There are 23 million Americans who own and operate their own businesses today. Small business means jobs, fortunes and dreams come true. Are you the next entrepreneur?
 

 Why Start Your Own Business?

•You want to be your own boss.

•You want financial independence.

•You want creative freedom.

•You want to fully use your skills and knowledge.

Questions to ask yourself

1. Do I have a burning desire to be "on my own"? Yes ___ No ___

Most entrepreneurs have a strong inner drive to strike out on their own. They like the idea of being their own boss and not reporting to anyone.

2. Am I confident that I can succeed? Yes ___ No ___

Successful entrepreneurs believe in themselves. They are likely to say, "When I set my mind to it, I usually do well. I expect to succeed." or "I've succeeded in the past and I'll succeed now. I won't let a setback stop me."

3. Am I willing to take calculated and moderate risks? Yes ___ No ___

Successful business people are willing to take risks, but they are also realistic. They gather as much information and support as possible before making a move.

4. Am I a self-starter? Yes ___ No ___

Successful entrepreneurs believe that what happens in life usually depends on themselves. Because they believe that they control their own destiny, they refuse to be at the mercy of others or of events. As a result, they take the initiative in starting projects and getting ideas off the ground.

5. Am I able to set long-term goals? Can I stick with them? Even with a difficult problem? Yes _ No__

Successful business people are patient and determined. They have the ability to work toward a goal, delaying rewards until a future time, and persist even in difficult times. They understand that it takes time to build success - sometimes years.

6. Do I believe that money is the best measure of success? Yes ___ No ___

If your only reason for going into business is to make money, it may not be enough to make you a success. The desire for money is not a prime motivation for most successful business people. Rather, they want personal fulfillment and enjoy doing their best.

7. Am I creative? Am I always looking for new approaches and ideas? Am I innovative? Yes ___ No ___

Entrepreneurs often have many ideas and a great capacity to dream up and carry out projects. They are highly motivated by their desire to innovate or to bring their own approach to doing things.

8. Am I good at making decisions? Are my decisions generally sound? Yes ___ No ___

Successful business people tend to be comfortable making their own decisions.

9. Am I willing to market my product or service? Yes ___ No ___

Successful business people know that proper marketing is critical to business performance. They advise, "You must sell, sell, sell."

10. Am I a good organizer? Do I pay attention to details? Yes ___ No ___

Conducting a successful business requires organizational skills and competence. Your ability to pay attention to details can make the difference between success or failure.

11. Am I flexible? Do I adapt to change? Can I handle surprises? Yes ___ No ___

Change is a fact of life. Successful business people monitor social trends, adopt new technologies, compare themselves to the competition, and listen and watch with an open mind.

Steps to take to be successful

Entrepreneurs find that new ventures require careful research, sound planning, determination and energy.

• Choose the Right Business

Go with what you know, starting a business in an area in which you already have expertise, will give you an advantage because you will have:

• Study the Marketplace

Learn all you can about customers, competitors, and other market requirements. What is it going to take to commercialize your idea? Research your prospective customers. Who are they? Where are they? What do they need or want that they aren’t getting from someone else? How big is the market? Identify the niche your business will fill and determine what your business's advantage will be over existing firms.
• Create a Business Plan

A good business plan can be useful in organizing your thoughts and giving you a clear idea of where you're headed. Also, if you need financing from a bank or other financial institution, you will have to prepare a business plan to apply for a loan. A sound business plan profiles your business, outlines your financing needs and sets out your assets and liabilities. It should be realistic and achievable and have well-defined milestones by which to evaluate your progress. It should include:
• Business proposal, its goals and how you plan to achieve them
• Market analysis - who are your suppliers, customers and competitors
• Budget and financing, cash flow and anticipated profits
• Time lines and schedules.
 
• Test your Ideas

Try an informal survey. Take a description of your services or a sample of your products to several people who will provide you with an honest and objective evaluation. Ask, Would you be interested in buying my product or service? What do you like and dislike about my product or service? Is there anything about my product or service that makes it stand out from the others? How much do you pay for the other product or service? How much would you pay for my product or service?

Best Related Web Sites

http://www.startupbiz.com/ StartUPbiz is terrific online resource for people who want to start a business or sell an idea. This site contains professional services, news and information, success stories and best of all an extensive topic listing of resources from A to Z.

http://www.score.org/ The SCORE (Service Corps of Retired Executives) provides entrepreneur education. Volunteers serve as "Counselors to America's Small Business." They even offer Email Counseling. Working and retired executives and owners donate their time and expertise to individuals.

http://www.irs.ustreas.gov/ Internal Revenue Service offers taxpayers who operate their own businesses, "Get Your Business Tax Kit". It is an excellent assortment of IRS forms and publications to help taxpayers get started and off on the right foot.

http://www.webcom.com/seaquest/sbrc/welcome.html The Small Business Resource Center is a compilation of useful information for entrepreneurs. It includes free reports, online catalogs, and great links to other small business resources.

http://www.sba.gov/starting/ The Small Business Association offers assistance with first steps, research, training, business plans, counseling, patents and trademarks, financing and even how to order your first business cards. This is a web page to certainly utilize.