Going Into Business

You are young, energetic and daring with a great idea. You are ready to try the waters and become an entrepreneur. You dream of being the next Bill Gates, Steve Job, Mary Kay or Richard Branson. Before you launch into the economic deep there are a few things that the Wall Street Journal advises you should consider (Spors, 2009).

First they advise that you consider the amount of risk that you can bear. According to the Washington Post 9 out of 10 businesses fail within the first 5 years (Kessler, 2014).  Are you in a financial position to chase your dream? How much capital will it take to launch?

Another consideration is your time and how this business endeavor will impact your life. If you have a spouse or domestic partner they will have to be committed to your idea and willing to be your support and safety net. Entrepreneurs and start-ups are not a 9 to 5 convention, nor is 40 hours adequate. Often 60, 80 hours or more per week is required to launch your company.

How people friendly are you? You will have to attract customers and networking is essential. Are you a good storyteller? If you can tell stories that engage people so they realize why your service or product is something beneficial for them then you have a chance at being successful.

You will be the lone ranger wearing many hats. When you begin a business you will be the accountant, public relations specialist, marketing professional, event planner and office manager or any other business role that would be required. How knowledgeable are you in these disciplines and the disciplines that would be required for your dream launch?

Finally they recommend having a business partner so you will not go it alone.

Kessler, G. (2014, January 14). Do 9 out of 10 new businesses fail, as Paul Rand claims? Washington Post. Retrieved March 11, 2015, from http://www.washingtonpost.com/blogs/fact-checker/wp/2014/01/27/do-9-out-of-10-new-businesses-fail-as-rand-paul-claims/

Spors, K. (2009, February 23). So, You Want to Be an Entrepreneur. Wall Street Journal. Retrieved March 11, 2015, from http://www.wsj.com/articles/SB123498006564714189

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