Just about every person thinks of starting their own business at some point in time. The appeal is obvious. Owing your own business puts you in complete control of your career aspect of your life. But, owing your own business is not for everyone. In fact, it can be a recipe for disaster so here are three quick questions you need to ask yourself before you take the next step and start your own business.
Are you willing to work more than you have every worked before, and, at least initially, for less money?
This is the hardest part of owing your business. You are the sole person responsible for generating your own income. The good news is that the sky is the limit if you work hard enough and long enough. The bad news is the first few years usually tend to be lean and this is a time when many businesses fail. It becomes challenging when you soon find yourself working more hours than you have ever worked before and are not making as much money as you used to make. Use this pressure to your advantage and let it motivate you to take your business to the next level. It’s often the case that a businessperson works for years and years to become an “overnight success. "
Will you give up if things do not go well?
Approximately 80% of all new business ventures fail within the first two years of operations. Do you have what it takes to get through the tough times and do you believe so strongly in what you are doing that you will continue to move forward in the hard times? You need to have an unshakable belief in what you are doing in order to make it a success. There are many people along the way who will doubt you and tell you that your ideas won’t work. If you listen to them, you are not going to make it.
Are you ready to invest not only your time, but your hard-earned money with no guarantees?
Putting money into your dream can be the hardest part of starting your own business. Not only do you need to spend a lot of money on things you might not expect, there’s no saying you will see that money for years, if ever. The silver lining is the motivation it gives you to make sure your business is successful. If you have a large amount of your own tied up in the business, it’s a lot more likely that you will make the relentless effort to make the business a success so you will see your return. There might even times as well when you have reached the end of your line and have nothing more to give. You will be tested in ways you never dreamed of.
The key to making your business successful is to press on and on and on. Never stop, never give up. Ever. A failure is only a failure if, and when you quit. Everything else can be considered a learning experience or a setback. If you keep pressing, keep learning from your mistakes, and never give in, nothing will stop you. As you press onward, minor details that derailed you in the past will be handled easier and easier. Instead of worrying about them, you will find a way around them and turn your problem into an opportunity.
Mike Wyman is co-creator of the online dating website for golfers, DateAGolfer.com and PuttingForPar.com, a golf website specializing in personalized ball markers.