small business? You may have a number of special traits, but
how well developed are they? There are qualities of endeavor
and achievement that are common to successful business
owners. Ask yourself these questions to see if you have what
1. How will the business affect your family? The first few
years of business startup can be hard on family life. The
strain of an unsupportive spouse may be hard to balance
against the demands of starting a business. 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
2. How will you support your family while building up your
business? This question must be worked out according to
each persons’ individual circumstances. Many people start
out on a part-time basis. Then when their incomes reach a
certain level they will switch over to full time. Granted,
if you take this “safer and surer” approach, it may take you
longer to reach the goals you set for your new business, but
you will save yourself (and those who depend on you
financially) a lot of anxiety. Ultimately, like the turtle
in the race who moved ahead slowly yet steadily, you will
have a greater chance of reaching the finish line.
3. 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 and
consultants. Can you deal with a demanding client, an
unreliable vendor or cranky staff person in the best
interest of your business?
4. How good are you at making decisions? Small business
owners are constantly required to make decisions under
5. Do you have the physical and emotional stamina to run a
business? Business ownership can be challenging and
exciting. But it is also a lot of work. Can you face 12hour
work days for six or seven days a week?
6. How well do you plan and organize? Research indicates
that many business failures could have been avoided through
better planning. Good organization of: financials;
inventory; schedules; production; can help avoid pitfalls.
7. Do you have the drive to maintain your motivation?
Running a business can wear you down. Some business owners
feel burned out by having to carry all the responsibility on
their shoulders. Strong motivation can help to survive
slowdowns, as well as periods of burnout.
8. Do you have the discipline to do what has to be done?
When working for someone else, it becomes routine to rise
early, be well-groomed and get to the office on time.
However, a significant number of people starting up a small
business at home all too often find themselves at 10:00 in
the morning in their bathrobes, drinking a second or third
cup of coffee.
Make no mistake, starting a successful small business is
hard work. BUT, it is also highly rewarding! Attack the
challenge head-on and success will be yours.
About the author:
Michael (Mike) Brassil is author of “The Only Business
Start-Up Guide Your Will Ever Need.” Download two chapters
— Starting a New Business and The Home Working Revolution
— at: http://www.ImpactGuide.com