4 key questions to determine whether your own small business will survive and thrive
Every year millions of people answer "Yes" to that question and every year that answer costs many of them money, time, confidence, and heartbreak. The Small Business Administration estimates there are 580,900 new small businesses opening each year and that number does not include the small one-person entrepreneurships that pop up every day. However even if you are your business's sole employee then there is still something to be learned from the SBA's numbers.
According to the SBA, two-thirds of new businesses survive at least two years and 44 percent survive at least four years. Two of the key factors in the businesses survival and ability to thrive: the owner's education level and the owner's reason for starting the firm in the first place.
How can you make sure that you are among the winners rather than the losers in this high stakes game? The answer is inside of you. You must ask yourself four key questions to determine whether your own small business will survive and thrive.
1. Are You Ready
Have you mentally prepared yourself for the switch from employee (or student or whatever label fits you currently) to boss. You are going to be the one making decisions now about everything from office products to product line. This total control is one of the driving forces behind many people who take the plunge into starting their own business, but it is also one of the elements that drives new entreprenurs crazy. When you start out there is an endless list of decisions that need to be made and new questions crop up every day.
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