free from dominating bosses and the possibility
to make your own decisions is one of the
lures of starting your own business. As
attractive as it looks, not everyone is
suited for self-employment. Before you go
ahead with any plan to start a business
it is important to take a close look at
yourself and ask yourself some important
Do you have enough start-up capital and
a back-up income?
It takes money to make money, even if
it is only a home business. Make sure
that you have enough funds to equip yourself
and begin marketing before taking the
plunge. Also, don't expect to make a lot
of money in the early stages of your business.
You will need to set aside enough money
to provide for you and your family during
the initial start-up period for your business.
Consult with other similar businesses
and find out how long it took them to
Are you a self-moving person?
This is the key quality that separates
an employee from and entrepreneur. If
you need to wait around and be told what
to do, then you would find it easier to
get a job with a company rather than to
launch your own business. On the other
hand, if you are able to think of an idea
and carry it out without prodding from
someone else, then you may be able to
succeed in your own business.
Are you willing to work more than a standard
When you work for someone else you are
contracted to work a certain schedule.
At the end of the day, you can often able
to just forget about the job, go home
and relax. When you have your own business
you carry a load of responsibility on
your shoulders and you will often end
up working longer hours than a normal
salaried employee. If you like what you
are doing and if your business is financially
rewarding then you may not mind putting
in a lot of extra hours and working when
other people are resting. Once again,
there is no "right" or "wrong"
here. It is just a question of looking
deeply at yourself and finding out what
you are best cut out to do.
Is your family ready to back you up?
You may have a great idea for your own
business, but before you begin you have
to see if your family is ready to support
your ideas. If you start your own business
there may be an element of risk and an
increased demand on your time. Owning
your own business and having a lot of
responsibility can also be very stressful.
It is crucial that your closest loved
one, the ones who share your life, also
share your vision and will provide the
emotional support and understanding that
you need in order to be successful.
Are you passionate about the business
that you want to set up?
In order to be successful in your own
enterprise you will have to be self-moving
and you may have to work harder than an
employee in someone else's firm. If you
do not really like what you are doing
you will find it hard to get the inspiration
and drive that is required for such a
task. Choose an activity that you know
something about and choose an activity
that you enjoy doing. The ideal business
would be one where you have some prior
knowledge and something which you enjoy
thing to remember, there is nothing wrong
with being an employee and working for
someone else. There are a lot of advantages
in terms of job security, steady income,
standard hours and other benefits. It
is just a question of looking at your
total situation and making the right choice.
On the other hand, if you do possess the
qualities of an entrepreneur and really
have a good idea backed by adequate capital
and expertise, then starting your own
business may be the best thing you will
"The entrepreneur in us sees opportunities
everywhere we look, but many people see
only problems everywhere they look. The
entrepreneur in us is more concerned with
discriminating between opportunities than
he or she is with failing to see the opportunities."
This article by David Bond may not be
reproduced online in part or whole. Copyright
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