Owning a business is not for everyone!
Some people just do not possess the skills or talents to endure the daily grinding stress of being in charge of everything and then having to sweep the floor at the end of the day.
Most business owners I know wear way too many hats. Skill sets to be a business owner include, but are not limited to: receptionist, accountant, sales and budget manager, marketing director, box packer, delivery guy, email writer, light switcher-offer, maintenance man and bathroom floor-mopper. Holding a sanitary engineering degree and being a scheduling contortionist are optional but may be necessary on occasion!
If you can balance all these hats at once, you probably are entrepreneur material. However, you need to ask yourself the following questions:
— Do I have the necessary knowledge of my business idea?
— Do I have the funds necessary to finance a business startup?
— Do I have reserve funds to pay myself while I start this enterprise?
— Am I willing to forego vacations, family time, and personal time to make this business work?
— Do I have the support of my wife and immediate family members?
— Is there a need for my business idea in my community?
— Is my business idea seasonal or faddish?
— Am I able to relate to people and the employees that I hire?
— Who is the competition and can I do it better or different than they?
— Can I see myself doing this business in 5 years, 10 years, or the rest of my life?
— Can my business idea create long term income to support myself and my family?
—- Am I insane or running a temperature? What am I thinking!!?
I can almost hear you shouting, “Enough!! No way!! Can’t do it!”
Ok, calm down, grab your favorite beverage, and put on some soft music!
If you answered “No” to any of the above questions except #7 and #11, you may not be ready, at this time, to become a business owner. While this list in no way contains all the questions that need and should be asked, at least this will help you on your way to making a wise and informed decision.
Maybe the idea of being a business owner or entrepreneur sounds outside your comfort zone. Well that’s okay. We are all wired differently. You may prefer a steady income and regular hours of employment. Punching the time clock, going home at 5 o’clock and leaving the job behind definitely have their benefits. Business owners need and rely on people like you who are dedicated, loyal, and hard working to help them build successful business enterprises.
If you want to take the leap into entrepreneurship and business ownership, then consider the fact that you will need to do what I’ve been recommending all “newbies” to do: Educate, Engage, and Expand!
Note: If you want to read more about Online Entrepreneurship, check out Chapter 2 of: