Think again. Many people actually end up sacrificing income to open their businesses, at least at first. That's the price they're willing to pay for independence...
If you're thinking of giving up a promising career and a lucrative income to start your business, be realistic about what your financial needs are and whether or not the business will meet those needs. Remember, you're building a business.
It may take you a number of years to get to the income level you want or need. On the other hand, you may decide that you're willing to sacrifice some money for the reward of being your own boss. Many people have found it to be worth every penny.
4) Are you starting a business out of desperation?
This is a very real concern, particularly in light of the huge number of experienced businessmen and businesswomen who have been cast adrift in the job market through corporate downsizing in recent years. If you're one of these people and are thinking about starting a business because you think it's your only option, be very careful. Yes, it can be the answer to your future security, but only if you're willing to make the necessary commitments and sacrifices. The world of business ownership is vastly different from the corporate world. Make sure you recognize the differences before you make the move.
5) Are you well organized?
The day-to-day operation of your business is going to require you to assume many responsibilities. Let's consider an average day. You may need to do the payroll, talk to suppliers, pay a few bills, work on a new advertising pamphlet, and prepare some tax forms. At the same time you'll be filling orders and making sure they get sent out on time. Then there is always the unexpected-your computer bombs or the air-conditioning conks out.
As a business owner, you'll need to keep many balls in the air at one time. Your ability to juggle all these responsibilities will directly affect your success. If you're well organized, you'll have a list of the things you need to do, and you'll methodically go through it during the course of the day. If you're interrupted, you'll pick up where you left off after you have dealt with the problem. If you're still not through at the end of the day, you'll sit there and work until you have finished. Procrastinators do not do well in business. If you get behind, you're sunk.
If you're thinking of giving up a promising career and a lucrative income to start your business, be realistic about what your financial needs are and whether or not the business will meet those needs. Remember, you're building a business.
It may take you a number of years to get to the income level you want or need. On the other hand, you may decide that you're willing to sacrifice some money for the reward of being your own boss. Many people have found it to be worth every penny.
4) Are you starting a business out of desperation?
This is a very real concern, particularly in light of the huge number of experienced businessmen and businesswomen who have been cast adrift in the job market through corporate downsizing in recent years. If you're one of these people and are thinking about starting a business because you think it's your only option, be very careful. Yes, it can be the answer to your future security, but only if you're willing to make the necessary commitments and sacrifices. The world of business ownership is vastly different from the corporate world. Make sure you recognize the differences before you make the move.
5) Are you well organized?
The day-to-day operation of your business is going to require you to assume many responsibilities. Let's consider an average day. You may need to do the payroll, talk to suppliers, pay a few bills, work on a new advertising pamphlet, and prepare some tax forms. At the same time you'll be filling orders and making sure they get sent out on time. Then there is always the unexpected-your computer bombs or the air-conditioning conks out.
As a business owner, you'll need to keep many balls in the air at one time. Your ability to juggle all these responsibilities will directly affect your success. If you're well organized, you'll have a list of the things you need to do, and you'll methodically go through it during the course of the day. If you're interrupted, you'll pick up where you left off after you have dealt with the problem. If you're still not through at the end of the day, you'll sit there and work until you have finished. Procrastinators do not do well in business. If you get behind, you're sunk.
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