"Canada’s small businesses are engines for job creation that boost economic growth, representing 48 percent of the total labour force in the private sector, and contributing approximately 30 percent to Canada's GDP.”
– Action Plan
Small business in this country is clearly nothing to sneeze over! October 20th kicks off Small Business Week, and as an entrepreneur now starting my fourth venture, I’d love to share with you 6 signs that entrepreneurship might be a very viable option for you.
Being your own boss gives you unlimited earning potential – your business is as successful and as profitable as you’re willing to work.
But first, another staggering stat: since 2010, more than 40 percent of newly created jobs are held by the self-employed (Huffington Post). Clearly, entrepreneurship is on the rise.
But truth is, who wouldn’t want to go for it? Entrepreneurship puts an end to clock punching. Being your own boss gives you unlimited earning potential – your business is as successful and as profitable as you’re willing to work. Many debate it gives you greater work-life balance and flexibility (it has for me), and tremendous job satisfaction. Being your own boss gives you the real ability to influence change and have a great impact on our society through innovation – you’re in the driver’s seat.
But with all this greatness comes the downside. No clock punching means your business ain’t a 9-5 job, it’s a 24/7 living organism. Creating change means putting your ass(ets) on the line, and that is a scary thing. It means no job security, and possibly a couple of years until you see a return on your investment. And the list goes on and on…
Make no mistakes – entrepreneurship is a big, risky decision.
But if you think this is your calling (as it is mine), here are 6 signs you could be cut out to be an entrepreneur:
- You are a very PASSIONATE person. Would people say you exude passion in all facets of your life? Passion is a key ingredient to entrepreneurial success, so if you are the type of person who dives head first into projects, you might be cut out for this thing called entrepreneurship! Passion and a love for one’s craft are what keep entrepreneurs going.
- Rejection doesn’t scare you. If I had to say what was the biggest reasoning behind my business success, I would definitely say it has to do with how I cope with the word “no.” Entrepreneurs are RESILIENT and they don’t let rejection get them down or stop them. When they believe in the cause, a “no” doesn’t actually mean rejection, it means back to the drawing board and out the gate stronger and better next time. "No" is simply a lesson, not failure.
- You are a proactive person and not a reactive person. Entrepreneurs are obviously self-starters. If you wait for direction and prefer to be led than to lead, that is totally cool! Hey, diversity is what makes this world go round; not everyone is cut out for entrepreneurship. But if you thrive on self-starting, that’s an indicator.
- You are a PEOPLE PERSON. Why I say this is, strong leaders are generally strong communicators. They are communicators of their vision – they get those in their inner circle to buy into their cause and work to manifest the dreams of the company. Not all entrepreneurs have big personalities, but being a great leader requires strong communication skills.
- You think OUT OF THE BOX. When the world feels like it’s going in one direction, do you often feel like an outsider – like you’re going the other way? Many entrepreneurs are successful because they come up with innovative solutions to the way we typically do things. They go rogue. They are pioneers.
- RISK doesn’t scare you. You can sleep at night when you’ve taken a risk because you have a strong belief in yourself and your ability to make strategic decisions and calculated risks.
In honour of small business week, I’d love to know, does entrepreneurship interest you? Do you have an idea you are ready to act on? I’d love to hear about your entrepreneurial journey!