Entrepreneurial qualifications

Being one’s own boss: friends and acquaintances running their own businesses will probably say that a major benefit of being self-employed is that they have more freedom than people who work for an employer. That is no doubt, true – but it does come with a downside: self-employed entrepreneurs have to take care of many things that an employer would normally do for them. And they can never be sure that they will receive their salary on time.

For this reason, you should take your time to consider whether setting up your own business really suits your personality and your private life. You should be able to respond “yes” to most of the following questions:

• Would you describe yourself as independent?
• Do you like taking decisions, even when they are risky?
• Can you handle significant fluctuations in workload?
• Does your family support your decision?
• Are you prepared to take on responsibility for your staff?
• Do you have any leadership experience?

To get a better idea of your personal requirements, you can do a helpful online test (in German) here. If in doubt, it may be worth consulting an expert in the area of self-employment.