Small business owners are a special breed. They don’t like to sit still or take orders from others. They also don’t like to stop even when they have become successful or when they have met with failure. That’s why the term serial entrepreneurs – once an entrepreneur; always an entrepreneur.
Many people who have held job for their life dream of owning a small business – either out of frustration with their current job or because they have lost their job and can’t find one in this difficult economy. They think that just because they have a strong desire to be a small business owner they will succeed. While having a strong desire is a good start; it takes more than that to be a successful business owner. Our experience has shown that the success in small business is dependent on a combination of factors including heredity, upbringing, determination, working style and external support.
People make mistake of not thinking hard and asking tough questions to themselves before jumping in the business. Only after they have spent their hard earned money in starting a business do they encounter the realities of owning a business and regret getting in and try to get out after incurring loss. Earlier we showed some of the common myths and realities of owning a small business that hurt potential buyers and those that make people hold back from starting a business. In this post we want to provide you with questions that you can ask yourself before starting a small business. We hope that by asking these questions and thinking hard you will make informed decision and will not regret it after the fact. We have categorized the questions based on the success factors mentioned earlier. Try answering them in terms of Yes or No and calculate your total score at the end.
- Heredity
- My parents and grandparents had their own business.
- I have several cousins and other extended family members who are business owners.
- Upbringing
- My parents supported me in whatever crazy idea I wanted to pursue as a child.
- I was considered a rebellion when growing up.
- I ran a “lemonade stand” and sold “candies” door-to-door while in elementary school.
- I supported my out-of-pocket expense when going to school by earning money myself.
- Determination
- I don’t get discouraged by failure.
- I like to finish the task once I start; no matter how long it takes or how difficult it turns out to be.
- I always find ways to complete the task I am working on.
- Working Style
- I don’t like to be told by others what to do.
- I always have to be engaged in some activity; otherwise I get bored.
- I like to juggle multiple tasks at the same time.
- I don’t hesitate in asking others for help.
- I tend to “shoot first and ask question later”.
- External Support
- My immediate and extended family is ready to support me in my endeavor.
- My wife and kids don’t complain when I come home late.
- I have many friends and family members who believe in me and are ready to help.
If you answer Yes to at least 80% of these questions you are ready to be a small business owner. Of course, this is just a start. It takes lot more to be a successful business owner. But with desire, determination and some luck you can do it.
What do you think? What other questions would you ask?
