Find out whether you possess entrepreneur skills

There are certainly people who are born to entrepreneurs. Maybe you know some. Or you are such a type yourself? But: no master has fallen from the sky yet. Your own business does not run by itself. As an entrepreneur, you have to invest not only a lot of money but also a lot of time. Therefore, the first question that you should ask yourself before starting your own business is: Am I prepared to give up much of my free time? Am I prepared to dedicate the time that I had previously for hobbies, friends, and family to the newly formed company?

The willingness to invest time in one’s own business is not enough on its own. As an entrepreneur, you also need to be able to solve the emerging issues with customers, suppliers, employees, and other partners. Surely you know your profession, this is the most important prerequisite for the step into self-employment. But are you also able to manage the business?

Especially successful entrepreneurs invest a lot of their time in the business, the operation. The more the entrepreneur must show a permanent commitment in the early days of his business.

As an entrepreneur, you are not subject to any statutory working time protection. The service lasts 24 hours a day, seven days a week. Every piece of information, every interlocutor, you must instinctively check for their benefit to your business. Especially in critical situations and especially in the start-up phase of your company, the burden is enormous.

Who claims your time?

Of course, as a business owner, you are constantly thinking about your business, looking for improvements and trying to be even more successful. But you also have to plan a considerable amount of time for the following conversation partners:

  • Banks want to be constantly informed about the situation of your company in order to estimate the risk of the loans. Do you have collateral for your bank? For example, if you have inventory, you must prove it at regular intervals.
  • The tax consultant is more than just responsible for tax returns in young companies. Many of your decisions have an impact on the tax situation. You should, therefore, speak with your advisor.
  • If you employ employees, you must manage them. This is not just about instructions. Intensive discussions about tasks and goals are necessary on a regular basis. Likewise, discussions must be conducted on the basis of specific occurrences (customer complaints, illness, …).
  • Suppliers are an important success factor. The better the relationships with them, the cheaper the prices you have to pay for their performance. Talking to existing and potential suppliers require a lot of your time as an entrepreneur.
  • Customers also want to be taken care of. Orders must be procured, complaints must be processed. This happens in personal conversation.
  • Time and again authorities take up their time as entrepreneurs. The tax office demands regular tax payments and carries out examinations, the trade association examines the job situation, the trade supervision the company facilities.

This shortlist shows you that as a contractor you have to expect a much higher time load than the one you are used to as an employee. In addition, there is an additional burden of secondary activities, which are not always aware of an employee. The shopkeeper closes his shop at 19:00, but does not go home yet. He orders new goods, does the daily billing, brings the revenue to the bank, etc. All this is necessary – especially if you want to be successful.

Important: support from family and friends

Your time burden as a start-up entrepreneur will lead to employment with your families and friends in the background. Club activities have to be neglected, there is no time for hobbies. An entrepreneur-type is indifferent, but he needs support.

The most important help must come from the family. This must, on the one hand, raise an understanding of the time commitment of the young entrepreneur. On the other hand, the family can also be an effective support.

  • Your partner, partner or other family members can relieve you of family and domestic responsibilities and solve problems in this area without putting unnecessary stress on you.
  • Help in the new company from the family circle is always welcome and represents a great time and financial relief for the beginning.