Do You Have the "Right Stuff" to Start Your Own Business
Starting a new business can be frustrating - but it can also be one of the most rewarding things you've ever done. It's hard work, but well worth it for those who want to go their own way.
Do you have the right stuff? Begin by asking yourself these questions. But be honest. You're the only one who knows the right answers.
1. Can you afford to start your own business? Do you have the finances and time time? Or are you simply looking for extra money to supplement your current income?
2. Are you eligible for a loan from a bank? Will you need extra money for startup fees or can you begin with practically nothing?
3. Do you have the right attitude to start your own business? It can be hard work; it can be frustrating; and it can be lonely. Can you handle the bad along with the good?
4. What type of business do you want to start? Want to make money from your hobby? Or do you want to dedicate your life to creating something big, bold, and beautiful?
5. What type of business can you succeed in? Will you be a sole proprietor, working by yourself? Or do you want employees? Do you want to create an online business? Or do you want to be face-to-face with your customers?
6. Can you handle the decision making process as a business owner? You - and only you - make all the decisions.
7. Are you good at multi-tasking? In the beginning, you will need to create your product/idea, market it, fill orders, provide customer service, and do all the bookwork. Some days, it can be hard to wear many hats.
8. Can you handle the stress of being a business owner? Many hats - many pressures - many rewards.
9. If you will be needing employees, do you feel comfortable being someone else's boss? Not everyone working for you will be as motivated or work as hard as you do.
10. Are you good at dealing with people? Rewarding people is easy, but can you let someone go if they aren't working out?
11. Are you a self starter? Can you get up every day and keep going even when you feel overwhelmed?
12. Are you organized? Record keeping is not my forte, but I do it because I have to. All I can say, though, is thank heavens for CPAs. I don't know what I'd do without mine.
13. Are you a driven enough person? Are you determined to get the job done? Nothing much stands in your way?
14. How will starting your own business affect your family? For awhile at least, you'll have even less time to spend with them than you do now. How do they feel about that? Can they get involved and help out?
Did you honestly answer yes to these questions? Then you just might be a good candidate to own your own business - to work for yourself. Think about your answers. Then decide if owning your own business is right for you.
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