| If you have ever wanted to open a new business then | | | | owner)? Can you pick up the phone, call a prospect |
| 2010 might just be your year. | | | | and ask for an appointment without breaking into a |
| Many people have taken career paths where self | | | | cold sweat? If you are not comfortable selling, you |
| employment is a natural progression. You can have a | | | | should keep your job or look for one. |
| great idea such as the Frisbee, a talent such as an | | | | 6. Are you a forward thinker and detailed? According |
| artist, or a skill like a physician. Whatever the situation, | | | | to the Small Business Administration, two-thirds of new |
| you want to be your own boss. This is a good thing. | | | | businesses survive for at least two years, and only 44 |
| Small business drives the economy; every business | | | | percent survive at least four years. They fail because |
| whether the local dry cleaner or Dell was started by | | | | they do not plan. You will need to write a business plan |
| someone like you. | | | | and do financial forecasts even if you do not need |
| Before you quit your day job and take the plunge into | | | | funding. |
| entrepreneurship here are 10 thoughts to consider. | | | | 7. Can you handle rejection? If your feelings are easily |
| 1. Do you have a passion for what you are going to | | | | hurt, work for someone else. Many days in business, |
| do? You will need to bounce out of bed each day, self | | | | rejection waits around every corner, and you must be |
| motivating yourself to accomplish a daily work plan to | | | | able to handle rejection without letting it beat you |
| achieve daily goals. You will have to take action solely | | | | down. You will experience rejection from customers, |
| on your own volition. There are hundreds of things that | | | | business partners, bankers and investors, just to name |
| won’t get done unless you do them. As your own | | | | a few. |
| boss, that zone out hour to work on your fantasy | | | | 8. Do you interact well with others? Being a business |
| football team will be a thing of the past. | | | | owner means that you will have daily interaction with a |
| 2. Can you delegate and accept advice? Running a | | | | variety of folks, from your own employees to vendors |
| business requires the performance of dozens of | | | | to customers to investors. You must have the ability to |
| simultaneous tasks, and it’s foolish to try to handle | | | | manage people effectively without offending them; the |
| them all yourself. You must surround yourself with | | | | ability to accept good advice from mentors and politely |
| partners and employees whom you can trust to | | | | discount the bad; the ability to overlook mistakes or |
| perform these tasks as you would yourself. You will | | | | quietly rectify them; and one of the most difficult: the |
| need to be able dish out responsibility without worrying | | | | ability to tolerate incompetence without losing your cool. |
| over the result. You will need advice and counsel from | | | | 9. Do you have financial backing? You have a great |
| experienced business people to guide you as the | | | | idea or service. Your business plan is perfect. You |
| business grows. | | | | might feel there is no way a lender can turn you down. |
| 3. Are you ready to work harder than ever? Starting a | | | | The reality is that most lenders want a proven |
| business is easy, right? Wrong! If you think working for | | | | concept and during these times the lender will want |
| someone else is hard work, try starting your own | | | | you to answer this question: “Should your company |
| business. You will be required to give every ounce of | | | | go under, how to I get my loan back?” Before you |
| blood, sweat and tears you can muster. You will have | | | | start your business, you should have enough capital to |
| to work long hours and be on call 24/7, at least in the | | | | see you through the first year or until the business can |
| beginning. You think you can take a sick day or a | | | | sustain itself. So be prepared to sell the boat, your |
| vacation? Who is going to run the business? | | | | jewelry, or ask Aunty Anne for a loan (and get the |
| 4. Are you customer focused? You are the customer | | | | terms in writing). |
| satisfaction department and problem solver. As an | | | | 10. Do you have experience in the type of business |
| entrepreneur, you will understand the cliché “The | | | | you plan to start? If you can’t locate your car’s |
| customer is King or Queen!” Can you figure out | | | | engine, you have no business buying a Lube-N-Go |
| how to appease your customer when the shipment | | | | franchise. The most successful business owners have |
| from Chicago gets delayed three days because of a | | | | prior experience in the industry in which they have set |
| snowstorm? Be polite to people and living by another | | | | up shop. |
| cliché “Treat people as you want to be | | | | And here’s one extra tip to consider- As |
| treated” will make being customer focused the | | | | mentioned earlier, you are the customer service |
| center of your business model. | | | | department, but also, the marketing planner, the |
| 5. Can you sell? Every business needs to sell a | | | | accountant, the inventory control specialist, the head of |
| product or service. Without a sale, there is no way to | | | | HR, the chief copywriter, and the sales strategist. If |
| make money. Even though customers are the lifeblood | | | | you need help in any area consider a business advisor |
| of every business, you’d be surprised at how | | | | to walk you through the maze. |
| many entrepreneurs hate this aspect of doing | | | | At the end of the day, if you have what it takes to |
| business. Do you cringe at the thought of cold-calling | | | | start your own business in 2010, then I strongly urge |
| (walking into a business and asking to speak to the | | | | you to jump into the entrepreneur pool with both feet. |