A lot of first-time entrepreneurs are so focused on whether or not they will be able to make their business idea work that they never stop to ask themselves what life will look like when it DOES.
Success can look and feel very different depending on the type of business/industry you choose. That’s why it’s so important to know your personal priorities and values.
For example, if you know you are a homebody and you love coming back to your own bed at night, it’s probably a bad idea to start a motivational speaking business. The more your business grows, the more you’ll be away from home! One of my mentors is a highly successful motivational speaker. He makes around $2 million per year doing it, but he’s also out of town traveling 20+ days a month.
Or if being able to go on spontaneous weekend getaways is important to you, don’t start a wedding photography business. Because when you become highly successful as a wedding photographer, you be working a LOT of weekends. And your calendar will get booked up months in advance. Say goodbye to spontaneity.
It’s true that not all business ideas are good, and that not all people are ready to be entrepreneurs. So you’ll obviously want to ask yourself questions to evaluate the validity of your idea and your ability to succeed with it.
But in my opinion, the far more important question to ask is this:
When your idea actually works, will it FUEL your ability to live the kind of life you want? Or will it compete with it?