Do you have what it takes to be an entrepreneur?
(NC) Zach Berman and Ryan Slater couldn't have predicted ending up in the juice business. On a backpacking trip in Nepal, the two life-long friends noticed that the locals were always drinking fresh, nutrient-filled juice. That's when their idea for becoming self-employed juice tenders back home in B.C. was formed. Three years and thousands of ounces of gourmet juice later, The Juice Truck is the result of turning an idea into a successful business. Becoming an entrepreneur takes more than a stellar idea, but if you're already spending your free time making extra cash decorating cakes, teaching yoga or detailing cars, you might not even realize that you're on your way to spending your days doing what really inspires you.
“If you're thinking about turning your part-time hobby into a full-time career, the first thing to do is ask yourself if entrepreneurship is for you,” says Scott Bowman, the Senior Director of Ontario at the Canadian Youth Business Foundation (cybf.ca). “Entrepreneurs have immense drive, they're passionate, and have a basic understanding of what it takes to run a business,” he adds. Wondering if you could make it as a small-business owner? Here are two things you need to figure out first.
• Are you willing to take a risk? You know how the old saying goes: With great risk comes great reward. While you might not be feeling safe at your nine-to-five, starting a business can be even more stressful if you're not a risk-taker. “There's obviously a certain amount of risk that comes with leaving a company as an employee and starting your own as an employer. Successful entrepreneurs weigh the pros and cons, spend time researching and making decisions accordingly,” Bowman says. “It's important to know that there are some great ways to mitigate many of these risks, including turning to CYBF for invaluable support in the way of financing, mentoring, business planning advice and networking opportunities.”
• Are you driven and disciplined? You must be ready to pour yourself into your new endeavor – this often means working weekends, delaying vacations, and researching when you'd rather catch up with Netflix. “The great part thing is, working on turning your passion into a reality can be a lot more fun, motivating and rewarding than spending 40 hours a week doing your day job,” says Bowman.
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