We've all done it - entertained that fantasy of ditching corporate life and starting our own gig. Your company, your schedule, your rules.
But could you pull it off?
Experts say it depends on whether you've got the temperament, discipline and financial wherewithal to be a lone ranger. To determine that, answer 8 questions, including:
- Do you need a regular paycheck? To help meet financial obligations without one (at least perhaps in the beginning), experts advise saving up the equivalent of six months of living expenses to help you get through possible lean times.
- Do you need to praise for your work? “People climbing up the corporate ladder generally have a drive for recognition, but entrepreneurs aren’t driven by prestige or status,” says Mary Beth Izard, author of BoomerPreneurs. “They have to affirm themselves, because no one else is their cheerleader."
- Are you fearless? The self-employed can't be crippled by failure. “They can acknowledge they’ve failed, quickly get back on their feet, and try something else,” notes Alana Muller, president of FastTrac, an educational program for aspiring entrepreneurs.
[More considerations via Next Avenue]