The vast majority (71%) of professionals in the Middle East and North Africa (MENA) prefer to be self-employed. Their top reasons, as cited in the Bayt.com Entrepreneurship in the Middle East Survey include ‘personal fulfillment’ and ‘freedom to choose work-life balance.’
While almost anyone can set out and start a business, successful entrepreneurship requires a lot more than a bright idea. Building and running a successful company isn’t for the faint of heart—and just because the potential is there, doesn’t always mean starting a business is the smart move.
Entrepreneurship requires a specific set of qualities including self-discipline, self-control and hard work. Not only do you have to recognize a need and have a passion for fulfilling it; you have to be in it for the long haul. If you have a good idea, but don’t know if you should take the leap, see if entrepreneurship is right for you.
1. Commitment Is Your Strong Suit
If you’re good at staying committed through the highs and lows of anything you do, entrepreneurship will likely come easy to you. Starting a business is a feat but you can’t give up when the going gets tough, which it will, considering the fact that nine out of 10 start-ups fail.
You will experience failures, but if you’re willing to learn from your mistakes and keep moving forward, success will eventually follow. Commitment may extend from one failed venture to the next, until you finally find success.
2. Making Decisions Is Easy for You
As an entrepreneur, you have to make hard decisions that will ultimately impact the future of your life and your business. You have to decide on suppliers, scaling, overall business goals, new ventures, and much more.
You also need to make the right hiring decisions and surround yourself with others who can make quick and successful decisions when you aren’t available. People with this trait are often confident in themselves and their decisions and willing to do what’s right, even if it’s risky.
3. You Love Taking Risks
True entrepreneurs live for taking risks. Risk never stops after you’ve committed to building your business. Opportunities will continue to present themselves throughout the start-up phase—and beyond—and you’ll miss out on success if you’re never willing to take the next step.
Of course every risk should be backed by financials and performance. Always let the numbers guide you instead of your emotions or the opportunity. At the same time, you need to know when to back off and avoid getting carried away with too much too soon.
The key with risk taking is to always keep the bigger picture in clear view.
4. You’re Willing to Make It a Lifestyle
If you want to see your business grow, you must be ready and able to give it your all. Entrepreneurship is never truly finished—it’s not your typical nine to five job where you punch the clock Sunday through Thursday. Being an entrepreneur is a mindset and a lifestyle and successful entrepreneurs have engrained their business into their everyday life. If you want to make this your full-time job and eventually draw a good income, you need to live and breathe your business.
The long work hours and frequent travel means that your business becomes your life. That’s a sacrifice you should be willing to make. But after a few years into your career, it will no longer feel like a “sacrifice.”
5. Unpredictability Doesn’t Scare You
If you aren’t scared of the unpredictable nature of entrepreneurship, then it could be right for you. Entrepreneurs understand that their world is constantly changing, from fluctuations in financing to legal roadblocks. If you’re change-averse, then this career path is probably not a good fit. Running a business requires adaptability that other job titles simply do not. While you should systemize your business operations, a startup is volatile, and quick changes are often necessary and unavoidable.
Entrepreneurship can be an incredibly rewarding career. Not only do you get to do what you like and what you are good at, but you also get to work within many different cultures and with a wide variety of people. If you’re prepared for unpredictability, fast decision-making and a major lifestyle change, then it may be time for you to start your business.
Ted W. Rollins Co-Chairman and Founding Principal of Valeo Groupe, is a seasoned real estate entrepreneur with more than 30 years of experience in real estate investment banking, development, structured finance, start-up businesses and construction. He is focused on niche opportunity investing in both real estate and financial service sectors, particularly those that balance economic, environmental and social outcomes.
