For the right person at the right time, the advantages of business ownership far outweigh the risks. Among these advantages are:

• You are your boss.
• Hard work and long hours benefit you directly, rather than increasing profits for someone else.
• Earning and growth potential can be far greater.
• Spending your time and energy on something you truly care about is personally fulfilling.
• The risks of a new venture are also exciting.
• Running a business provides endless challenge and opportunities for learning.

Sounds great, right? But success in business is never automatic. There are no guarantees, and there is simply no way to eliminate all of the risks associated with starting a business. Only you can determine whether you have the ability, interest, and experience to become a successful entrepreneur. Only you can determine whether the time is right. Start by evaluating your strengths and weaknesses as a potential owner and manager of a small business. Carefully consider each of the following questions:

• Are you a self-starter? It will be entirely up to you to develop projects, organize your time, and follow through on details.
• How well do you get along with different personalities? Business owners need to develop working relationships with a variety of people such as customers, vendors, staff, bankers, lawyers, accountants, and consultants. Can you deal with a demanding client, an unreliable vendor, or a cranky receptionist if your business interests demand it?
• How good are you at making decisions? Small business owners are required to make decisions constantly-often quickly, independently, and under pressure.
• Do you have the physical and emotional stamina to run a business? Business ownership can be exciting, but it can also require a lot of work. If necessary, can you face six or seven 12-­hour workdays every week?
• How well do you plan and organize? Research indicates that poor planning is responsible for most business failures. Well-organized finances, inventory, schedules, and production ­can help you avoid many pitfalls.
• Is your drive strong enough? Running a business can wear you down emotionally. Some business owners burn out quickly from the pressure of carrying all the responsibility for the success of their business. Strong motivation will help you survive slowdowns and periods of burnout.
• Are you and your family ready for the ways in which a new venture will affect your lives? The first few years of business start­up can be hard on family life. Family members need to know what to expect, and you need to know you have their trust and support. It could take months or years for the business to become profitable, so you and your family may need to adjust to a lower standard of living or put family assets at risk in the short-term.

Frankly, there are many good reasons not to start your own business. If, after answering the above questions, you're simply not comfortable with some of the realities and risks, then business ownership may not be for you-or perhaps now is not the right time for you.

If you're the right person, and this is the right time, you're ready to move forward! But before you read the section on business plans, let us caution you about some of the most common start-up mistakes: 

• Starting the business for the wrong reasons
• Lacking the right kinds of experience
• Beginning with insufficient capital (money)
• Choosing a poor location
• Over-investing in fixed assets
• Using business funds for personal expenses
• Expanding too much or too quickly
• Succumbing to the competition

Always keep in mind that while a little luck is helpful, success does not-cannot-depend on it, and neither can you. There are factors within the business owner's control that are more critical to successful business: foresight and insight, planning and timing, organization and preparation.

References:
• Small Business Administration

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