching?