Is Running a Business for You?

Not everyone is cut out to run a business. Not everyone is cut out to be an entrepreneur. It takes a special talent. Some owners of small businesses have it and some don't.

Before you invest time, energy and money, it's important to do some serious self-analysis. In business, there are no guarantees. There is simply no way to eliminate all the risks associated with starting a small business - but you can improve your chances of success with good planning, preparation, and insight.

Start by evaluating your strengths and weaknesses as a potential owner and manager of a small business. Before you go into any type of business carefully consider the following questions:

Are you a self-starter? It will be entirely up to you to develop projects, organise your time, and follow through on details.

How well do you get along with different personalities? Business owners need to develop working relationships with a variety of people including customers, vendors, staff, bankers, and professionals such as lawyers, accountants or consultants. Can you deal with a demanding client, an unreliable vendor if your business interests demand it?

How good are you at making decisions? Small business owners are required to make decisions constantly - often quickly, independently, and under pressure.

Do you have the physical and emotional stamina to run a business? Business ownership can be exciting, but it's also a lot of work. Can you face six or seven 12-hour work days every week?

How well do you plan and organise? Research indicates that poor planning is responsible for most business failures. Good organisation of financials, inventory, schedules, and production can help you avoid many pitfalls.

Is your drive strong enough? Running a business can wear you down emotionally. Some business owners burn out quickly from having to carry all the responsibility for the success of their business on their own shoulders. Strong motivation will help you survive slowdowns and periods of burnout.

How will the business affect your family? The first few years of business start-up can be hard on family life. It's important for family members to know what to expect and for you to be able to trust that they will support you during this time. There also may be financial difficulties until the business becomes profitable, which could take months or years. You may have to adjust to a lower standard of living or put family assets at risk in the short-term.

Studies have shown that entrepreneurs are persevering and not easily defeated. They thrive in a challenging environment and have a tremendous need to be in control. They turn diversity into opportunity. They are risk takers. They welcome responsibility, and they are willing and able to make decisions.

Moreover, successful entrepreneurs are patient and able to wait out the sometimes slow beginnings of a business. They also are able to learn from their mistakes, trust their own judgment and have an optimistic outlook.

It's obvious: you have to love your work. And if you choose a business that blends with your personality, those extra hours you will have to work won't seem so bad. The key is to identify what you enjoy doing the most and then find a business opportunity that makes use of your skills and interests.

You may freely reprint this article provided the author's biography remains intact:

John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.

---

Do You Have What it Takes to be a Successful Entrepreneur?

Print off this page, take the quiz and find out... Read More

5 Habits Of Successful Entrepreneurs

Habits get a bum rap. When you think about your... Read More

Franchises - Emotional Fulfillment - The Challenge

Does A Franchise Meet Your Needs?Do you look forward to... Read More

The Magic of Float

If you've ever received a service today and paid for... Read More

How Good Is Your Big Idea

Q: I want to start my own business. I have... Read More

Realism vs. Optimism in the Business Plan

The most important function of a business plan is to... Read More

Oil Change Guys History; Part II

Franchise companies are not born they are made and when... Read More

Be an Entrepreneur

The Department of Labor predicts that the #1 employer in... Read More

Getting Rich Isnt a Bad Idea

You've seen plenty of articles claiming to offer you the... Read More

What Qualities Do Franchisors Need?

When I got into business I wanted to build a... Read More

Think - Dont React

How you think, your relationship with yourself is what decides... Read More

Will Your Business Survive Without You?

I had a health scare in December.As it turns out,... Read More

Work vs Play: Which is the Better Way to Make Big Money?

If you want to make big money, you have to... Read More

Salon Marketing Using Wireless Broadband Internet Access

Our client in Chicago did, located right outside downtown too...a... Read More

Franchises-Exit Strategy

At an International Franchising Symposium in London, Peter Holt made... Read More

PR That Entrepreneurs Often Overlook

If that sounds like you, here's what you may be... Read More

Coating Service Business Case Study

There are many coating businesses in the market today, but... Read More

Differentiation ? Smart Marketing Strategies for the Solo Entrepreneur

Are you ever frustrated or hesitant when you talk to... Read More

How Much Risk is Necessary to Grow Your Business?

A business owner is thoroughly responsible for their own financial... Read More

Competing With The Big Dogs

You run a small consultancy. You're well qualified, experienced and... Read More

Street Smarts Vs Book Smarts, What Does It Takes To Be An Entrepreneur

The latest series in "The Apprentice" features 2 distinct group... Read More

What Makes a Person an Entrepreneur?

Entrepreneurship is generally characterized by some type of innovation, a... Read More

Hurricane Katrina, Death, and a Different Type of Entrepreneurship

I've seen terrible images today on the television and internet-bodies... Read More

What It Takes To be An Entrepreneur Series: Action

Many people have the professed desire to be their own... Read More

Entrepreneurs - Your Well Being Should Come Before Profits

I believe the spiritual aspect of life, especially to entrepreneurs,... Read More

Something From Nothing, With Something To Share

Betrayal, it can hit you like a load of bricks... Read More

Raising Entrepreneurs: What to Do When Your Kid is Born to Think Differently

Adolescence brings with it many challenges ? for both parents... Read More

Identifying the Right Venture Capital Firm Partner

Venture capital firms are comprised of individual partners. These partners... Read More

From Employee to Entrepreneur: Taking the Plunge

Before you decide whether or not running your own business... Read More

Lessons Learned from Successful Entrepreneurs

Entrepreneurs are a special breed of high achievers. They create... Read More

The Dirty Dozen

1) No Umbrella Business Plan or Strategy -- Without a... Read More

3 Essential Elements of Operating a Successful Business

Have you ever imagined what it would be like to... Read More

Independent Auto Detail Shop VS Biz Op or Franchise

Owning a detail shop can be an exciting and rewarding... Read More