Do I have what it takes to run a successful business?
Am I Cut Out To Be An Entrepreneur?
Not all people are cut out to be entrepreneurs and the earlier you find this out the better. Many people dream about going into business and believe they could run a successful business. But when the time comes to cash in their equity, mortgage their home, and write a cheque for the investment they lose that confidence. Before you decide to become a business owner, first ask yourself:
· Why am I considering this business?
· Am I doing this for the right reasons?
· Do I have realistic expectations?
Although it’s important to be optimistic, you must also be realistic. Running your own business is very time- consuming and demanding. It is possible that you will earn less, working a great deal more. Realistic business owners understand that the rewards are achievable, but at a price.
Do I Have My Family’s Support?
If you believe that going into your own business is going to allow you to spent more time with your family, you may want to reconsider. Of course, depending on the type of business, the time and emotional commitment, during the first couple of years, can place a real strain on your family and marriage. If you are planning on going into business for yourself it is critical to have the support of your family members first.
What Can You Risk?
Given the rate of business failures. You need to determine, to what degree of risk are you prepared to take? Contrary to belief that; entrepreneurs are gamblers; the risks involved in business are often moderate due to the amount of planning involved. Although statistics vary it is generally accepted that 30% of all businesses fail within the first six months.
What Can I Afford To Lose?
Having a clear understanding of what you could lose and coming to grips with how much you are willing to risk for your business will reduce your stress levels further down the road. I suggest you start by dividing your personal assets into two separate categories to determine what you would be willing to lose. You will also need to consider how much liability are you prepared to expose yourself to? Talk to both an accountant and lawyer to determine the steps you need to take to protect your personal assets
Do I Have What It Takes To Be Successful?
Surprising how many women entrepreneurs, who have invested their life savings into a business never took the time to consider if they had the skill set to run the business. Identifying your strengths and weaknesses will not only help your business succeed, it could save you a great deal of money. Your personal inventory is divided into three parts?
· Knowledge – Not only should your business provide a good return on your investment it should be something you truly enjoy doing.
· Skills – What can you do better, then others, and what can’t you do better others?
· Traits – What personal characteristics do I have? Numerous studies have proven that successful entrepreneurs tend to have several common traits. (See my article on: Successful Women in Business – Do You Have The Traits?)
Understanding your personal strengths and weaknesses will bring awareness to your need to, hire additional employees, bringing in partners or taking additional training. All things necessary to ensure your business is a success.
There are lots of things to consider before becoming a entrepreneurs, not a decision you want to rush into. Ultimately, the choice is yours, but the choice should be based on facts. Do your homework take whatever time necessary. It could be the start of something really great.
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