Business Advice & Consulting
Is Entrepreneurship For You?
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. Carefully consider each of the following questions.
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.
On The Upside
It's true; there are a lot of reasons not to start your own business.
But for the right person, the advantages of business ownership far
outweigh the risks.
| X |
You get to be your
own boss. |
| X |
Hard work and long
hours directly benefit you, rather than increasing profits for someone. |
| X |
Earning and growth
potential are far less limited. |
| X |
A new venture is
exciting. |
| X |
Running a business
will provide endless variety, challenge and opportunities to learn. |
Source: Small Business Administration|
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