Are you Startup, Small Business, an Entrepreneur – Ready for Success?

Of all those who answer the call of entrepreneurship, most fail. But why is that? What is it about some entrepreneurs that make them successful? What is their recipe for success? 

Before embarking on your journey of self-employment ask yourself the tough question. Do you have what it takes? It is true: only about 30% of startups survive after the five-year mark. Perhaps the two most common reasons for this are that entrepreneurs tend to lack the necessary skills to execute their idea and that they grossly underestimate the capital and resources needed for the startup  to be successful.

 Ask yourself, why are you starting a new venture? Don’t be afraid to be aggressive, as long as you remain realistic. Be specific and consistent, in what you want. In terms of money, are you trying to realize your earning potential by taking matters boldly into your own hands? Or are you sick of corporate downsizing? Do you simply want more of the pie to replace what you’ve lost or supplement what you already have? Now, let us not forget perhaps the most important echelon of pursuits: personal goals. What drives you? Do you thrive on freedom, flexibility, and security, or are you looking for recognition, job satisfaction, and a chance for professional growth? It could simply be a change of career or particular retirement goals that drive you. No matter what your reasons for self-employment are the pertinent question still remains. 

Do you have what it takes? Can you handle the stress of being self-employed? The distinction between work time and personal time will blur. Typically with a new business, any problem that arises, becomes your problem, and it won’t go away simply because you’ve closed the doors for the day. Decisions you make regarding the startup will have a direct and immediate impact on your personal life. And what about your family?

Will you and your family be able to accept your commitment to the startup and cope with the physical and mental strain of your endeavor? Not to mention an unpredictable pay schedule, lack of readily available health insurance, and the necessities of saving for retirement (the most neglected issue among startup entrepreneurs). If you (and your loved ones) have fully prepared for what is in store for you, then you’re in good shapeThe reality is that until others can be hired to handle certain tasks for which they may be especially qualified, you the entrepreneur must be the manager, the marketer, the accountant, the lawyer, the planner, and the one who thanklessly stays up late working and worrying.  

What are you willing to sacrifice to be successful?

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