Is being an entrepreneur
for you?
As an entrepreneur, there
is no way to eliminate all the risks associated with starting a
small business. However, you can improve your chances of success
with good planning and preparation. A good starting place is to
evaluate your strengths and weaknesses as the owner and manager of
a small business. Consider each of the following thoughts:
Are you a self-starter?
It will be up to you, not someone
else telling 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 cranky staff person in the best
interest of your business?
How good are you at making
decisions?
Small business owners are
required to make decisions constantly, often quickly, under
pressure, and independently.
Do you have the physical and
emotional stamina to run a business?
Business ownership can be
challenging, fun and exciting. But it's also a lot of work. Can
you face 12hour work days six or seven days a week?
How well do you plan and
organize?
Research indicates that many
business failures could have been avoided through better planning.
Good organization of financials, inventory, schedules,
production can help avoid many pitfalls.
Is your drive strong enough to
maintain your motivation?
Running a business can wear you
down. Some business owners feel burned out by having to carry all
the responsibility on their shoulders. Strong motivation can make
the business succeed and will help you survive slowdowns as well
as periods of burnout.
How will the business affect
your family?
The first few years of business
startup can be hard on family life. The strain of an
unsupportive spouse may be hard to balance against the demands of
starting a business. 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.
