Becoming an entrepreneur is about more than weighing the risks against the rewards. In many cases, it's inevitable that various influences will push or pull at your ability to become self employed, independent and (fingers crossed) successful. Some key factors affecting want-to-be entrepreneurs include finances, location and even gender.
Unless you were born into money, it's likely that you'll face difficulties raising the startup capital to become an entrepreneur. A well-thought-out business plan that includes a formal report of your expected startup costs is a helpful tool (in multiple ways.) But banks often prefer not to risk their money to fund your dream of independence. You may have more luck seeking financial support from angel investors, by crowdsourcing, or by hiring a grant writer by self-funding, if you can tap into a retirement fund, for instance.
Who hasn't experienced the energizing life-boost of a great role model? When you're building the courage to become self-employed, having someone you can look up to can be a rewarding positive influence. Mentors can do more than help you grow a business backbone, however. A trusted, knowledgeable, balanced role model is a sounding board for your questions, ideas and fears. And if she's in a related industry, even better.
If you plan to build an e-commerce business, location won't really matter (other than for shipping issues, possibly.) If you're opening a brick-and-mortar shop, however, the city it's built in and even the street where it's located, can affect growth, at least until you build recognition or brand awareness. Even then, if you ignore the area's culture, you may find yourself financially frustrated or in trouble. . .Imagine setting up a denture-repair shop in a trendy community of young millennial shoppers who have great teeth.
These days, you might assume that gender is a non-issue when it comes to entrepreneurship, and you'd be right, at least partially. In some countries, simply being a woman affects her range of opportunities, even these days -- such as the right to get an education or own a business. Even in North America, which is a top-notch continent for female entrepreneurs, there's room to change the long-lingering perception that overall, men are better in business.
Of course, having sufficient knowledge of your industry is a given, but how do other forms of education influence entrepreneurship? Self-education in entrepreneurial administrative duties, such as bookkeeping, for instance, can reduce overhead costs. On the other hand, earning your MBA can have a positive effect on understanding year-over-year expectations and investment decisions. And even though having a post secondary education or any form of education, for that matter, isn't a requirement for entrepreneurship, an academic background carries a perception of lower risk, greater confidence and better human capital. Then again, plenty of college dropouts, including Michael Dell and Jan Koum, went on to become epic successes in the business world.