{"id":574,"date":"2019-10-08T12:22:14","date_gmt":"2019-10-08T12:22:14","guid":{"rendered":"\/blog\/?p=574"},"modified":"2024-02-14T09:01:52","modified_gmt":"2024-02-14T09:01:52","slug":"right-time-become-entrepreneur","status":"publish","type":"post","link":"https:\/\/www.lemonade.com\/blog\/right-time-become-entrepreneur\/","title":{"rendered":"What You Need To Know Before Becoming an Entrepreneur"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">There\u2019s no doubt that starting a business can be one of life\u2019s most fulfilling adventures. It\u2019s an opportunity to pursue your passion, gain valuable experience, and create your own schedule. And not to mention, it can bring great rewards if all goes well.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But creating a business is like starting a relationship: you have to be ready to devote time, resources, and effort in order for it to grow and thrive. You have to be ready to commit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So before you sit down to write your business plan, you\u2019ll need to do some soul-searching to decide if it\u2019s <\/span><i><span style=\"font-weight: 400;\">really <\/span><\/i><span style=\"font-weight: 400;\">the right time for you to become an entrepreneur.<\/span><\/p>\n<h3>Should you start your own business?<\/h3>\n<p><span style=\"font-weight: 400;\">To get to the bottom of this, we sat down with our Chief Behavioral Officer Dan Ariely, and asked: When\u2019s the best time to become an entrepreneur?<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"When Is The Right Time To Become An Entrepreneur #LifeHacks\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/qMXN6lrUKoM?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBecause startups are so risky, the right time to attack them is a time when you can actually sustain some risk in your life,\u201d said Professor Ariely. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Does this mean we should wait until we\u2019ve accumulated enough resources? Not exactly.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cFor some people, it might be when they\u2019re young, and they don\u2019t have bills to pay,\u201d explained Professor Ariely. \u201cFor other people, it may be good to do so once they\u2019re retired, because at that time, they have a cushion and can sustain some risk.\u201d<\/span><\/p>\n\t<div class=\"tweet-block-container\">\r\n\t\t<div class=\"tweet-content\">\r\n\t\t\t<p><i class=\"fa fa-quote-left\" aria-hidden=\"true\"><\/i><a href=\"https:\/\/twitter.com\/intent\/tweet?text=So%2C+the+best+time+to+become+an+entrepreneur+isn%26%238217%3Bt+one-size-fits-all+%26%238211%3B+it%E2%80%99s+about+if+you%E2%80%99re+ready+to+undergo+a+risk%2C+whether+you%E2%80%99re+in+your+20%E2%80%99s+or+your+70%E2%80%99s.&url=https%3A%2F%2Fwww.lemonade.com%2Fblog%2Fright-time-become-entrepreneur%2F&via=Lemonade_Inc\" target=\"_blank\">So, the best time to become an entrepreneur isn&#8217;t one-size-fits-all &#8211; it\u2019s about if you\u2019re ready to undergo a risk, whether you\u2019re in your 20\u2019s or your 70\u2019s.<\/a><i class=\"fa fa-quote-right\" aria-hidden=\"true\"><\/i><\/p>\r\n\t\t<\/div>\r\n\t\t<div><a href=\"https:\/\/twitter.com\/intent\/tweet?text=So%2C+the+best+time+to+become+an+entrepreneur+isn%26%238217%3Bt+one-size-fits-all+%26%238211%3B+it%E2%80%99s+about+if+you%E2%80%99re+ready+to+undergo+a+risk%2C+whether+you%E2%80%99re+in+your+20%E2%80%99s+or+your+70%E2%80%99s.&url=https%3A%2F%2Fwww.lemonade.com%2Fblog%2Fright-time-become-entrepreneur%2F&via=Lemonade_Inc\" target=\"_blank\" class=\"tweet_now_link\"><i class=\"fa fa-lg fa-twitter\" aria-hidden=\"true\"><\/i><span>Tweet this!<\/span><\/a><\/div>\r\n\t<\/div>\r\n  \n<h3>How to decide if you\u2019re ready<\/h3>\n<p><span style=\"font-weight: 400;\">So how should you decide if <em>now<\/em> is the time to start your own venture? Here are a few tips and tools to help you find out:<\/span><\/p>\n<h3><b>1. Assess yourself<\/b><\/h3>\n<p>Ask yourself this: Are you in the right state of mind to start your own business? Do you have the right personality traits, right now?<\/p>\n<p>According to a study conducted by Professor William E. Jennings, these are the most important traits for entrepreneurial success:<\/p>\n<p><span style=\"font-weight: 400;\">1. Perseverance <\/span><\/p>\n<p><span style=\"font-weight: 400;\">2. The desire and willingness to take initiative<\/span><\/p>\n<p><span style=\"font-weight: 400;\">3. Competitiveness<\/span><\/p>\n<p><span style=\"font-weight: 400;\">4. Self-reliance<\/span><\/p>\n<p><span style=\"font-weight: 400;\">5. A strong need to achieve<\/span><\/p>\n<p><span style=\"font-weight: 400;\">6. Self-confidence<\/span><\/p>\n<p><span style=\"font-weight: 400;\">7. Good physical health<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Does this sound like you? If so, it could be time to start your next venture. <\/span><\/p>\n<h3><b>2. Check your financial health<\/b><\/h3>\n<p>It\u2019s no secret that financial health is an important prerequisite to becoming an entrepreneur.