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Dr. Greg Segment Summary

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

  1. A burning desire to build a business & be responsible for your own success
  2. A great idea for a product or service
  3. A strong need to make a living doing what you love

Bad Reasons to Start Your Own Business

  1. To get rich (meaning to get rich quick).
  2. To be your own boss (meaning not having to answer to anyone else).
  3. 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

  1. Insure You Have What it Takes
    Insure that you have the character, the skills and knowledge to succeed. Take an “entrepreneur test.”

  2. Do Your Research
    SBA, friends who’ve done it

  3. 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.

  4. Get a Partner
    Two heads are better than one, but too many cooks spoil the broth. Have a very clear written partnership agreement.

  5. 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.

  
Career Advice

Dr. Greg is the “KRON 4 (San Francisco) Workplace and Career Expert”

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