subject: Factors To Consider When Starting A Business [print this page] There are a variety of factors that contribute to entrepreneurial success, but here we would like to center our attention on three questions you should ask yourself before making the leap and starting your own business. Answering these questions candidly can give you a good idea about whether you're ready to put in the enormous effort needed in starting a business.
1. Are you a self-starter?
Many people are seduced by the very idea of owning their own business, and they tend to imagine a glamorous and prestigious live with lots of money and the ability to tell a bunch of people what to do. Well, running a business is no walk in the park, especially during the first few years where you're trying to develop the business and earn a profit for the first time.
You will have a huge amount of work to do, but this work will probably also be different from what you're used to in corporate America. In order to succeed in business, you really have to do a lot of little things over time, and you will be responsible for all of these yourself. No more attending countless (and often useless meetings) at your current job or discussing office politics. You need to be ready and have a strong sense of accountability, you probably will not be successful in running your own business.
2. Is independence important to you?
By starting your own business, you may be giving up a lot of the interaction and socializing you may have participated in at your office job. If you don't mind working on your own projects, this may not be such a problem. However, some people would miss the work surroundings where they would have an opportunity to socialize with their coworkers on a regular basis.
Starting your own business would most certainly increase the number of hours you work and make it more difficult to socialize, but it could also alter the very work environment as well. Even if your business requires regular contact with customers or business people, it probably won't be the same as having friendly chats with your coworkers.
3. Can you make a commitment to your business?
If you have an idea for a product or service that no one else has thought about (or even if you just want to buy a franchise or other existing business opportunity), that's just great. However, can you make the needed commitment to this business idea for the long-term? Most entrepreneurs will work more than the typical 40 hour work week, and some of them will work a lot more. I've known a several entrepreneurial friends myself who worked 80 to 100 hours a week for the first few months or even years of their business until they got things off the ground. You may not need to work quite as hard, but you will definitely have to make a big commitment to your business.
Part of the answer to this question lies, of course, with whether or not you enjoy the business you're in. Yes, entrepreneurs want to make money, but it's difficult to be motivated to work so hard for money alone. In addition, there is no guarantee that you will make more money as a self-employed individual than you would at your previous job. You need to be able to make a commitment, and making that commitment will be much easier if you really enjoy the product or service you've chosen.