<\/p>\n<p>But here\u2019s the good news: you don\u2019t have to quit your day job to start your business successfully. In fact, research shows that people who maintain their regular gig while launching their new venture are less likely to fail than those who quit their job and go all-in.<\/p>\n<p>So ask yourself: In my current state, am I prepared to take a financial hit to start my own company?<\/p>\n<p>To find out, do the following:<br \/>\nCalculate the cost of launching your startup (<a href=\"https:\/\/www.fundera.com\/blog\/how-to-accurately-estimate-your-startup-costs\" target=\"_blank\" rel=\"noopener\">this guide<\/a> will help you)<br \/>\nDetermine your current living expenses and taxes<br \/>\nAssess how much you think you\u2019ll make within a year (it\u2019s better to be conservative!)<\/p>\n<p>If you leave these calculations confident you can bear the costs, you may just be ready to start your own gig. But also know that financial health takes time. Here are some <a href=\"https:\/\/www.lemonade.com\/blog\/budgeting-tricks\/\">budgeting tricks<\/a> to help you out in the meantime.<\/p>\n<h3><b>3. Ask the right questions<\/b><\/h3>\n<p>While being passionate about your startup idea is a crucial first step, it\u2019s important to ask yourself the right questions to make sure starting your own business is rational, reasonable, and realistic.<\/p>\n<p>First, dig deep to figure out your underlying motivation. Are you starting your business because you see an opportunity, and are excited to work hard to achieve your goal? Or do you simply resent your job, and crave a more flexible schedule?<\/p>\n<p>Do your research to get a grip on the industry you\u2019re looking to enter. Will your product fulfill a genuine need among consumers? Is there anyone else out there trying to do the same thing as you? Are there any barriers or costs that could stunt your growth?<\/p>\n<p>Here\u2019s a <a href=\"https:\/\/www.thebalancesmb.com\/right-and-wrong-reasons-to-start-business-4066585\" target=\"_blank\" rel=\"noopener\">complete guide<\/a> of the questions you should ask yourself before starting a business.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-7438\" src=\"https:\/\/lemonade.com\/blog\/wp-content\/uploads\/2017\/05\/1.png\" alt=\"start-a-business-lemonade-blog\" width=\"1200\" height=\"765\" srcset=\"https:\/\/www.lemonade.com\/blog\/wp-content\/uploads\/2017\/05\/1.png 1200w, https:\/\/www.lemonade.com\/blog\/wp-content\/uploads\/2017\/05\/1-300x191.png 300w, https:\/\/www.lemonade.com\/blog\/wp-content\/uploads\/2017\/05\/1-768x490.png 768w, https:\/\/www.lemonade.com\/blog\/wp-content\/uploads\/2017\/05\/1-1024x653.png 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h3>Tips for starting your business<\/h3>\n<p>If reading through these guidelines makes you feel more confident about starting your venture, it just might be time to take the leap.<\/p>\n<p>Professor Ariely said it best: \u201cThe moment you can take some risk, I would highly recommend investing in yourself, learning something exciting, and trying to do something on your own, that you\u2019re in charge of.\u201d<\/p>\n<p>While your journey in pursuing your venture will bring many highs, spoiler alert: you\u2019re going to face quite a few bumps along the way.<\/p>\n<p>To help you avoid typical blunders, we reached out to dozens of entrepreneurs (who also happen to be Lemonade policyholders), and asked them: What did you wish you knew before starting your venture?<\/p>\n<p>Here are some of the top tips we heard from entrepreneurs:<\/p>\n<p><strong>1. Be a giver<\/strong><\/p>\n<p>To succeed as an entrepreneur, it\u2019s important to build a strong network. How? \u201cMake sure to give, give, give to the people in your network,\u201d said Lemonader Lucas D., co-founder of Fernish, a furniture subscription service for your home.<\/p>\n<p>\u201cConnect people to others in your network, tell them about trends you\u2019re seeing in the market, and send available talent their way,\u201d Lucas told us. \u201cDo this proactively, and don\u2019t ask for anything in return. If you offer to help altruistically, it will cement your relationship for years to come.\u201d<\/p>\n<p>Why does this help? According to organizational psychologist Adam Grant, <a href=\"https:\/\/www.lemonade.com\/blog\/psychology-givers-takers-matchers-2\/\">givers<\/a> are the most successful types of people in the workplace. Everyone loves, trusts, and supports givers, since they add value to others and enrich the success of the people around them.<\/p>\n<p><strong>2. Choose a trustworthy partner who shares your values<\/strong><\/p>\n<p>Choosing your business partner is one of the most important decisions you\u2019ll make when starting your venture. \u201cThe strength of your partnership allows you to get through the highs and lows of entrepreneurship,\u201d said Lemonader Samir G., who founded Esusu, a fintech company that provides data solutions for financial access and inclusion.