Are you considering going into business on your own and working for yourself? Then before you do so you should ask yourself a couple of questions. Do I have the capability to build up and own my own business? Have I got the commitment to stick to it and to work all the hours that it will need? The rewards of running your own business are well known, from the freedom it offers to the chance to be your own boss. There are also the financial benefits, from extra pay to freedom to choose how you pay yourself. But there are negatives too, and times will inevitably tough and you only have yourself to rely on. How will you cope when you have no business coming in and money is tight? Will you miss the security of income of a regular job? If you are not sure, these are the questions to ask yourself:

(1) Do You Have Enough Determination?

Clearly this is the most important of all factors and an essential prerequisite of going into business by yourself. There are inevitably going to be times that you end up feeling very low about your decision and when you will doubt that you are going to be successful – and there are even people telling you to give up and go back to work for someone else. You’ll get tired and you might have no reward for months on end. But if you are determined you will get through these periods and prosper.

(2) Are You Hard-Wired to Go Into Business?

Successful business leader and entrepreneurs have an innate ability to be able to evaluate good business prospects and worthwhile markets in which their company is going to operate and they will also always have a sense of how to operate ahead of any market curve. They have it in them to analyse correctly which products and which areas of their business are worth developing and which are worth abandoning without too much fanfare. They can quickly understand if something needs improvements and they know when something should be left alone.

(3) Are You Prepared for Those Grand Decisions?

Once you see something isn’t working are you able to quickly jettison it and are you brave enough to try something left-field?

If you have confidence you can do these things, then you are well ready to go into business on your own.

Alex is a financial blogger and journalist. He writes about everything from mortgages to taxes and from business loans to how to set up your own .

 



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