Why go through the trouble and effort to start your own business? It is an important question for you to ask and answer right off before you take another step toward launching a small business. Have you had a life-long passion or dream to do something in particular? Is there something that you would absolutely love to do? Is there something that you are so good at that you can make a killing at it in your own business? If so, then full speed ahead!
If on the other hand, you find yourself out of a job or about to be out of a job and are really looking work, a start-up business might not be the right move for you. You might better spend your time looking for a new position in your field or “reinventing” yourself for a new position or career. Of the literally thousands of small business owners we have interviewed over the years, only a few very lucky or very talented ones have made it quickly in a new start-up business.
What's involved in launching your own business? There are books and websites that offer you little tests to determine if you are right for the entrepreneurial life. Track them down if you wish and take the tests. Read books on entrepreneurship. Ask your friends and business associates, (who will give you an honest answer!) how they think you would fare in your own start-up business. Get feedback from those who know you about your suitability to go into business for yourself. Ask them the question and then let them answer without getting defensive. What they tell you could help you in the long run.
If you are considering your own small start-up business or home-based enterprise, you are at a true crossroad in your life: five years from now, you may turn your humble start-up into a franchise chain and in 10 years there may be a 1,000 units around the country all paying you and your family rich dividends that the children and grandchildren will enjoy—perhaps for generations and all because of what you are doing today.
On the other hand, you might be launching a small business that, while not growing dramatically, furnishes you with independence and satisfaction that enables you to live the life you have always wanted.
Or perhaps, your new start up could come crashing down in six months and force you back into the job market.
Or you may be one of the unlucky ones in which the business just drags along for years. You cannot quite make it and you cannot quite leave it, yet at the end of your working career you have little or nothing to show for your time and effort.
We’ve all seen the statistics on small businesses that show that only half of them will be around five years after starting. We suspect the survival rate is even less than that if you include all of the home-based businesses that are started and die in silence in the basement.
The bottom line of moving to start your own business is to know yourself, choose a business direction carefully and then go for it if you are suited to entrepreneurship.
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