The Cold Facts of Starting Your Own Small Business
Released on = July 16, 2006, 8:23 am
Press Release Author = Day Trade Forex, LLC
Industry = Small Business
Press Release Summary = Do you have the right stuff to make it work? Ask yourself these five questions before making that leap from steady paycheck to entrepreneurial uncertainty:
Press Release Body = Do you have the right stuff to make it work? Ask yourself these five questions before making that leap from steady paycheck to entrepreneurial uncertainty:
1. Are you a self-starter? You must have the self-discipline to plan, set goals, not procrastinate and stay focused.
2. What are your expectations? Do you think you'll work less and have less stress and more money? Think again.
3. What are your financial goals? Be prepared to work more for less money, at least in the beginning.
4. Can you plan and organize? You'll be making countless decisions each day.
95% of small businesses fail within the first five years? Why?
Here are a few reasons why: 1. Mistaking a business for a hobby. 2. Poor planning. 3. Only one product, one service or one big client. 4. Poor record-keeping and financial controls. 5. Poor money management. 6. Wrong location. 7. Competition. 8. Poor time management. 9. Lack of Marketing and Sales Skills 10. Poor Customer Service. 11. Entrepreneurial burnout.
Owning your own business requires a huge investment of time, money, energy and emotion. Wearing many hats is a reality of an entrepreneur. Learning how to manage your time means the difference between success and failure. A daily \"To Do\" list is essential, with the top priority items at the top of the list. Hire help for those things you don\'t know how to do or hate to do.
A lot of people do not realize that entrepreneurs play a big role in our society.
When you put the total number of entrepreneurs together, they count as the biggest financial contributors to our nation's wealth.
The fact remains, however, that several business start-ups fail and never take-off from the ground because of one thing: the lack of adequate and sufficient knowledge on how to start and run a profitable business.
Success is never guaranteed and the variables and factors can sometimes be out of your control. But if you ask yourself honestly, before taking the plunge: Do I have what it takes to run a business? The answer should tell you if the "American Dream" is right for you.
With proper planning and research and the necessary professionals to help you in the areas that you are lacking in, accompanied by adequate capital and resources, and fed by imagination, energy, excitement and self-discipline, you could be one of the many successes that is the backbone of the American economy.
About the Author:
Cynthia Macy has been successfully self-employed since she was 28 years old, owning several retail and restaurant businesses and buying and selling real estate. For the last 14 years, she has traded stock options and foreign currencies and has co-authored 3 foreign currency training ebooks.
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