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Home > Dr. Greg > Segment Summaries >
Start Your Own Business
Dr. Greg Ketchum, 9/25/04
The dream of running your own business and working
for yourself is as American as Mom and apple pie.
America is the land of opportunity where anyone
can make it so long as they’re willing to work hard.
The internet has made starting your own business
easier than ever.
Starting a small business can be risky. According
to the U.S. Small Business Administration, over
50% of small businesses fail in the first year
and 95% fail within the first five years.
Guide to making the
decision: How do you know if running
your own business is right for you and how do
you decide if it’s something you should do? Here
are some good reasons and some bad reasons for
starting your own business.
Good Reasons to Start Your
Own Business
-
A burning desire to build
a business & be responsible for your own
success
- A great idea for a product or service
- A strong need to make a living doing what
you love
Bad Reasons to Start Your
Own Business
- To get rich (meaning to get rich quick).
- To be your own boss (meaning not having to
answer to anyone else).
- To escape a bad boss or bad work situation
Given what I’ve just outlined for you if you’re
still interested in running your own business
here are some steps to take to get you moving
in the right direction.
How to Get Started Exploring
the Idea of Running Your Own Business
- Insure You Have What it Takes
Insure that you have the character, the
skills and knowledge to succeed. Take an “entrepreneur
test.”
- Do Your Research
SBA, friends who’ve done it
- Start Small “On the Side”
Consider starting a small business on the
side, like putting up a storefront on eBay as
a way to test this out.
- Get a Partner
Two heads are better than one, but too many
cooks spoil the broth. Have a very clear written
partnership agreement.
- Plan How to Live
Insure you have the financial resources to support
yourself and your family in the early going.
If Running Your Own Business
Isn’t for you…
You may find that the fantasy of running your
own business is more appealing than actually doing
it. Even if that is the case, going through this
exercise is worthwhile in telling you something
about yourself and where you need to devote your
energy; back into your job.
References
If you’ve got work or career topics you’d like to see us
address, just send me an email at drgreg@talentplanet.com.
®2004 All rights reserved. Gregory
A. Ketchum, Ph.D.
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