Should I Start a Business? A Values-Based Decision Framework
The allure of being your own boss, building something meaningful, and potentially striking it rich is powerful. But beneath the success stories lie countless failures, years of struggle, and personal sacrifices that rarely make the headlines. You're torn between the fear of regret if you don't try and the fear of losing everything if you do.
Key Takeaway
This decision is fundamentally about Autonomy and Independence vs. Financial Upside. Your choice will also impact your creating impact.
The Core Values at Stake
This decision touches on several fundamental values that may be in tension with each other:
Autonomy and Independence
Your desire to be your own boss and make your own decisions. Consider whether you truly want the responsibility that comes with autonomy.
Financial Upside
The potential for significant financial rewards. Be realistic about the probability and timeline of financial success.
Creating Impact
Your desire to build something meaningful that makes a difference. Consider whether entrepreneurship is the best way to create the impact you want.
Personal Growth
The opportunity to grow through extreme challenge. Recognize that entrepreneurship will test you in ways employment rarely does.
Flexibility
The ability to control your schedule and work environment. Understand that early-stage businesses often demand more time, not less.
5 Key Questions to Ask Yourself
Before making this decision, work through these questions honestly:
- 1Am I excited about solving this specific problem, or am I excited about the idea of being an entrepreneur?
- 2Have I validated that people will pay for my solution, or am I assuming demand exists?
- 3What is my runway—how long can I go without income while building this?
- 4Am I prepared to work harder than any job has ever required, with no guaranteed reward?
- 5What's my honest assessment of my risk tolerance, and how would failure impact my life?
Key Considerations
As you weigh this decision, keep these important factors in mind:
Watch Out For: Survivorship Bias
Media coverage focuses on successful entrepreneurs, creating a skewed perception of startup success rates. Most businesses fail. The founders you admire often had advantages (wealthy backgrounds, industry connections, timing) not visible from outside. Evaluate your specific situation, not their highlight reels.
Make This Decision With Clarity
Don't just guess. Use Dcider to calculate your alignment score and make decisions that truly reflect your values.
Download on the App StoreFrequently Asked Questions
How do I know if I'm ready to start a business?
Should I quit my job to start a business?
What percentage of small businesses fail?
How much money do I need to start a business?
Should I start a business with a co-founder?
Related Decisions
Should I Quit My Job?
The thought of quitting your job often comes with a mix of excitement and dread. You might feel trapped between the security of your current position and the pull of something better, leaving you paralyzed by uncertainty about whether leaving is brave or reckless.
Should I Change Careers?
The desire for a career change often builds gradually—a growing sense that you're in the wrong place, doing work that doesn't resonate. But the prospect of starting over, potentially at a lower level or salary, creates paralyzing fear. You wonder if the grass really is greener or if you're just restless.
Should I Buy or Rent a Home?
Society often frames homeownership as a milestone of success, creating pressure to buy even when it may not make sense. Meanwhile, renting is dismissed as 'throwing money away.' This oversimplification creates anxiety whether you're itching to buy or feeling content renting, wondering if you're making a financial mistake.
People Also Considered
Similar decisions in other areas of life:
Sources
- Kerr, W. R., & Nanda, R. (2009). Financing constraints and entrepreneurship. Annual Review of Financial Economics.
- Wasserman, N. (2012). The Founder's Dilemmas: Anticipating and Avoiding the Pitfalls That Can Sink a Startup. Princeton University Press.