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.
1 response so far ↓
1 Alexander Kintis // Oct 9, 2005 at 11:14 pm
You make some good points for any entrepreneur to consider when undertaking a big venture, such as a self-owned business.
Many people who take this route can increase their chances of success, very easily, by buying a few books that will help them in their journey in becoming a millionaire.
In my opinion, a college education is very overrated. Yes, it is important to be knowledgeable in your area of expertise and you gain this knowledge from college, however most of the things you learn from school can be learned from a book. I mean, that is what the teacher tells a student to do in class, right? Read!
Knowing this little tidbit of information, a person can buy a few books and gain knowledge on just about any subject of their choice.
Getting back to my point, buy books and read online. Sources, like this blog, provide invaluable information…for free! Many other places just have tutorials, write-ups, etc., on how to help yourself and expand your horizon of knowledge.
Regarding books, check out Amazon.com. Recently, I’ve been buying a few books, here and there, which are very reasonably priced. Usually, the cheapest used one(s) are satisfactory for anayone. Buy it, read it, and use it.
Finding which book you need may require a little research, but that is what the Internet is for. To quote a movie-I forgot which but I think I saw it in two different movies, one being The Cable Guy- “…the information super-highway.” It’s true! Read opinions on which books in what area you are looking for and use that information wisely to make the purchase of your next book. Don’t stop here, look everywhere!
Now, just about anyone, can have the college knowledge without paying thousands in private, or public, college tuition.
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