Over the last few years, I’ve noticed an increase in people considering becoming an entrepreneur. If you don’t have a relationship with a successful entrepreneur, it can be hard to know if it’s for you. You’re on the outside looking in, trying to understand what’s going on. Most people read books, listen to podcasts, and scour the internet as a substitute for personal connections. They’re trying to fill their knowledge gap so they can make a decision.

I was recently asked to create a framework that people can use to answer the question “Is entrepreneurship right for me?” It’s a tough task because that’s a multifaceted question. Every person’s circumstances are unique. The traits that make some entrepreneurs successful cause others to fail. It’s situational and challenging. I’ve thought about this before, but not deeply enough to develop a framework. I admit it—I’m struggling.

I have had one insight that I think can be consistently applied to anyone considering entrepreneurship. Ask yourself this question: “Will I enrich lives as an entrepreneur?” Here are my thoughts:

• Customers – The goal of any entrepreneur is to identify a problem, create a solution, and sell that solution to customers. You should enrich your customers’ lives with your product or service. Your entrepreneurial career will be short-lived if your customers aren’t happy. If the solution you envision won’t add value to your customers’ lives, entrepreneurship—at least with that idea—isn’t for you.
• Loved ones – The entrepreneurial journey is full of twists and turns. And you don’t travel it alone. Will entrepreneurship enrich the lives of people you care about? Will they learn from your experience; will they build relationships they otherwise wouldn’t have; will they be afforded opportunities and positive experiences? The answers should be yes. And in my opinion, enriching the lives of loved ones through entrepreneurship includes establishing a downside floor. Otherwise, you could permanently damage their lives. If your entrepreneurial journey will expose people close to you to unacceptable levels of discomfort, entrepreneurship isn’t for you—even if the upside is unlimited.
• You – Entrepreneurship is an iterative process. You constantly experiment. Some things succeed, but many fail. Entrepreneurs need lots of curiosity and a high tolerance for failure. If you’re an aspiring entrepreneur, you must be honest with yourself about how failure will affect you. Will it enrich your life by feeding your curiosity and helping you make a better decision next time? If the answer is no, entrepreneurship may not be for you.  

Because every person and every person’s situation is unique, there is no cookie cutter approach to deciding whether to pursue entrepreneurship. In my opinion, entrepreneurs exist to serve others. If enriching the lives of customers and loved ones rings the bell for you . . . you just might be an entrepreneur!