Thinking Of Starting Your Own Business?
Here
are ten questions to see if you are up to the challenge of
entrepreneurship.
1) Are
you willing and able to bear great financial risk?
Roughly half
of all start-ups close within five years, so you must be
realistic about the financial risks that come with a business.
2) Are
you willing to sacrifice your lifestyle for potentially many years?
If you�re used to steady paychecks, regular working
hours, four weeks� paid vacation and health benefits, you may
be surprised at the changes you must adapt to.
3) Is
your significant other on board?
Don�t ignore the toll that running a business will take
on your family. Honest and open communication will lessen that
stress.
4) Do
you like all aspects of running a business?
Founders are often expected to handle everything from
billing customers to hiring employees to writing marketing
materials. It can be frustrating to spend so much time on �busy
work.�
5) Are
you comfortable making decisions on the fly with no playbook?
There are a lot of decisions to be made without any
guidance, and you are calling all the shots.
6)
What�s your track record of executing your ideas?
The ability to implement ideas is one of the biggest
differences between successful entrepreneurs and everyone
else. It takes drive, persuasiveness, leadership skills and
keen intuition, to turn an idea into a lucrative business.
7) Are
you persuasive and well-spoken?
It takes strong communication and interpersonal skills
to get people (lenders, customers, etc.) to believe in your
vision as much as you do.
8) Do
you have a concept you�re passionate about?
If you�re not exuberant about how you�ll be spending
your time (or the business concept itself ) running a business
is going to be a rough ride.
9) Are
you a self-starter?
Entrepreneurs face lots of discouragement. It takes
willpower and an almost unwavering optimism to overcome
these constant obstacles.
10) Do
you have a business partner?
Finding a business partner who compensates for your
shortcomings, and has equal enthusiasm for the business
concept, can help lessen the risks and boost the odds of success.