<\/p>\n<p>Make sure you and your business partner share the following three things:<\/p>\n<ol>\n<li>Unshakeable mutual respect and trust<\/li>\n<li>Alignment in values<\/li>\n<li>A shared vision for the world<\/li>\n<\/ol>\n<p>How can you tell if a potential business partner possesses these traits? \u201cYou can partially assess this upfront, through a combination of feedback from shared connections, their track record, and your observations of interactions with them,\u201d Samir told us. \u201cMake sure to pay attention to how well they communicate, their humility, and their thoughtfulness.\u201d<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-7437\" src=\"https:\/\/lemonade.com\/blog\/wp-content\/uploads\/2017\/05\/2.png\" alt=\"start-up-lemonade-blog\" width=\"1200\" height=\"765\" srcset=\"https:\/\/www.lemonade.com\/blog\/wp-content\/uploads\/2017\/05\/2.png 1200w, https:\/\/www.lemonade.com\/blog\/wp-content\/uploads\/2017\/05\/2-300x191.png 300w, https:\/\/www.lemonade.com\/blog\/wp-content\/uploads\/2017\/05\/2-768x490.png 768w, https:\/\/www.lemonade.com\/blog\/wp-content\/uploads\/2017\/05\/2-1024x653.png 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><strong>3. Hire for personality traits<\/strong><\/p>\n<p>Once you\u2019re ready to bring on more people, your employees will become the backbone of your company.<\/p>\n<p>The key to your employees\u2019 productivity and happiness? A positive company culture, according to a Columbia University study.<\/p>\n<p>That\u2019s why your employees\u2019 personality traits are crucial. \u201cHire people who are trustworthy, resilient, optimistic, diverse, ambitious, detail-oriented, and passionate about their craft,\u201d Lemonader Jeff K., co-founder at Soundsabound Records, told us.<\/p>\n<p>And to cement your culture even further, celebrate those who define your culture. \u201cThe greatest tools managers and executives have to indicate who embodies the culture or not is who you hire, fire, and promote,\u201d according to Lemonader Christina S., founder of Andela, which invests in Africa\u2019s most talented software developers.<\/p>\n<p><strong>4. Build resilience<\/strong><\/p>\n<p>No matter how successful your venture may be, you will inevitably face failures along the way. That\u2019s why it\u2019s important to stay resilient.<\/p>\n<p>\u201cRemember that failure is just a concept &#8211; you shouldn\u2019t be scared of it,\u201d Lemonader Meg H., founder of e-commerce brand ADAY, told us. \u201cI did a number of tests to associate myself with failure. I cut my own hair, and realized that even if I did a terrible job, I would be fine. And when a key employee left us, I also knew that I would be fine. \u2018Failure\u2019 is just a framing perspective of a situation. It can be a failure, or it can just&#8230; be.\u201d<\/p>\n<p>Plus, keep in mind that any \u2018failure\u2019 can make you stronger: \u201cMaking the wrong decision is better than making no decision at all,\u201d Lemonader Steven L., founder of Interseller told us. \u201cWhen you make the wrong decision, you\u2019ve learned what you did wrong &#8211; whereas no decision leads you nowhere, and can cost you a lot more in the long run.\u201d<br \/>\nReady, set, go!<\/p>\n<p>Before you take a leap into entrepreneurship, make sure you\u2019ll be truly passionate about your craft, resilient to failure, and mindful about the people you surround yourself with. As Andy E., founder of Basket, told us:<\/p>\n<p>\u201cTo be an entrepreneur, you need to know you have what it takes to ride out the high highs and the low lows. To create solutions for problems you don&#8217;t even know will occur. To ask for the help you need, and learn quickly. If entrepreneurs knew all of the challenges ahead when they were starting out, most would never start. That&#8217;s why you have to know you have what it takes, and that you will sort it out as you go.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hint: The best time to become an entrepreneur is not a one-size-fits-all prescription. It&#8217;s about if you&#8217;re ready to undergo risk, whether you&#8217;re in your 20&#8217;s or your 70&#8217;s. <\/p>\n","protected":false},"author":20,"featured_media":3133,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,13],"tags":[],"puppies_section":[],"class_list":{"0":"post-574","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-behavioralecon","8":"category-lifehacks","9":"post-hentry"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What You Need To Know Before Becoming an Entrepreneur | Lemonade Blog<\/title>\n<meta name=\"description\" content=\"Starting a business can be one of life\u2019s most fulfilling adventures. 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