10 Questions to Answer for Entrepreneurial Success

  • Why do you want to be an entrepreneur? Your why is going to be the fuel that motivates you every day.
  • When you start your entrepreneurial journey, you will be working a lot.
  • You are your business’s greatest asset and perpetual employee of the month.

Go online, and you will see blogs, social media posts, and eBooks romanticizing entrepreneurship. You hear things like “be your own boss” and “work from anywhere in the world” all the time, but rarely do you hear about the struggles and challenges that come with it – “long nights” and “skip parties” and “pinch pennies”. That’s the reality, though. It’s not easy, and it’s not for everyone.

Being an entrepreneur isn’t for the faint of heart. Starting and running your own business means you will have to make sacrifices, work long hours, and deal with your share of stress.

This glamorization of entrepreneurship makes it seems like everyone should want to be an entrepreneur. As if it is the perfect and only career choice for every woman. That’s just not true.

You don’t have to be an entrepreneur to be successful. A lot of traditional careers can be rewarding and fulfilling, so if the entrepreneur life isn’t for you – that is O.K.

However, if you have been thinking of pursuing entrepreneurship, you need to ask yourself some questions first. Self-examination will help you identify if it is really for you, and more importantly, what you need to do to succeed.

Elon Musk is an engineer, industrial designer, technology entrepreneur and philanthropist. He is the founder, CEO and chief engineer/designer of SpaceX; co-founder, CEO and product architect of Tesla, Inc.; founder of The Boring Company; co-founder of Neuralink; and co-founder and initial co-chairman of OpenAI.

The following 10 questions will help you identify your greater purpose, your strengths, weaknesses, and where you need to put in extra work to come out on top. So, if you are ready to pursue your dream of becoming an entrepreneur, answer the following 10 questions below.

Your Why

When you are building a business, there will be times when you want to sleep in, hang out with friends, or binge-watch Netflix, but you can’t because you need to work on your business. You are the CEO, accountant, marketing director, customer service manager, and shipping coordinator. You wear many hats as you try to grow your business. Your why is what will fuel you and motivate you to keep going. Answer the following question and get crystal clear. Write it down. When you are needed a boost in motivation, re-read your answer.

1. Why do you want to be an entrepreneur? Your why is going to be the fuel that motivates you every day.

Right Mindset

Self-efficacy is extremely important when you are an entrepreneur. When starting, you won’t have a boss or colleagues pumping you up, encouraging you, and telling you are capable. You need to do this yourself. Do you believe you have what it takes to be an entrepreneur? You must believe in your own abilities to succeed. If this is lacking, you can work on this through journaling, affirmations, and increasing self-awareness and positive thinking.

2. What is your self-belief about being an entrepreneur?

Self-Management

When you start your entrepreneurial journey, you will be working a lot. Perhaps you have a full-time job already and are working on it in the evenings, or maybe you are a busy mom with little ones demanding your attention. Take a good look at how you manage your time. Is this the best use of your time? If you spend hours on social media or become distracted easily, use an agenda, and schedule your day. When your time is already allotted, you are less likely to start organizing a linen closet when you should be working on your website.

3. Do I effectively manage my time?

Daily Habits

Similar to self-management, you need to self-assess all your daily habits. Channeling the habits of successful people will make you more successful. Perhaps it is daily meditation, gratitude’s or getting 7 hours of sleep each time.

4. What will be your daily success habits?

Growth Mindset

As an entrepreneur, you will constantly be learning and growing. However, if you don’t have a growth mindset, you are stunting yourself and putting up success roadblocks. Fostering a growth mindset is a proven success strategy for entrepreneurs.

5. Do I believe I can learn new skills and become the best version of myself?

Flexibility

When you are an entrepreneur, you will need to pivot and remain flexible in order to succeed. Be open to new opportunities and be flexible in your business plan while remaining consistent. This is not to say you should change course constantly, but don’t force it if something isn’t working. Remain flexible and let customer feedback guide you.

Jeffrey Bezos (January 12, 1964) is an American technology entrepreneur, investor, and philanthropist. He is the founder, chairman, CEO, and president of Amazon.com, Inc.

6. Do you find it easy to change course when something isn’t working as planned?

Goal-Oriented

Setting measurable goals is essential for entrepreneurial success. If you don’t have targets, you have nothing to work towards. Is there a specific number of clients you want to have or an amount of money you want to make? Write these down and receive them frequently to see if you are on track.

7. What are your quarterly and annual business goals?

Self-Investment and Self-Care

You are your business’s greatest asset and perpetual employee of the month. To maximize your efforts, you need to invest in your knowledge, skills, mental and physical health. Taking courses, signing up with a coach or the gym will pay off ten-fold.

8. Do you invest in learning and developing your skills? Do you spend time focusing on your mental and physical health?

 Resilience

Every entrepreneur faces their share of adversity; the key to success is resilience.

When these challenges come up, and you get “knocked down”. You must pick yourself back up and keep going. If you give up after the first setback, you’ll never succeed as an entrepreneur.

9. When I face setbacks and challenges, do I persevere or want to give up?

Persistence

With resilience comes persistence. All successful entrepreneurs are tenacious in their approach. They get crystal clear on what they want, and they are persistent in the pursuit of their dreams. Successful businesses aren’t built overnight. It often takes years of persistent efforts. If you tend to give up on yourself easily, you will need to check these habits at the door if you want to succeed as an entrepreneur.

10. Am I persistent in going after what I want in life?

I recommend writing these questions and answers down in a journal that you can refer back to. When dealing with the entrepreneurial lows like an unhappy customer, product-fail, or long work hours, look back and remember why you are doing this and what you need to overcome the challenges and succeed!

Robert Moment

Robert Moment is an experienced and highly skilled ICF Certified Emotional Intelligence Coach, Trainer, Speaker and Author of the book , High Emotional Intelligence for Managers. Robert specializes in developing managers, executives and employees to achieve high emotional intelligence for peak performance and success.   Robert is Certified to deliver The Social + Emotional Intelligence Profile-Self (SEIP) ® Assessment, the most comprehensive, scientifically validated, and statistically reliable instrument on the market and review the results with clients and create a comprehensive developmental action plan. This includes the self and 360-versions as well as workplace and adult editions.  
https://www.highemotionalintelligence.com

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