To those averse to domination of bosses and aspiring for total freedom in decision making, self employment is the biggest attraction.
But is everybody suited for self employment or starting one’s own business? This is where many enthusiasts err. Before starting your own business, it is very important to do self-evaluation. One must closely examine what are the requisites, not only for starting business but also for making it successful.
Here are few important questions you must ask and answer yourself before deciding to start any business.
Am I a self-moving person?
This is one of the most important and essential qualities which distinguishes an entrepreneur from an employee. If you are not-self moving and if you have grown up being told what to do and how to do; then you are not suited to become an entrepreneur. You must be an independent thinker and self-moving to implement your own ideas to succeed in the business.
Have I got sufficient capital and back-up income?
Money is the most important resource without which one can not think of starting a business even on smaller scale. You must have enough funds and should start marketing much before launching business. You should take care to keep aside sufficient money for the upkeep of family during initial period without expecting profit in early stages of self-employment. It is always advisable to gather enough information about the business and finding how long it takes to become viable.
Will I get support from my family?
You may dream of becoming a successful entrepreneur, but make sure that your endeavour has full backing of your family. There is always an element of risk involved in starting a business. Running your own business and taking responsibility of family could be very stressful. You will have to give adequate amount of your time to your loved ones who share their lives with you. Make sure you are prepared to do justice to both, business and family and family is fully supportive of your endeavour.
Am I prepared to work for longer hours?
While working as an employee you adhere to employer’s fixed work schedule, normally standard 9 to 5 day. After those 8 hours of work you are free to go home and relax without having to worry what happens to the employer’s business. But when you accept role of an entrepreneur, this 8 hour schedule does not work. You may be required to spend much longer hours than others, who will be resting at that time. It takes much longer to build than to demolish. Your business can grow not without your full devotion.
Is doing business my passion?
In order to be a successful entrepreneur, you will have to work harder and be self-moving. If you are doing some activity which does not inspire or drive you, you may end up closing your business. Choose a business that you know something about and can enjoy doing it.
It is your passion and passion alone which will keep you moving towards goal of doing successful business.
If your self-evaluation leads you to conclude that you are best suited for starting a business then just do it!