Entrepreneurship FAQ-How do you become an entrepreneur?
If you’ve ever wondered what all the ‘hype’ is around becoming an entrepreneur and/or starting your own business, this is a great place for you to start learning!
On this page I have pulled together Frequently Asked Questions about entrepreneurship to help women who are considering if starting their first business is right for them.
If you don’t know whether or not business ownership is the right path for you keep reading. New questions and responses are added to this list regularly where we address, How do you become an entrepreneur and start your first business?
Can You Find Financial Freedom through Entrepreneurship?
YES, you can create financial freedom through entrepreneurship. Many working women start their first business to increase their income stream, as their business grows they sometimes decide to quit their current job and go ‘all in’ on their business.
Women—especially single moms—are more and more interested in how they can become financially independent through entrepreneurship.
As a woman business owner and single mom, I’m really excited to share my knowledge with you as you consider what options are best to improve you and your family’s quality of life.
I hope FAQ these answers bring you clarity as you determine whether or not now is the time to invest in yourself and follow your dream of success to the finish line.
Am I an entrepreneur?
Only you can answer this question. But here is a little food for thought.
This is my personal definition of what it means to be an ‘entrepreneur.’ It closely matches the true definition of the word but is less technical.
- An entrepreneur is a person that decides they want to turn their passions into income by starting their own business.
- Entrepreneurs typically enjoy seeing their ideas come to life and are willing to take a risk and embark on a ‘business adventure to make this possible.
What are the benefits of entrepreneurship/starting your first business?
- In most cases you get to work from home
- More control over your schedule = greater freedom and flexibility
- Earn more money doing what you love
- More time for your kiddos
- An opportunity to invest in yourself and follow your dream
- Financial independence = if your business succeeds you no longer need your employer to give you a paycheck
Do I have to quit my job to become an entrepreneur?
NO! And, HECK NO!
You can quit your job if you are willing to take on the risk of giving up your paycheck but for single mamas that are the primary provider for their children this is a decision that involves a lot of risk.
When first starting your business pace yourself. If you are truly passionate about achieving freedom and financial independence as an entrepreneur, start slow and grow with your new business.
If you are keeping your job while starting your new business, you will have to accept that this decision will require extra effort and more hours on your part…at least for now.
For now, while you are getting your new business off the ground, you have a lot to look forward. The hope is that in the coming months your new business will start to increase your income. As your income increases, the goal is that the income provided by your new business will eventually be much greater than your current salary. When you get to the point where your new business can sustain your financial needs (and you feel stable), you can then definitely consider quitting your job and making your business your full-time career.
Can a Single Mom Succeed As an Entrepreneur?
Yes, ABSOLUTELY. I started my first business when I was 22, before I became a single mom. Thanks to that business I am able to provide for my kids, live in a beautiful community that I selected AND go to sleep at night without worrying about tomorrow’s bills. Many of my single mom friends who started businesses and pursued financial freedom through entrepreneurship also experience similar success. From interior design businesses to writing and online sales, single moms are making it in business.
The world might wonder how a woman with so many responsibilities can make it in business but I don’t. Great responsibility is a great motivator. The single moms I know bear tremendous responsibility and so they have developed the grit, strength and heart it takes to keep moving forward to provide for their children and live the life they dream of.
How Much Does it Cost to Start a Business?
The kind of business you dream of starting will determine the amount of money you need to get started. You can start a business consulting (sharing your expertise), writing, or using a skill you have like graphic design for next to nothing. Essentially you would need a computer a business card and your own talent to start a consulting, writing or graphic design business. If you intend to start a restaurant or open a boutique, the cost or initial investment in your business would be much higher.
Additional Recommended Reading & Beginner Business Resources
Single Mom Spot™ is an online community to help single moms create real, offline change. We are on a mission to connect single moms across the globe and provide them with inspiration, encouragement and resources that will help them to live their best lives as women and mothers right now. If you are a single mom and you haven’t joined Single Mom Spot™, we hope that today is the day you join us!
If you have a question about entrepreneurship and how building your own business can lead to financial independence, please post it in the comments below!
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