ABC of expat woman’s life: E – Entrepreneurship

Many of the expat women I talk with are considering changing their career path and one of the popular choices that lately come across is to become an entrepreneur.

One of my clients who is giving self-employment a serious thought asked me recently: "Can everyone become an entrepreneur or is there a certain set of characteristics that make a successful entrepreneur?" 

To answer the question: "Shall I start my own business abroad?" there are a couple of key questions you need to ask yourself first. The business plan and the market selection is of course important, but in my opinion it all starts with asking yourself the following questions. So just take a piece of paper and write down the answers!

Why do I want to become an entrepreneur?
What is your motivation? What do you want to achieve? The best way to tackle these key questions is to identify the top three work-related factors that are important to you. What do you value most about work: social contacts, teamwork, money, recognition etc. Think whether working for yourself will satisfy those factors!

Can I become an entrepreneur? Do I have the necessary skills?
Whether your business will become successful or not depends on your talents and skills. Imagine two people starting the same business. Will they be equally successful? Why?

Various research on entrepreneurship shows that people with certain sets of talents / skills are more prone to be successful in their own business. Have a look at the following personal traits and skills:

› Personal traits
- Self-confidence
Do I believe in me? Am I able to transfer this belief to my services and products? 

- Self-motivation & discipline
Am I able to motivate myself on a daily basis? Am I disciplined enough to work without managerial structure?

- Courage
Am I courageous enough to make certain decisions? Am I a risk taker?

- Action minded
Am I a doer or a thinker? The ability that makes a successful entrepreneur is not his / hers intellect but the ability to put things in action.

- Resistance
How do I react to stress? How will I react to failure?

- Determination
Can I work very hard for a longer period without immediate success?

- Working independently
Are you ready to give up on contacts with your colleagues?

- Enthusiasm
Can I transfer my enthusiasm?