So you are thinking of going into business. It's a life changing decision. Like any other decision, this will have its own set of pros and cons.
 

Pros:
• You are your own boss
• Independence and flexibility like never before
• You decide what to do with the money you make – the risk and rewards are entirely the outcome of your own efforts, the buck stops with you.
• A pride of ownership, a sense of achievement in seeing your business grow
 

Cons:
• Long hours in the beginning with little or no holidays
• Tremendous effort and commitment involved in the in initial phase
• People around you may not understand why you want to give up a steady income and pursue something on your own
• Financial uncertainties

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So, who is an entrepreneur? One definition is: "someone who perceives an opportunity and creates an organization to pursue it."

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And then, there are various routes to entrepreneurship. You may want to manufacture and sell your own product or a service. Or you may choose setup a franchise of a larger business chain. Or you may simply want to trade in certain goods or services. 

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Whatever route you choose, you must understand that there is an element of risk involved in starting a venture. Till you venture takes off, your income may be unsteady, you may need to invest some of your personal savings and/or give your personal assets as collateral for loans.

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While we will assist in minimizing the risks associated with a new venture, it is still a non-negotiable factor, especially for the long run, that you are prepared to do what it takes to be a successful entrepreneur. Among the most important personality characteristics associated with successful entrepreneurs are a willingness to work hard, a healthy sense of self confidence and an optimistic attitude.

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Successful entrepreneurs take risks, but they are calculated risks. They don't jump into new situations blindly. Instead, they are thorough and prepared.

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Before you jump off into starting a business of your own, you must make an honest assessment your skills, experience, values and personality. Being your own boss has obvious benefits, but to reap them you must be among other things, a good boss, a good employee, a good supplier, a good sales person and a good customer service person, all at the same time.
 

Unfortunately, there is no fool-proof test you can take to ensure your success, but here is a "Should I be an entrepreneur?" ​quiz to help you decide if entrepreneurship is for you.