Monday, July 6, 2009

Should you Start Your Own Business?

As the United states unemployment rate approaches 10%, more and more people are looking for work. As this occurs, more people are considering launching their own business, and firing any future boss's they may have. The dream of working for yourself, is one that certainly has it's benefits, but also has several dangerous risks. Below I will Provide 5 Questions that you should ask yourself before you enter the world of entrepreneurship.

#1 Do you completely understand the downside of Working for yourself?

From working 16 hour days, to constantly being on call, per se, do you understand just what is needed to succeed? Find someone who is in this line of work and ask them what they may have to be less appealing about working for themselves in the particular area you are thinking of.

#2 Do you have enough cash to survive for the next 12-24 months with 0 Income?
Running a business means reinvesting profits usually to begin. Can you survive without any profit for up to 2 years? How much Money do you have saved?

#3 What Positives and Negatives are you leaving behind in a job working for someone else?
How do they compare with what you will be doing?

#4 Are you doing this for the money or the Happiness?
You must be passionate about the business you are creating. If you are running the business for the sole purpose of getting rich, you likely will not succeed. Unless you enjoy what you will be doing, you will likely slack without the presence of a boss, especially if you are used to working for someone else.

#5 Are you in the right stage of your life to be taking on these responsibilities?
If you know you will need to work 12-16 hour days, and have a couple toddlers at home who need your caring, than it may be best to hold off on your Entrepreneurial desires.

As with any life changing change, you must spend as much time as possible weighing your options. Never jump into something without the proper research.

1 comment:

Dubai said...

Such a wonderful post. Thanks for the share.
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