Too many people never stop to ask themselves; “Why start a business?” Starting a business for the right reasons can go a long way to ensuring future business success whereas starting one for the wrong reasons will most probably lead to tears and heartbreak.
This is a question no one else can answer for you, and there is no right or wrong, but it is one you need to answer honestly.
Is Owning a Business For Right You?
Are you sick of a boss ordering you around? Do you have a hobby of skill you think would make money? Have you been laid off and don’t know what else to do? Are you sick and tired of a dead end job?
Motivations such as these are insufficient to ensure a successful business in the long term. I’m afraid there is more to it than that.
To assist with your decision as to why start a business, here are some things you should consider:
Are you prepared to accept full responsibility for your business? When you own your own business, the buck stops with you.
Do you have the patience to see it through? Business success doesn’t happen overnight.
Are you prepared to work hard? Starting a business requires a lot of effort. Also, do you have the drive, energy, and ambition to make it a success?
Can you live within a budget and will you be able to pay the bills until the business starts providing an income?
Are you aware of your strengths and weaknesses? Will your strengths be an asset?
Can you strengthen or outsource your weaknesses?
Do you know how to manage a business and if not are you prepared to learn how?
Are you well organized? Can you manage your time effectively? Can you keep some balls in the air at any one time?
Have you considered the implications of employing staff? This may not apply but if it does be aware that there is a huge difference between being an employee and an employer.
Are you capable of reading and understanding financial statements? This is a critical skill that is sadly lacking in too many business owners. It is a skill however that can be learned without much difficulty.
Are you able to tolerate a certain amount of stress and uncertainty? Even in the best businesses, there will be times when these two raise their ugly heads.
Are you trustworthy and reliable? Even in today’s world, trust and reliability will do as much as anything else to establish a successful business.
Do you have enough confidence in your ability to run a business?
Will you have the support of your family and friends? It can be next to impossible to achieve business success without the support of those closest to you.
Finally, do you have an overwhelming desire to succeed?
If you can answer yes to all or most of these questions, starting a small business may be for you.