Is It Time to Launch Your Own Business? Consider these things before you take the plunge into entrepreneurship.
Be your own boss, make your own hours and make your mark on the world -- these are the clear benefits of launching your own business. But there are some downsides, so here are three things to consider before you jump in.
- Conduct market research. Is this a viable idea? Are there already a ton just like it? Will you offer customers a product or value they can't get anywhere else?
- Do you have enough money? Not just cash for the business but also to sustain your life as you get up and running. Remember, the rewards of small business ownership are often not instantaneous. And not just money, do you have the patience -- and the stomach -- to work through lean times?
- Are you confident? Through surveys and research, we know that the most common personality trait shared by successful entrepreneurs is confidence. The business world is fiercely competitive, so you need to be willing to fight for your vision. Are you ready? Then go get 'em!
Get more great tips from the book Start Your Own Business.