Richard Branson: Three questions every would-be entrepreneur should ask themselves

The Virgin Founder knows all too well about the internal struggle one goes through when trying to decide whether or not running  a business is the right choice for them...

In a recent entrepreneur.com blog he set out three key questions which every young business mind should ask themselves before committing themselves. But do you think there are any other factors that should be taken into consideration? Have a read and let us know.

1. Is higher education for me?

As I have written before, while education is very useful, it cannot replace the day-to-day experience gained as an entrepreneur.

As you consider whether or not to return to your studies, think about what can be gained by doing so, and what can be lost. Simply make lists of the positives and the negatives, then tally up which one looks like the better option. If you are going back to further develop your knowledge base and spend more time building on your plan for the future, great. However, if you are thinking about returning to school in order to put off making some tough choices, then think again. Now is the time to act, and the months that you waste deciding what to do could be better spent getting your business off the ground.

2. Would I like to have a boss?

I could never imagine having a boss. Ever since I started my first business as a teenager, I have wanted to forge my own path. Many people only realize this much later in life, so an early zeal for entrepreneurialism and independence should stand you in good stead. Nevertheless, you will only make the grade if you hone in on one particular passion. Spreading yourself too thin at the outset of your career as an entrepreneur and trying to break into several markets at once is a recipe for disaster.

3. What do those around me think?

If you still can’t decide, ask your loved ones for their opinions. They’ll give you honest appraisals and can help to set your mind at ease. They could also be the people to help you with initial market research and every other aspect of setting up a business. And keep in mind that business is a lot more fun when you work with people you love - it’s one of the reasons so many members of our team at Virgin end up marrying each other!

For further inspiration, try to locate a mentor who has been there and done it and can pass on their know-how.

This article is picked from Virgin