Did you know that officially registering and setting up a company in Singapore can take as little as 15 minutes? This means that, unlike in most other parts of the world, determined entrepreneurs based in the city-state can start operations within a few days of hashing out their idea. This is just one of the many reasons why Singapore is a leading centre of innovation, attracting entrepreneurs from all corners of the globe.

However, just because you can start a business in the next 15 minutes, it doesn’t mean you should. Successful enterprises are often the result of years, if not a lifetime of preparation—whether or not the startup founders admit it or not. It also heavily favours some personality types over others.

So, how do you know if you’re ready to be an entrepreneur? If most of the items below apply to you, you just may be ready to dive right in.

1. You Enjoy Making Money 

While there are some high-paying jobs out there, chances are that you will never make as much as you would if you owned your own business. That isn’t to say that you will always be making money as an entrepreneur—far from it. But if you have set high personal finance goals for yourself, chances are, going into business for yourself is the best and fastest way to meet them.

2. You Enjoy Testing Your Limits

All things considered, the accumulation of wealth is rarely the only motivation entrepreneurs have. Being an entrepreneur is one of the few things that can test an individual’s limits—certainly far more than most conventional jobs will. If you’re bored with your current job or if you think it isn’t allowing you to make full use of your talents, maybe it’s time to consider entrepreneurship.

3. You Understand What It Means to Create Value for Others

It’s not enough to be interested in making money. Succeeding at business essentially boils down to being able to fill customer demand. Regardless of whether this demand exists now or will exist in the future, meeting it will require you to exercise empathy and to understand what other people value. If you’re the type of person who likes solving other people’s problems, then the entrepreneurial world certainly needs more of your kind.

4. You Can Afford to Fail 

If you can’t afford to fail, then going into business for yourself becomes a serious gamble. While we generally romanticize the entrepreneurs who fight against all odds and win, the fact is that most who do are doomed because of hubris and simple probability. But if the price of failure for your latest venture is something you can easily absorb or bounce back from, then you may want to go right ahead.

5. You Understand and Accept Calculated Risks

Coming off the previous point, you will need to understand how to manage and accept risks if you’re going to start your own venture. This means understanding how to gather and use data, how to exercise healthy scepticism, and how to make executive decisions that have real consequences. In other words, being an entrepreneur usually means quitting the blame game for good.

6. You’re Comfortable Taking the Lead

While some entrepreneurs are fine with being one-person operations, anyone who wants to expand their business will have to take on some leadership responsibilities. People who are comfortable taking the lead will have a significant advantage when it comes to expanding their business and taking it to a different level.

However, this doesn’t mean that introverts or other people cannot be high-performing entrepreneurs as well. It may just mean that you’ll either need to have people you trust working with you or that you will have to learn to take on the role. This brings us to our next item.

7. You Know How to Improvise, Adapt, and Overcome

A lot of entrepreneurs have a very firm idea of what they want to happen and the things they need to do that will make it a reality. But unless you happen to be exceedingly lucky, things will rarely play out exactly as you want. You will have to compromise several times along the way. If you understand that things aren’t always going to go your way, then you’re much more ready than a lot of other would-be entrepreneurs.

8. You Like Variety

Entrepreneurship is the perfect thing for those who like to switch things up ever so often. It offers a breadth of variety that you just won’t see in many regular jobs. If you’re the type of person who likes doing a bit of everything, then going into business for yourself makes perfect sense.

9. You Have a Specific Mission and Vision

The freedom of entrepreneurship also has serious drawbacks. If you’re without a clear direction, it can be too easy to find yourself doing things you never set out to do. While this isn’t necessarily a bad thing, it’s usually advantageous to have at least some idea of where you want to take your business. This is where having a mission and vision are handy.

Having a clearly articulated mission and vision is often severely underrated. However, it’s exactly these things that will allow you to keep your enterprise on course and on target. Getting these overarching ideas into writing will empower you to make more focused decisions, save you precious resources, and maximize your chances of success.

10. You’re Itching to Start Something

Very few new entrepreneurs are truly prepared for the adventure they’re about to undertake. The fact is, if you think you’re ready, you’re ready. Be sure to keep yourself focused on your mission and harness that eagerness to your advantage.

Is Entrepreneurship Right for You?

Entrepreneurship does not guarantee happiness or contentment. But for a select group of individuals, it may be the best way they can exercise the fullest extent of their talents and the only way to fulfil their vision. Even if it doesn’t pan out the first time, you are almost guaranteed to come out of it smarter, wiser, and better prepared for your next try. Indeed, if you haven’t done it before, setting up a company in Singapore might be your smartest move yet.