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 workdays 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.
(from the Small Business Administration's website, www.sba.gov)
Back to Learn More About Yourself |
