Monday, March 27, 2017

4 Tests to Tell If You're Ready to Be an Entrepreneur



There are plenty of reasons for not starting a company. Odds are good that starting a company will not make you rich or famous. Only 1 in 10,000 funded startups become worth more than $1 billion, venture capitalist Mike Maples Jr. told me in a recent interview.

I am not sure how scientific that number is, but let's assume that it's close enough to indicate that starting a company is not a sure road to riches. Another reason for not starting a company is not enjoying the experience of working for a boss. Sure, there are plenty of entrepreneurs who like to determine how they spend their time and who realize that they can hold their destiny in their own hands. But the simple reality is that entrepreneurs launching their own companies take on a new -- and often a more complex set of bosses.

One of my business-school classmates has told me that he reports to his employees. Starting a company will not free you from having a boss. Bear in mind that you'll also report to your customers, investors and suppliers, too. If those two reasons for starting a company are out the window, why do it then?
Here are four reasons: