Are You an Entrepreneur?

[dwilliams]

Starting a business means risk and there is no way of eliminating these risks, but you can improve your chances of success through smart planning. The first step is to look at your own traits, strengths and weaknesses.

How will you answer the following questions?

Questions to ask yourself

1. Why start your own business? Do you want the freedom to manage your own business? Entrepreneurs do not function well in structured organizations and do not like someone having authority over them.
2. Are you a self starter? When you own your own business, it will be up to you… not someone else. Do you have the ability to decide what needs to get done and get it going quickly?
3. How are your organizational skills? Entrepreneurs usually have a plan before they start. Owning a business requires strong organizing skills in order to keep on top of everything. Running a business requires organization and planning: setting and attaining goals, managing time commitments, and keeping work schedules.
4. How do you manage? Entrepreneurs are good at delegating as much as possible and allowing people to execute tasks with little supervision. They identify and implement strategies to make a business productive and profitable. Management skills include developing business goals, targeting the right customers, keeping close tabs on costs, pricing and profits.
5. Can you make decisions effectively? Entrepreneurs have the ability to decide what needs to get done and get it going quickly. Effective decision-making is an important ability. Business owners are constantly making decisions on customer issues, where to buy products, which employees to hire, getting bank financing and buying new equipment.
6. Can you "stick with it"? Entrepreneurs tend to be high energy with a never-ending sense of urgency to develop their ideas. Inactivity makes them impatient, tense, and uneasy. They have the desire to achieve, work hard and take responsibility, but also want to be rewarded handsomely for their efforts.
7. Do you come up with creative solutions? Entrepreneurs possess the ability to identify relationships quickly in the midst of complex situations. They are not troubled by ambiguity and uncertainty because they are used to solving problems. They tend to constantly be coming up with creative innovative solutions.
8. Do you consider yourself a hard worker? It is your inner drive, belief, passion, hard work and sheer determination to succeed that makes a good entrepreneur. They tend to be driven and put in long hours to make it happen.
9. Are you seeking financial freedom? Entrepreneurs are very goal oriented. Financial independence is usually a key goal to the entrepreneur. Achieving financial freedom means having more assets than liabilities and to spend less than you earn.
10. Are you drawn to try new things? Entrepreneurs have energy, vision, optimism and daring to try something new. They are always looking for the new opportunity and a better way of doing things. They are always trying new restaurants, going new places and trying new activities.

It's true that there are many reasons not to start your own business. But for the entrepreneur, the advantages of business ownership far outweigh the risks.

[fred333]

You raise some very nice questions.