Sep 11

Is entrepreneurship or business is right for me?

Before you start down the path to small business bliss, here are five things you should consider when starting a business from scratch.

  1. What’s my passion level? Starting a business, like any big change, is stressful. There are some things most small business owners face: long hours, making ends meet, and general rough spots in the road. Do you have the enthusiasm for your product or service to get you through those times, even if you’re asking yourself a million times a day, “Why did I do this?”
  2. How comfortable am I with risk? Passion will only get you so far. There’s no guarantee for success, even for the most enthusiastic entrepreneur. If you’re not willing to live with a certain amount of risk or deal with the consequences of realizing a choice you made maybe wasn’t the best one, then you’re better off with something else.
  3. How’s my decision-making capability? When you’re the boss, you call the shots. From deciding where to set up shop (lease space or work in the basement?) to advertising (print advert or web banner?), you must be secure in your ability to make decisions, and then stand by them.
  4. Can I wear a lot of hats? An entrepreneurial endeavor means you contribute in every way to the business. Unless you hire staff or associates, you become the CEO, janitor, bookkeeper, payroll staff, and everything else. Much of it you’ll learn as you go, but you have to be willing to participate.
  5. What’s my burnout temperature? Startups are like babies – they need 95% of your time and energy for the first years of existence. If you become an all work/no play kind of person, your business might prosper at first, but your personal life will tank and the business will follow soon after. If you have or can learn how to balance, you’ll avoid burnout.

Using a professional to help you find the right business and to minimize your risk is a smart decision.  There are other ways to start a business that are affordable and with a proven process; like franchises. They work.

The Chasm

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