How to... Mentally Prepare to Start Your Own Business

Entrepreneurship can be a wonderful way to build wealth and do something you love without answering to somebody else. But you have to be mentally ready to take the leap. Conduct an honest self-analysis to determine if you are fit for the challenge of entrepreneurship — and being truthful with yourself is key.

An entrepreneur must be realistic about the financial risks that come with owning a business. If the thought of losing $20,000 is devastating, then owning a business is probably not right for you.

Also, be prepared to sacrifice your current lifestyle and life in general. Very often, entrepreneurs don’t pay themselves a salary during the first one to three years of their ventures. Luxuries such as going out to eat, frequent clothes-shopping trips and weeklong vacations will most likely have to be forgone in the short term.

Successful entrepreneurs must have incredible willpower and unwavering optimism. If you get deterred easily or have a hard time picking back up when things go wrong, then you’re not cut out for the stress of entrepreneurship.

Having a strong family and business support system is critical to success. Your spouse and family must be 100 percent onboard, because entrepreneurs devote so much time and money to their businesses. Furthermore, surrounding yourself with the right business partners who complement your skill set is crucial for a successful and profitable business venture.

— Yuliya Franklin, director of Key Entrepreneur Development Center at Corporate College, a  division of Cuyahoga Community College