Thought about starting your own business, but not sure you have what it takes to be a success?
In this series of articles I hope to help you discover what it takes to start a business and set yourself up for success. We’ll look at the personality, financial, and lifestyle considerations you’ll need to take the big step toward self-employment and make your dreams come true.
When you were a kid, did you know what you wanted to be when you grew up?
From the time I was a little girl, I’ve always known I wanted to have my own business. I wasn’t sure what it would be, just that I wanted to be the boss. I had little businesses as I grew up; lemonade stands, a neighborhood newsletter to sell to other kids on the block, garage sales, selling tickets for plays and carnivals we put on, and lots of babysitting.
Now that I’ve had my own business for the past 13 years, helping other people start and grow their own businesses, I can tell you that owning your own business is terrifying, stressful, hard work, rewarding, gratifying, and exciting. If I had it to do over again, I would, maybe not exactly the same way I did the first time.
Entrepreneurship isn’t for everyone.
For some people the thought of starting their own business and being responsible for making all the decisions, leading people, and selling themselves is too overwhelming. There’s nothing wrong with that. For other people, there’s just no other choice but to create something from nothing but an idea, and make it happen without someone else bossing them around!
The reality of the situation is that it isn’t fun and games all the time.
- Business owners have a higher rate of marriage failure, stress, and stress related illnesses than their employees.
- There’s no one to pay your 401K, medical insurance, days off, sick days, and vacations except you.
- Being the boss isn’t a popularity contest and you may have to make decisions people don’t like, including yourself.
- Sixty percent of all businesses fail within the first two to five years.
- You’ll learn a lot about yourself and your capabilities in ways that you never imagined , which will make you a wiser, stronger person, whether you wanted to be or not.
Why do 60 percent of businesses fail?
There are a few big reasons why so many companies don’t make it.
- Poor management – Leadership is an art that takes conscious effort, practice, and energy to even start to understand what it takes.
- Bad luck – Sometime timing is off or tragedies just happen, and you just have to chalk one up to experience.
- Under financed – Although many people have made it big on a tiny budget, most people can’t go without pay for extended periods of time. Different kinds of businesses take longer than others to start paying off. Being under financed doesn’t give the business owner enough time to see if their idea will work.
- Lack of planning – I believe the BIGGEST reason businesses fail is that people get in a hurry and don’t take the time they need to fully investigate and research their ideas and abilities. They don’t take time to plan their business. (More about that later.)
Before you decide to start a business and spend the time, energy, and money on a business you have to do some personal soul searching. You’ve got to really take a look at your strengths and weaknesses to see if you’re a match for the challenge.
In Part 2, I’ll help you answer the question, “Do I have what it takes to be a successful entrepreneur?”
Creative Solutions 