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Thinking of Starting Your Own Business?

Jul 13, 2008
It's not hard to see why people would want to start their own business. Starting your own business is both exciting and rewarding. It should not be underestimated the amount of commitment and drive needed to succeed. You will need to have a positive attitude with the skills necessary and of course some funding.

For a business start-up to success it really is essential to have a realistic, working business plan. In the business plan you should have all of the businesses objectives, strategies and your financial forecasts.

The risks when starting a business are very high. Success cannot be guaranteed and most businesses are very vulnerable in the early years and around 50% fold within the first 3 years.

The reason businesses fail could be due to a number or reasons. Market research is one. It is very easy to get carried away with your new venture research in your business sector. Research and planning are vital to ensure that your business is viable and prevent unrealistic forecasts. Without doing any market research your own forecasts will be inaccurate and completely unattainable.

Hiring the right staff can be detrimental in your business success. Any people you employ are an investment for your business so you need to ensure you hire the right type of people. Your employees need to have the skills, drive and be happy to be able to deliver the hard work necessary to succeed. When businesses fail directors are quick to blame their employees but this is totally unfair and unrealistic. If your business has a high staff turn around then there is something wrong with the way your are directing. You need to ask yourself why these employees are leaving. Communication is key; if you're a poor communicator you're probably not best suited at running your own businesses. If your employees see you working hard and respect you they will give you the same. If you're always critical and interfering with your staff but not delivering then they will become despondent.

If you have business ideas you shouldn't keep them to yourself. Sharing your ideals will allow people to give you objective feed back. But remember to listen. If you hired these people they must have been something within them that made you think they were suitable to work for you. Getting staff onboard but ignoring all their suggestions is just as good as shooting yourself in your foot. You do not know everything and your will not always be right. Use your team, have meetings, discuss everything.

If your wondering whether you have what it takes to run a successful business you just need to ask your self a couple of questions: Do you have good communication skills? Do you have drive and determination? Are you skilled in your chosen business sector? So you look at your boss and think to yourself you could do a better job? If you asked yes to all of these questions then you have what it takes to be an entrepreneur, so stop dreaming and put your dream into reality.
About the Author
Carolyn is the webmaster of Angel Startups, specialists in helping financing and advising Business Startups.
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