March 7, 2011 / 2:29 PM / in 7 years

Management Tip of the Day: Timing Entrepreneurship Decision

BOSTON (Reuters Life!) - Answering a few key questions up front can help weigh the risks and benefits of launching your own business, says Harvard Business Review.

<p>A Hells Angel biker leans on his Harley Davidson at The Bulldog Bash at Long Marston airfield in Warwickshire August 5, 1999. REUTERS/Ian Hodgson</p>

The Harvard Management Tip of the Day offers quick, practical management tips and ideas from Harvard Business Review and HBR.org (http:\\www.hbr.org). Any opinions expressed are not endorsed by Reuters.

”It takes a lot of bravery to open up your own shop or finally pursue your big idea. The risks of entrepreneurship are many, but for those who are successful, the benefits are plentiful. Here are three questions to ask yourself before striking out on your own:

1. Do you have an idea? It can’t just be any idea. It has to be something you feel deeply passionate about and no one can talk you out of (because they will try).

2. Do you have a trusted partner? Starting a business can be lonely. Doing it with someone else, especially if he or she has complementary skills, can make the road smoother and more fun.

3. Do you do best without structure? For many, this is the biggest challenge. If you thrive when there is no clear path and lots of uncertainty, it may be time to foster your inner entrepreneur.”

- Today’s management tip was adapted from “Should I Become an Entrepreneur?” by Jeffrey Bussgang.

For the full post, see: here

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