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Bob Meyer
 

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09/01/2009

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.



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