Is Entrepreneurship For You

If you plan on starting your own business, you should know that there are no guarantees. You can’t eliminate all the risks of starting a new retail business. However, you can improve your chances of successfully opening up a retail store with good planning, preparation and insight. You should start evaluating your strengths and weaknesses as a potential owner an manager of a small retail business.

Consider carefully the following questions:

Would you describe yourself as a self-starter?   It’s important to be one, since you will be the one to develop projects, organize your time and follow through details.

• Do you deal well with other personalities? As a business owner you need to develop working relationships with a large variety of people: staff, vendors, customers, bankers, lawyers, accountants, etc. Will you be able to deal with a cranky receptionist or an unreliable vendor if you retail business’ interests demand it? 
• Are you good at making decision? As a small business owner you will have to make a lot of decisions – and this at the same time and under pressure.
• Do you have the physical and emotional stamina to run a business?  Retail business ownership is a lot of work (and can be VERY being exciting). Are you able to work 12­ hour workdays six or seven days every week?
• Are you a good planner and organizer?  Statistically, small businesses fail because of poor planning. A good organization of financials, inventory, schedules, and production, will help you avoid many pitfalls.
• Is your drive strong enough?  You have to know that running a retail business can wear you down emotionally.  It’s not uncommon for business owners to burn out quickly. This is because they have to carry all the responsibility for the success of their business on their own shoulders.  Only a strong motivation will help keep you on the right track.
• How will your business affect your family? It’s a good thing to prepare yourself for this because, usually, the first few years of a new business are hard on family life.  You should have the support of your family members. They should know what to expect  from you.
• Also keep in mind that there you might have some financial difficulties until the business becomes profitable ( this could mean either months or years ) and this means that you may have to adjust to a lower standard of living or even to put families assets at risk in the short-term.

See also Starting up a Business and Why Small Businesses Fail.