Is Running Your Own Business For You?

Although most of us dream of one day owning our own business not everyone is cut out to be an entrepreneur. It takes not only a special kind of personality and talent to be a successful entrepreneur. So is running your own business for you?

Before giving up your day job, investing all your money and time, and your energy you need to seriously analyze if you’ve got what it takes to run your own successful business. If you find out you really don’t it’s nothing to be embarrassed or disappointed over. Just as we aren’t all designed to be doctors, mayors, politicians, or policemen, we are also not all cut out to be entrepreneurs and it’s much better to find out earlier than later.

When your run your own business it is impossible to eliminate risk. There simply are no guarantees that you will be successful no matter how talented you are, no matter how great your idea or product. The market is a finicky place and what sets a successful business apart from a business that flops is sometimes very difficult to discern.

So if you are thinking of starting your own business the very first thing you have to decide is are you willing to take the risk. Now let’s define what that risk might incur. It might incur the loss of your home, your savings, or any other assets you have. In fact it could potentially leave you bankrupt and unemployed. That’s the facts! If you can live with that then it’s time to start evaluating yourself.

You need to evaluate both your strengths and weaknesses. You need to decide which areas of your business you would be capable of handling and which parts of your business you would need outside help. Remember when you start a business your capital is generally very limited. So are you a person that can wear many different hats and play many different roles. Today you might be the clerk, tomorrow the inventory control manager, and then the next day the bookkeeper. Are you that flexible?

You must also consider if you are a self starter. Now be honest here! Do you grab the bull by the horns and run with an idea or do you wait for someone else to do it. Do you take on projects without being asked or do you leave it to someone else. We are not all self starters but to run a business you must be able to develop strategies and projects, stay on target, organize your time, and follow through. Dreams are wonderful but unless you can put those dreams into action they are not going to feed you!

Now you need to consider both your physical and emotional stamina because the minute you start your own business those 8 hour days go out the window. And vacations? Well don’t count on them for at least the first 5 years. There’s no question that starting a business and watching it grow can be very exciting. But don’t ever kid yourself; it is some of the hardest work you’ll find on the planet. You can expect to work 7 days a week and a minimum of 12 hours every day. Yes every day! Are you up to that kind of commitment?

And for all that you won’t be getting any benefits either. Few small business owners can afford to buy benefit plans for themselves or their few employees. No dental, no medical, no prescription coverage, no sick leave, no life insurance, no WCB, and no paid vacations. Does that sound like something you can live with? Consider your answer carefully. If you currently have benefits with your employer you need to take a really hard look at how often you access these benefits especially if you have a child that is sick often. Prescriptions and medical bills can add up very quickly.

Now you need to decide if you’ve got the determination and the drive. Do you easily make decisions? Are your decisions generally good and if you are incorrect are you able to live with yourself and learn from your mistakes. In business you will be constantly making decisions all by yourself. Right or wrong you’ve got to be able make decisions and live by them. Humming and hawing has no place in business. It will sink you!

Research shows the entrepreneurs are a persevering bunch that don’t give in easily to defeat. They thrive on challenge and uncertainty. They love to be in control and love to jump at opportunities as they arise. They are by all accounts “risk takers.” They welcome responsibility and have no problem making decisions.

Very few people every get rich working for someone else. The only true way to get rich is to work for yourself. Your efforts are rewarded in your pocket book. So are you ready to take the plunge? Is running your own business for you?

Deon Melchior is the Editor and Publisher of Article Click. For more FREE articles for your ezine and websites visit ArticleClick.com. Article Click is a free content article directory. This means that as a publisher you may reprint the articles that are included in our site, as long as the article is unedited and the author box is included with it's live hyperlinks.