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Wednesday, May 6, 2009

Considering Whether to Own a Business

Peter King
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It’s always a big decision when you decide to go into business ownership. There are many variables that come into play that you need to consider before taking this step. Not every person out there is cut out to be one. Some have the attributes and qualities necessary to become a successful entrepreneur while others can hit the skids within six months.  
You need to ask yourself what are you looking for by going into ownership – freedom, fortune, a chance to leave the corporate structure behind, travel opportunities, ability to meet people, less or more responsibility. What do you want to achieve? Are you running away from something professionally or personally?  
Write down your requirements down on paper and be realistic. If your reasons don’t add up as to why you would want to make such an investment that covers so many areas, maybe this is something that you need to consider at another time.  
A good way to determine if you’re ready for ownership is by rating the following statements honestly, scoring yourself on a rising scale from 1 – 5:  
  1. I am self-disciplined;
  2. I do not let things drift;
  3. I have the full support of my family;
  4. I can cope under pressure;
  5. I am ready to put in seven days a week if necessary;
  6. I get along well with people and I can motivate them;
  7. I can make quick decisions when necessary;
  8. I persist when the going gets tough;
  9. I can learn from mistakes and I can take advice;
  10. I am patient and don’t expect quick results;
  11. I am healthy, enthusiastic and aware of the risks;
  12. I have specific goals, including the need to take care of myself and my family.  
Now, if you are scoring at least a 3 on every item; you know that you are ready mentally to own business. If you’re not, take a good look at your reasons again and see if they make sense.  
Remember that you will not be alone if you decide to continue forth on this path. Millions of people in many countries decide to go into ownership. It all depends on what you want to do and are your goals attainable.


Response to: Considering Whether to Own a Business
Lucas Johnston says
It is important to go over these elements before you make a decision whether to go ahead and buy a business. You want to go into this fully prepared and know what needs to be accomplished in order for everything to work out the way that you had hoped.

Response to: Considering Whether to Own a Business
Betty Boyd says
Running a small business will be a very challenging experience to say the least. However, once you begin noticing the success after buying, you will get the chance to experience the rewarding benefits of being an owner. Most of all, you will have a career that you enjoy.

Response to: Considering Whether to Own a Business
Billy Dunko says
One thing that I did was talk to other business owners that are more experienced. They are the ones that can provide you with a substantial amount of very helpful advice. You can find a lot of information on the internet and do some of your own research. More than anything else, know that you can be a successful business owner but it is going to take your dedication and determination to make it through.

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