Many of us have the dream of business ownership. It sounds great, you’re the boss! No more taking orders from others, you are in charge. But being a business owner is not for everyone. There are many reasons why business ownership may not be an appropriate fit; though with the right idea, persistence and strong will, having a business goes a long way to making your financial dreams come true.

Ask yourself these soul searching questions before you start a business:

1. Do I really want to be my own boss? You may think, “What a dumb question.” Being the boss means being the president, vice president, secretary, treasurer, finding a way to bring in business, making payroll and more! Are you up for this type of responsibility? It’s up to you – not someone else telling you- to develop projects, follow up and be responsible.

I have a sister, Monica, who is a gifted health care specialist. She makes a good living, but has to put up with a lot of politics at the organization where she works. Several times we explored the possibility of Monica utilizing her skill sets and becoming a consultant. When push came to shove, she wanted the stable pay check over having to go out and drum up business.

2. Do I enjoy a regimented schedule? Having your own business could mean working 60 hours or more a week just to keep up. If you have many other commitments that are important to you, really identify how much time you would realistically have to devote to a start up business. Owning a business is a lot of hard work. Can you face 12 hour days 6 or 7 days a week?

3. How well do I get along with others? Being a business owner is also about people. As business owners, we need to develop relationships with a variety of people including customers, vendors, staff, bankers, lawyers, accountants, etc. How well do you do dealing with multiple personalities?

4. Can I handle a lot of stress? Instant decisions are the norm in business ownership;
many times these decisions are made under pressure of deadlines. Organizational and planning skills are a must in order for the business to succeed.

I am not talking about a part time business that you can do on the side such as web design. I am talking about a full fledged business where this is your sole source of revenue and responsibility. I always have believed in multiple streams of income, so investing on a part time basis in something you feel passionate about is a great way to test the waters and gradually move into a full time venture.

This entry was posted on Wednesday, October 10th, 2007 at 7:57 am and is filed under General Interests. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.