Want To Be A Successful Entrepreneur? Here Are 5 Essential Questions You Should Be Asking Yourself

Adeyemi Adisa By Adeyemi Adisa 8 Min Read
essential questions for successful entrepreneurs

There is more to entrepreneurship than just the business itself, and becoming a successful entrepreneur is not as easy as eating cake.

Starting or launching a new business is not as easy as many people might have thought most especially when you are a young entrepreneur.

Successful entrepreneurs do not look to take the easy route and be part of the crowd. But what successful entrepreneurs do have in common are traits such as a strong work ethic, persistence and discipline.

The fact is that it’s not just about launching your new business, it also has to do with making sure that you know what you are doing and how to do it.

No successful entrepreneur will tell you it’s easy to make it and become as successful as you can ever imagine. This is why it’s important to always remember that there are no guarantees of success when it comes to running a business.

Want To Be A Successful Entrepreneur? Here Are 5 Essential Questions You Should Be Asking Yourself

It is an uncomfortable fact of business life that four out of five startup end in failure. So is entrepreneurship for you?

So many startups have failed to last long, especially, with the economic downturn that’s making things even tougher for new businesses. So how can you avoid the pitfalls that trap so many fledgling businesses?

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Entrepreneurship and risks of running a business

As a small business owner, it is important to always understand why some startups failed and make sure you don’t make the same mistakes.


Why do so many startups continue to struggle to survive? Although businesses fail for a multitude of reasons, the underlying issues are surprisingly common.

What makes a great entrepreneur

It’s an undeniable fact that entrepreneurship requires dedication as well as commitment. You can’t just be a successful entrepreneur without these qualities.

are you worried
are you worried?

As a small business owner, there are some risks associated with starting and running a small business that can not be eliminated.

However, you can improve your chances of success with good planning, preparation, and great insight.

To be a great entrepreneur, you should start by evaluating your strengths and weaknesses as a potential owner and manager of a small business. Carefully consider each of the questions below:

#1]. What type of an entrepreneur are you?

Are you a self-starter or a slow and steady type?
The fact is that entrepreneurship varies in size, level of involvement, fund required etc. So what type of an entrepreneur are you? Are you the type that can work for a new business idea? Are you looking at carving out a new market niche?

Are you a slow and steady type of an entrepreneur that likes to take up existing businesses? Will an existing business appeal to you and offer the financial potential you are looking for?

Always remember that it will be entirely up to you to develop projects, organise your time, and follow through on details. Do you see yourself as a good manager?

#2]. Human relationship and personal strength

How well do you get along with different personalities?
Business owners need to develop working relationships with a variety of people including customers, vendors, staff, bankers, and professionals such as lawyers, accountants or consultants.

Can you deal with a demanding client, an unreliable vendor, or a cranky receptionist if your business interests demand it?

Do you have the stamina? Do you have the physical and emotional stamina to run a business? Business ownership can be exciting, but it’s also a lot of work. Can you face six or seven 12-hour work-days every week?

#3]. Quick thinking, good decision making and planning

How good are you at making decisions?
How quickly can you think especially when you are under pressure? Do you see yourself as a good decision maker?


Be mindful of the fact that as a small business owner, your ability to make good decisions as quick as lightning will be constantly tested. This is because small business owners are required to make decisions constantly and often quickly, independently, and under pressure.

Research indicates that poor planning is responsible for most business failures. So how well do you plan and organise? Good organisation of financials, inventory, schedules, and production can help you avoid many pitfalls.

#4]. Mental strength, motivation and quest for success

How responsible are you? Is your drive strong enough?
Running a business can wear you down emotionally. So, how strong are you? You must examine your strengths and your weaknesses before making that decision to be an entrepreneur.

Some business owners burn out quickly from having to carry all the responsibility for the success of their business on their own shoulders. Strong motivation will help you survive slowdowns and periods of burnout.

Running a business requires more than the fund to finance the business. As much as the money is needed, it is equally important, if not more so, to include your personality in the equation. After all, it’s this person who is going to be running the show.

#5]. Families and friends

How will the business affect your family?
The first few years of a business start-up can be hard in family life. It’s important for family members to know what to expect and for you to be able to trust that they will support you during this time.

There also may be financial difficulties until the business becomes profitable, which could take months or years. You may have to adjust to a lower standard of living or put family assets at risk in the short-term.


Want To Be A Successful Entrepreneur? Here Are 5 Essential Questions You Should Be Asking Yourself
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Adeyemi Adisa is a brand enthusiast who loves blogging, affiliate marketing, and internet entrepreneurship. I am a critic, a writer, a listener, a designer, a gadget lover. Join my world and let's rub minds together! Join me on Facebook | Twitter | About.me!
  • Surely entrepreneurship is not a joke; it’s a serious matter that requires optimum dedication and commitments. Anyone aspiring to be an entrepreneurs gotta be able to answer all of these questions.

    As usual Tony, this is a good article!

    • I think an average man has bad attitude when it comes to being an entrepreneur. Most people think it’s all about the money., forgetting the fact that there is more to entrepreneurship than the finance

  • I agree, entrepreneurship for me, isnt about the financial gains alone. Its in the top, but I aim for freedom, to live my own life, to help others and travel. To just simply live and not live to work.

    Informative article. x

  • Most people would like to start their own business, but very few ever do, Why? first they feel that they lack the know how (a business plan) and secondly the fear of failure.

    There are no shortcuts to success and there are many lessons to be learned; that is why we created EntrepreneurYouNiversity, to give people the knowledge and confidence needed to be decisive and make smart choices, to start a business and live their dreams.

    The course is free, but the knowledge and guidance you will gain is priceless; it will change your outlook and your future.

    • Hi George,

      I think you are so right on point on the issue of people feeling that they lack the know how and the fear of failure. But I don’t actually think most people are put off because of fear that the business might fail. I think the most common issue is being able to raise capital needed to start a business. However, I think your EntrepreneurYouNiversity project will go a long way in helping young entrepreneurs reaching their goals. Best of luck

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