Is Entrepreneurship For You?
In business, there are no guarantees. There is simply
no way to eliminate all the risks associated with starting a small
business - but you can improve your chances of success with good
planning, preparation, and insight. Start by evaluating your strengths
and weaknesses as a potential owner and manager of a small business.
Carefully consider each of the following questions.
Are you a self-starter? It will be entirely up
to you to develop projects, organize your time, and follow through
on details.
How well do you get along with different personalities?
Business owners need to develop working relationships with a variety
of people including customers, vendors, staff, bankers, and professionals
such as lawyers, accountants or consultants. Can you deal with a
demanding client, an unreliable vendor, or a cranky receptionist
if your business interests demand it?
How good are you at making decisions? Small business
owners are required to make decisions constantly - often quickly,
independently, and under pressure.
Do you have the physical and emotional stamina to run a
business? Business ownership can be exciting, but it's
also a lot of work. Can you face six or seven 12-hour work
days every week?
How well do you plan and organize? Research indicates
that poor planning is responsible for most business failures. Good
organization of financials, inventory, schedules, and production
can help you avoid many pitfalls.
Is your drive strong enough? Running a business
can wear you down emotionally. Some business owners burn out quickly
from having to carry all the responsibility for the success of their
business on their own shoulders. Strong motivation will help you
survive slowdowns and periods of burnout.
How will the business affect your family? The
first few years of business startup can be hard on family life.
It's important for family members to know what to expect and for
you to be able to trust that they will support you during this time.
There also may be financial difficulties until the business becomes
profitable, which could take months or years. You may have to adjust
to a lower standard of living or put family assets at risk in the
short-term.
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