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Can you succeed as a small business owner?

Do you have what it takes to make it as a small business entrepreneur? The answer is complicated, but one way to predict your chance for small business success is to evaluate your strengths and weaknesses:

Are you self-motivated?
Can you develop projects, organize your time and follow through on details without another person’s supervision or support?

How well can you manage interpersonal relationships?
Running a business requires working with a variety of people, including customers, vendors, staff and professionals such as attorneys and accountants. Imagine yourself handling difficult encounters such as an employee termination or a customer’s dissatisfaction. Then decide whether you are emotionally equipped to do so.

Do you have the ability to make decisions on your own?
Independent entrepreneurs are often required to make decisions without help – quickly and while under pressure.

Do you have the physical and emotional stamina to run a business?
Getting a business off the ground is exhilarating, often involving long days, six or even seven days a week. But it can mean putting personal priorities aside to focus on your business.

Do you have strong planning and organizational skills?
In addition to a comprehensive business plan, you will need effective organization of financial data, inventory and production schedules to help keep your organization running smoothly.

How strong is your will to succeed?
Keeping a business operating can result in burnout and isolation. It’s critical that you have a strong desire to succeed.

What effect will running a business have on your family?
A supportive spouse or partner is a must. What’s more, your family should also be willing to accept a lower standard of living in case it takes a while for your business to become profitable.

Do you have good instincts?
An owner with intuitive good judgment – often called “street smarts” or plain common sense – can help put a start-up operation on track, and keep it there.

Plan your moves carefully.
Starting a small business is a lot like playing chess: your opening moves are critical to your success in the end. Although early mistakes are not likely to prove fatal, it will take extra discipline and hard work to regain your advantage. That’s why it’s important to take the time up front with a trusted financial advisor to make certain your business and personal goals are synchronized.

March 15, 2001

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