Do You Have What it Takes to own a Small
Business?

by Kimberly Bagley

Published on this site: September 27th, 2006 - See more articles from this month

wish I could honestly say that everyone could be a successful small business owner if they put their minds to it. But I can't. Some people are leaders, and some people are followers. We all have specific talents and gifts that we were given and have developed over time. Managing a business comes naturally to some people, and others constantly struggle just to keep the doors open.

The most important thing to consider when starting a small business is to list your strengths and weaknesses. Get other friends and family to also list what they see as your strengths. Once you have a clear picture of what your talents and gifts are, compare them to the questions below to see if you have what it takes to become a successful business owner.

Are you a self-starter? Can you be disciplined enough to stay focused and complete important tasks needed to make your business succeed? Look at your past work history and evaluate whether you tend to complete projects in a timely manner or do you tend to procrastinate? Do you need someone to check up on you to make sure the job gets done? If you feel you stay motivated and focused without the pressure of a boss, then go onto the next question.

How good are you at making decisions? You need to be able to look at your business objectively and make informed decisions to help your business grow. You can't let your emotions get involved because the business is your "baby". If the decision doesn't make good business sense, you have to stand strong and say "no".

How will the business affect my family? Are you supported one hundred percent by family members? Starting a business takes dedication and a lot of hours in the beginning. You need to make sure your family is taken care of before venturing into the world of business ownership.

Owning a business can be a gratifying and exhilarating experience. It can also be a long hard road ahead and be a complete disaster if you are not properly prepared. Be sure you are completely dedicated and have the skills mentioned above prior to taking the plunge of business ownership.

Kimberly Bagley:Ready to start a new business? Do you want to take your business to the next level? Sign up for Kimberly Bagley's free monthly newsletter at http://www.sbmtraining.com/newsletter.html for business, accounting, and tax advice geared toward making your small business more profitable.