Is Owning a Business for You?

Sep 15, 2017

 is owning a business for you?

You may like the security of the 9-to-5, but are you ready for taking a risk (and getting the reward) of owning your own business?

Do you have what it takes to own and operate a successful business, day in and day out? It requires patience, perseverance, and resilience - not to mention many skills.

If you can answer “yes” to these questions, you probably have what it takes to start a business and keep it running smoothly. If you answer “no” to any, you should consider improving your business skills (and possibly pulling in a partner) so that you’ll have the best chance at success.

Do you have a business plan?

Highly successful businesses start with a great idea and a great plan. A good business plan should be formal and written, because it will not only guides your actions and decisions, but will be given to possible investors and others (commercial property owners you may need to lease from, for example) so they will understand you’re serious about running your own business. Making the effort BEFORE jumping in makes all the difference later on.

Do you have initiative? And do you have follow-through?

For your own business, you have to manage your time, plan, and oversee projects. You won't have a boss or superior to check in on your and keep you on track. Plus, you have to set your own schedules and deadlines, and may need to do it for employees at some point in the near future. You’ll have to follow up with customers, vendors, subcontractors, or others with whom you deal with.

Are you a good decision maker?

When you own a business, you’re responsible for making all the decisions. Some require a quick response, while others require time to think things over. Not only do you need to be able to do both, you need to be able to tell when a which decision is which.

Do you have the resources and personality characteristics needed to run a business?

“Resources” means more than money. You’ll also need drive, stamina, determination, resilience,and more. Running a business isn't like a 9-to-5 job - for many business owners, it can be 12-16 hours a day. How will you deal with these demands along with everything else in your life, such as family, children, friends, education, volunteering, and other time commitments? This is a very real issue. Where do you want to spend your time? And will the people in your life support you? 

If you answered yes to these questions, congratulations! You have what it takes to become a business owner. 

Do you have anything else to add to this list? Tell us in the comments!

 

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