In short: Should you become an entrepreneur? If you have to ask, my honest answer is usually "not yet." The people who make it are so driven that nothing stops them, including losing money they can't afford to lose. But readiness can be built. Take the 12-question test below to see where you stand, and what to do next.
Should I become an entrepreneur?
I get asked that a lot, and I usually say no. If you have to ask, I'm not sure you're built for it yet. You'll know. You'll be so driven that nothing can stop you. You won't have to ask the question. I never asked it.
That sounds harsh. It isn't meant to be. It's meant to protect people from betting savings on a decision they haven't really made.
What does failure actually feel like?
Real. I've failed and lost a lot of money. Once, I lost $28,000 that I really depended on. My family depended on it.
I had two choices. I could sit there and cry about it, or I could ask how to take that lesson, apply it and make sure it never happened again. Only the second one helps. That's what has worked for me: actually learning from failure and using it.
The odds, honestly
Starting is easy. Lasting is hard.
- Bureau of Labor Statistics data show that only 34.7% of private-sector business establishments started in March 2013 were still operating in March 2023. The biggest drop came in year one, when the survival rate fell by 20.4 percentage points (BLS).
- Five-year survival rates for start-ups have generally been around half (BLS).
- Even established small firms struggle with money. In the Federal Reserve's 2026 report, 22% of firms that applied for financing received none of what they sought (Federal Reserve Banks).
None of that means don't do it. It means go in with your eyes open.
The 12-question readiness test
Score each statement honestly: 0 = not true, 1 = somewhat true, 2 = very true.
| # | Statement | Score (0–2) |
|---|---|---|
| 1 | I've already started something small, even if it failed | |
| 2 | I can describe exactly who my first 10 customers are | |
| 3 | I have savings to cover my living costs for at least 6–12 months | |
| 4 | I've estimated my startup costs on paper | |
| 5 | I could lose the money I'm putting in and still pay my bills | |
| 6 | I've failed at something before and kept going | |
| 7 | I take action on ideas instead of just talking about them | |
| 8 | I'm willing to work long hours for years without a guaranteed result | |
| 9 | I can handle someone telling me my idea is bad | |
| 10 | I've talked to people who've done what I want to do | |
| 11 | I'm okay doing boring work, like bookkeeping and customer service | |
| 12 | I'd still want to do this if it took five years to pay off |
For question 4, the SBA has a free guide to estimating startup costs, including one-time and ongoing expenses (SBA).
What your score means
19–24: ready to start small. You've done the groundwork. Start with a small test, keep costs low and learn from real customers.
12–18: close, but build first. You have the drive, but gaps in money, planning or experience. Fix your lowest scores before you quit anything.
0–11: not yet. That's not a judgment. It's a plan. Build skills inside a job, save a runway and test small ideas on the side.
Questions 3 and 5 matter most. If you scored 0 on either, don't risk money you can't afford to lose, no matter how high your total is.
What separates people who make it?
Execution. The difference between big ideas and big companies is execution.
▶ Watch: Watch: Robert Nikic x Brad Lea on ideas vs. execution
A lot of people are dreamers. They say they want to do this or that, and they never do anything about it. Nobody wants to go through the struggle and the hard times. Knowledge is good. You need to know the right actions to take. But once you know them, you have to take them.
I still work 18-hour days. Not because anyone forces me to. Because I want to. I love it. That's what "driven" actually looks like.
What if I'm not ready yet?
That's fine. Readiness can be built.
- Keep your job and build skills that transfer: sales, customer service, operations.
- Save a runway of at least six months of living costs.
- Test a small idea on nights and weekends with real customers.
- Talk to owners in the field you're interested in.
- Retake this test in three months and see what changed.
Is "entrepreneur" overused?
Yes. A lot of people call themselves entrepreneurs and fold the first time real pressure hits. The word only means something if you can take the pressure and use the failure. That's not a title. It's a habit.
▸ What I'd tell someone today
My answer has shifted a little since I stepped away from operating roles. I still say most people shouldn't jump in blind. But my advisory work on SDG 8 & 9 is about lowering the cost of trying, with simpler registration, faster payments and fairer credit, so people who do want to try can afford to fail once and try again. That's the idea behind SDG target 8.3, which calls for policies that support entrepreneurship and small business growth (UN).
FAQ: should you become an entrepreneur?
How do I know if I should become an entrepreneur?
If you're driven enough to keep going through failure, have a financial runway and have already tested an idea with real customers, you may be ready.
What percentage of new businesses survive?
BLS data show roughly half of new establishments survive five years and about a third survive ten years.
How much money should I save before starting a business?
Many people aim for at least six to twelve months of living expenses, plus estimated startup costs.
Is it better to start a business while keeping a job?
For many people, yes. It lets you test an idea and build skills without risking your income.
If you have to ask, keep building. When it's time, you won't need to ask.
What is Robert Nikic's view on becoming an entrepreneur?
Robert Nikic's view is that entrepreneurship takes drive, execution and the ability to learn from real losses. People who are unsure should build skills, savings and small tests first.
Related reading: Robert Nikic on Failure: Why Bad News Is My Starting Signal · Robert Nikic: Why I Talk About My Failures Publicly · Robert Nikic: My First Company at 13
