Small Business Success - Do You Have What It Takes?

By Author: Mal Mortoo
Total Articles: 10
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Everyone at one time or another fantasizes about going into business and being his or her own boss. Now a growing number of Americans are making that fantasy a reality. In an economic climate that encourages and nurtures entrepreneurship, hundreds of thousands of corporate executives, MBAs, retirees and individuals interested in a career change are striking off on their own. And as owners of small businesses, they are creating a dynamic force that is revolutionizing business as we have known it in this country.

According to the latest Internal Revenue Service (IRS) projected figures, there are approximately 29.3 million small businesses in the United States. And the U.S. Small Business Administration reports that small businesses (including the self-employed) account for over 58 percent of the U.S. workforce and over 40 percent of the gross national product. Moreover, a National Science Foundation analysis reveals that small business has been a more prolific source of innovation per research and development dollar than large business.

This new age of the entrepreneur is also an age of opportunity. For example, ...
... a substantial number of today's small business operators are women. They own more than 3.8 million small businesses and generate more than $65 billion annually in gross receipts. In the last 20 years, women-owned businesses increased at twice the rate of businesses owned by men.

But success isn't automatic. It isn't based on luck, although a little luck never hurts. What it does depend on is how you play the game; in other words, making all the right moves. And even then, there are no guarantees.

Know Yourself
Not everyone is cut out to be an entrepreneur. It takes a special talent. Some owners of small businesses have it and some don't. Before you invest time, energy, money and a piece of your heart, it's important to do some serious self-analysis. To answer such questions as: Am I prepared to work hard and make sacrifices? Am I self-disciplined? Do I have management ability? Am I experienced enough in this field? What do I want out of life? Are my goals realistic and attainable?

Studies have shown that entrepreneurs are persevering and not easily defeated. They thrive in a challenging environment and have a tremendous need to be in control. They turn diversity into opportunity. They are risk takers. They welcome responsibility, and they are willing and able to make decisions.

Moreover, successful entrepreneurs are patient and able to wait out the sometimes slow beginnings of a business. They also are able to learn from their mistakes, trust their own judgment and have an optimistic outlook.

Take a good look. Do those traits describe you? "Know yourself and be willing to work 60 hours a week. Starting a business is one of life's biggest commitments."

It's obvious: you have to love you work. And if you choose a business that meshes with your personality (the answers to the above questions should tell you about your personality), those extra hours spent won't be as difficult. The key is to identify what you enjoy doing the most and then find a business opportunity that makes use of your skills and interests.

Starting a small business is risky business, and the odds of succeeding are poor. According to the U.S. Small Business Administration, the majority of small businesses fail in their first year and 95 out of 100 fail within their first five years.

These figures aren't to scare you; just prepare you for the sometimes rocky path ahead. Underestimating the difficulty of business is one of the biggest obstacles entrepreneurs face. However, success can be yours if you are patient, willing to work hard and take all the necessary steps.

There is another option.
Are you interested in finding out more about the business that will allow you to have both financial freedom AND the freedom of TIME?

Mal Mortoo is an Entrepreneur & Investor strongly involved with his Personal Growth & Development and has a strong desire to share what he learns with others. To discover your legitimate business goto Extra Wealth. If you wish to know more go to Real Wealth Success. Here you can find info on Financial Planning &more Financial Planning.