Most people who have become disenchanted with their job consider the possibility of starting their own business. There are certain definite appeals to being your own boss—no-one to look over your shoulder, time at work determined by you, and financial rewards contingent upon your work input.
While the picture may look very rosy and alluring, there are certain pitfalls as well. You are solely responsible for the progress of the business and that will often mean longer hours and higher pressure. If the business involves employing others, there will be stresses and strains in managing your staff. Instead of being the applicant with hat in hand, you will be the boss making the hiring and firing decisions, a position of considerable responsibility and stress.
There are certain personal qualities which have been found to be characteristic of successful entrepreneurs. Ask yourself if you feel comfortable with the following profile:
Are you .. .
- Confident in your own abilities?
- Technically skilled in the specific business area of interest?
- Strongly determined to succeed?
- Highly organised and a dependable achiever?
- Vigorous?
- In very sound health?
- Skilled in handling people?
- Ambitious?
If you have answered enthusiastically, Yes!! to each of the above items, then you might be just the person to forge ahead and ultimately succeed in your own business. Before you tender your resignation to your present boss, however, it is prudent to observe the basic fact that many small businesses fail each year, often because the self-employed person has not done sufficient planning and/or because the individual has been falsely optimistic about personal skills and abilities.
Before you go any further along the road to self-employment, there are several preparatory steps which you might want to take:
1 Speak with other people in the same business field. Listen to their experiences and learn from them. Ask what contributes to the successes and failures in that type of business.
2 Consult a good accountant and your bank manager.
3 Read relevant trade publications.
4 Seek advice from the state government’s small business advisory service.
A friend who had been working as a management consultant in a large accounting firm finally resigned to start his own consultancy business. This move was made, however, only after very thorough research had been carried out. Dennis consulted with various resource people and had prepared a very conservative five-year financial plan based upon projected income and expenses. A very important person in the planning stages was Dennis’ wife, Shirley, who insisted that ample consideration be given to educational expenses and holiday provisions for the family. The systematic forward planning and the determination and dedication to make the business venture work have proved to be most worthwhile. There is simply no substitute for careful thinking and conscientious application when thoughts turn to self-employment.
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