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Winter 2002 Vol. 11 No. 1 Starting Your Own Business Have you ever fantasized at one time or another about going into business and being your own boss? In the 1980's a growing number of Americans turned that fantasy into a reality. Since that time, thousands of corporate executives, MBAs, retirees and individuals interested in a career change struck off on their own and are succeeding. As owners of small businesses, they have created a dynamic force that has revolutionized the business world. The new age of the entrepreneur is also an age of opportunity. For example, a substantial number of business owners today are women. In 1987, women owned firms accounted for 30 percent of the nation's 13.7 million small businesses and generated more than $65 billion in gross receipts annually. Today, the Center for Women's Business Research, estimates that the number of majority-owned, privately-held women-owned firms account for 6.2 million and will generate more than 1.7 trillion in gross receipts. But success is far from automatic. Starting a small business is risky, and the odds of succeeding are daunting. According to the SBA, only 50 percent of small businesses survive their first year of operation. By the tenth year, between 80 and 90 percent have failed. These figures aren't intended to scare you, but rather prepare you for the rocky path that lies ahead. Underestimating the difficulties inherent in running a business is one of the biggest obstacles entrepreneurs encounter when starting a new business. If you are patient, willing to work hard, and take all the necessary steps the chances of surviving and prospering are greatly increased. Financing, excellent record keeping, good management, thorough market analysis, reliable employees, location, customer service, and technology are all important factors worth considering when thinking about starting your own business. However, the most important tip for new business owners is planning. Insufficient planning is often the reason why entrepreneurs spend so much time climbing out of the holes they've dug rather than scaling the ladder of success. Starting a business is one of life's biggest commitments. Not everyone is cut out to be an entrepreneur. It takes a special talent. Some owners of small businesses have it and some don't. Before investing time, energy, money and a piece of your heart, it's important to do some serious self-analysis. Starting a business is risky at best; but your chances of succeeding will be improved if you understand the problems you're likely to encounter and have them worked out before you start. Ask yourself the following questions. Am I prepared to work hard and make sacrifices? Am I self-disciplined? Do I have management ability? Am I experienced enough in this field? What do I want out of life? Are my goals realistic and attainable? Studies have shown that successful entrepreneurs share certain characteristics including an overpowering need to achieve. Entrepreneurs tend to be more creative and innovative than the average person. They are self confident and not easily defeated. They thrive on challenging tasks and have a tremendous need to be in control.

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