Do You Have What It Takes to Run Your Own Business?

THE COVID-19 PANDEMIC HAS OBVIOUSLY been bad for a lot of things. But it might end up being a good thing for entrepreneurship. For instance, it has forced many folks to rethink their careers. In 2020, per Bloomberg citing IRS numbers, 4.3 million people applied for employer I.D. numbers, up nearly 25 percent over 2019.

But like anything—and especially going into business for yourself—there are things to consider before taking the plunge. Success, after all, is far from a sure thing. History and the U.S. Bureau of Labor Statistics tell us that about 20 percent of those new pandemic-era businesses will fail within the first two years. The first five years? About 45 percent of those businesses won’t make the cut.

So, what does it take to make it? To get to the promised land? Here are some of the traits of