Take A Good Look in the Mirror

Deciding to start your own business
Queen Bee or Wannabe

Right from the get-go you have got to decide if you're going to be the Queen Bee or just a wannabe. Do you have the "right stuff" to be an entrepreneur?

One thing is certain in business: THERE ARE NO GUARANTEES. There are a lot of risks inherent in starting a business. However, you can greatly increase your chances of success with careful preparation and a smart plan.

Most entrepreneurs start out working long, difficult hours with very little pay. They must display extreme self-confidence in order to handle all the risks inherent in operating their own business. In order to be successful, entrepreneurs must have the ability to think on their feet and make wise decisions. Change occurs often when you own your own business, and the entrepreneur thrives on these changes and they're able to make the business grow. Although they're focused on profits, this often comes second to the drive toward personal success. Certainly though, all successful entrepreneurs have the profit margin in sight and know that their business success is measured by it.

Do you think you fit that description or would you rather pick up your paycheck and leave the headaches to someone else? Once you've decided that you're cut out to start your own business keep in mind one last thought: MORE BUSINESSES FAIL THAN SUCCEED.

Sometimes a lack of experience, insufficient capital, poor management, and excess personal use of business funds contribute to a company's collapse. Now, this is not meant to discourage you. On the contrary, it is meant as a careful reminder so that you DON'T UNDERESTIMATE the difficulty of starting a business. Success in business is never a given, but if you are patient, willing to work hard, and take all the necessary steps it can be yours. A little luck always helps too.

The first thing you need to do is assess your strengths and weaknesses as a potential owner of a business.

Evaluate

Are you motivated? Since you're going to be the boss it will be up to you to organize your time, come up with assignments and follow through on details. Some owners burn out quickly from having to carry all the responsibility for the success of their business on their own shoulders. Running a company can wear you down, and a healthy enthusiasm will help you survive the slowdowns.

Can you plan and organize? Lack of planning is one reason most businesses failure. Thorough planning and careful organization of your finances, assets, staff, schedules, and production will help you avoid many pitfalls.

Do you consider yourself decisive? Small business owners have to make decisions regularly—usually independently and sometimes under tremendous pressure. You have to faith and confidence in yourself but also have the wisdom to know when to seek advice.

How is your health? Running a company can be exciting, but it's certainly a lot of work. It won't be a nine to five gig. You'll often be working six and seven days a week for 12- and 14-hour stretches. The physical and emotional toll will wear you out.

How will the business affect your family? Starting a business, especially the first few years, can be trying on family life. Financial difficulties could arise until the business becomes profitable, and this could take months or years. In some instances you may have to get used to a lower standard of living in the short term. Family members must understand what to expect, and you need to be able to have faith that they will support you during hard times.

Do you work well with others? Business owners need to establish successful working relationships with a range of people such as customers, employees, bankers, lawyers, and accountants. How well will you be able to deal with a moody secretary and a challenging client when your business depends on them?