With unemployment at record highs, many consider self-employment as an alternative to unemployment.  But, starting a business requires that you make a serious commitment of time, talent and money. Most of all, it requires that you make a commitment to yourself. Business ownership is not the best solution for everyone and you must ask yourself if it is the best solution for you. 

Do you have what it takes?

As I consult individuals with aspirations of starting, owning and operating a small business, I ask three core questions:

1. Why do you want to be a business owner?
2. How much money have you saved toward starting your own business
3. How is your personal credit?

Let's us explore the first question. Why do you want to start a business?

Most often, the answer I hear is "to be my own boss."  But do you really want to work for you?  What kind of employee are you?  Do you have the ability to be a critical thinker or problem solver?  Are you a 9 to 5er?

Let's put aside your vision of lying on the beach and calling or emailing commands or direction back to an eagerly awaiting staff.  There are three things we will explore – they are Critical Pre Business Considerations  

• Durability
• Ability to multi-task
• Tenacity

Durability

How durable are you?  In the early stages of starting your own business you may find that you have little to no money to hire staff.  As a result, you are forced to have a number of responsibilities. You'll have to wear a number of hats, which could include: salesperson, technician, shipping/receiving, customer service, janitor, supervisor, manager, etc.  Michael Gerber in his book, The E-Myth Re-Visited, explains how when one leaves a role of an employee/technician, they often start their business maintaining an employee/technician mind-set.  If one has an employee mind-set he or she neglects responsibilities and time necessary to manage the business and to set strategic direction for the future.  Now, you are thinking, how can one person do all that or have all that responsibility?  The fact is you will. If you are not durable you may indeed become over whelmed.

Consider the bid proposal that you presently manage for the company where you are presently employed.  Consider the long hours you put in even with the help of an assistant, a co-worker or your direct report.  Now, remove everyone but you.  It is your durability that will enable you to stand to complete the tasks alone.

Multi-tasking

The ability to multi-task is also a critical skill that will enable you to achieve/manage multiple assignments.  As the salesperson you must bring in the business, as technician, you must produce the product or provide the service.  As the marketing staff you must build the brand.  As the customer service representative you must satisfy the customers' needs and address their concerns.  As a supervisor/manager you must oversee the entire process to ensure that everyone (that's you) are delivering the product/service in a timely manner, providing quality service, staying on schedule, meeting forecasts and maintaining budget.

Tenacity

Tenacity is the glue that holds durability and multitasking together. If you are able to go to bed at night and wake the next morning ready to do it all over again with pleasure, you may just have the tenacity needed to grow your small business.  The result is a rewarding experience as a business owner and ultimate leads to the enhancement of the company's branding, industry recognition and financial reward.

A Good Answer

So, a good answer to the question, "Why do you want to start your own business," is…because I want to offer a better, product and/or service and fulfill the needs of my target market.  By providing high quality products/services to your customer, you will not only achieve personal satisfaction and profitability for the business, but also provide a rewarding experience for the customer, the investor and the community.