2. Business Ownership: Is it the right choice for you?

Characteristics of Successful Entrepreneurs

Starting a business can be challenging; You can expect a lot of long hours, uncertainty, and psychological stress during the initial stages of starting a business. Consider the factors below to understand if business ownership is right for you:

The Right Choice for You

The only certainty about starting a new business is that there are no certainties. There are no guaranteed paychecks, leisure time or that your business will still be open in six months. The entrepreneur must be able to handle and overcome these uncertainties. Recent statistics indicate that, on average, new business owners work a minimum of sixty hours per week and still feel they should be spending more time on their business. A new business can be all-encompassing, so it is important to know what you are signing up for.

The Right Choice for Your Family

Most small business owners start their business between the ages of 28 and 40, the same age range that many are raising families. Even if you are willing to put yourself in a position of financial instability, are you willing to put your family in the same position? Family and friends should be prepared for the stress, time commitments and sacrifices you will have to make to get your operation up and running.

Questions to Consider:

    • Are you willing to live with the insecurities starting a new business entail?
    • Are you ready to sacrifice your present lifestyle, leisure time, vacations, and savings for your business?
    • Have you fully considered the impact that starting a new business will have on your family and friends?

Deciding if you are ready is probably the most critical step in starting a new business. Answering yes to the above questions will give you an indicator that you could begin planning your business idea. If you are not ready for business ownership today, it does not mean that you won’t be ready for business ownership in the future.

Ready to learn more?

Check out our New Business Checklist to find more helpful resources and considerations for starting a successful business.