Thinking of Starting a Small Business? Three Questions to Ask Yourself Before You Begin
If you are thinking of starting your own business, you should start by asking yourself some very pertinent questions and answering them with honesty. 20% of all startups fail within the first year, and by the fifth year, 50% are no longer in business.
You really need to think about the implications of following your dream to own a business. There are financial considerations, family/life balance issues, and a myriad of details involved in the startup and daily maintenance of a small business.
The author suggests that you need to seriously answer these questions as they pertain to you personally. Owning a business is the perfect opportunity for some people, but it may not be for you. You need to really passionate about wanting to start a business, but before jumping into the entrepreneurship arena, consider:
1. Do you really want to operate independently and be the person making all the decisions and shouldering all the responsibility?
. Working for someone who handles all the decisions and responsibilites is one thing. It is totally a different situation when it is you on whom the success or failure of the business depends.
2. Are you willing to work hard and make the sacrifices that starting a small business will entail?
. Owning your own business means, at least during the startup phase and possibly beyond, that you will wear many hats- that of receptionist, marketing manager, bookkeeper, etc. etc. You will work long hours, late nights and weekends. Balancing family and work life becomes more difficult because of these time demands. Your friends and loved ones will need to understand that.
3. Do you have the self-confidence and self-discipline that will enable you to persevere and build your new enterprise into a success?
. It is critical that you realize all the hard work that involves business ownership. You have to have patience because it may be a while before you become successful, and you have to be able to learn from your setbacks and move on without them impacting your confidence.
This is an excellent article for anyone thinking about starting their own business. To read more about this, please link to: https://www.thebalancesmb.com/thinking-of-starting-a-small-business-2947258