| 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. |
