As the New Year is looming many people often consider making drastic changes at the turn of the New Year. One thing people often consider is going into business for themselves. This is going to be the first post in a five week series on starting your own small business.
If you are interested in this topic, I suggest you review options for funding your small business.
- Starting Your Own Small Business
- Evaluating Risk When Starting a Small Business
- Making the Transition From Hobby to Business
- Maintaining the Small Business While Keeping the Family
- 10 Money Making Small Business Suggestions
Be An Entrepreneur With A Start Up Business
Not everyone is wired to be an entrepreneur. If you are considering starting a new business, your first step is not in evaluating the market, doing feasibility studies, or evaluating franchises. Your first job is reflecting on yourself, your abilities, your joys, and your giftedness. Entrepreneurs must be passionate about what they are doing because they provide the only motivation for the endeavor to be successful. The 30 Second Commute : The Ultimate Guide to Starting and Operating a Home-Based Business shares seven roles every entrepreneur must fulfill:
- Personnel Director
While some of these roles can certainly be outsourced it is important to remember that when you start out you will need to be able to handle many aspects of the business.
The 30 Second Commute : The Ultimate Guide to Starting and Operating a Home-Based Business goes on to suggest 15 questions to ask yourself about being an entrepreneur. The questions are:
- Are you going into business for yourself or out of desperation?
- Are you afraid of failing?
- Are you creative?
- Are you afraid to take risks?
- Can you set goals and achieve them?
- Are you prepared to give up a regular paycheck?
- Are you willing to give up or find the financial means to pay for your own benefits?
- Are you able to speak in public?
- Do you know your weaknesses?
- Do you know your strengths?
- Is your family enthusiastic about your business idea?
- Are you comfortable about working on your own?
- Are you intimidated about learning something new?
- Are you a leader?
- Are you afraid of succeeding?
My Reactions and Impressions:
Start with the following question: Is your family enthusiastic about your business idea?
@ Question #11.
At the start of this post I said that your decision to start a business must be based on your personalized situation. If you have the best money making business idea, but you do not have the support of your family – drop it.
Have you noticed that a lot of authors dedicate books to their spouses and/or children? They typically say something like, “He was so supportive and sacrificed so many things to make this book possible.” The reality is that your business will require a lot of time and energy. Time and energy that will likely be withdrawn from your family time. If your family does not support what you do your business or your family will fail. Neither sound like an appealing choice.
Fear can do one of two things – it can motivate you or it can paralyze you.
@ Questions 2, 4 & 15.
For example, a fear of failure might actually be a good quality if it moves you toward taking care of all the variables to ensure the highest possibility of success. However, if fear paralyzes you and means you won’t take even calculated risks, then your personality will be a hindrance to successfully starting your own small business.
There will be more discussion about risk in three weeks when I introduce the post Evaluating Risk When Starting a Small Business.
You are the new boss of you.
@ Question #5.
A few years ago when I attended a small business seminar the presenter said that when he moved out of the corporate work force and started his own small business he worked harder than he had ever worked before. The reason is because you are the only one who will be responsible for the results. As a result, it is absolutely essential that you can set and achieve goals. Those structures are not in place so you must ultimately set the goals.
Interested in more reading on this topic?
What characteristics are necessary for working from home?
Photo by jeffgunn.