People toy with the idea of starting a small business at various stages of their lifes. Some think of starting a small business after their educational career is over. Some think of starting a small business because of unpleasant or unhappy situations they have encountered in their work places. There are also others who think of starting a small business, because that is the only way they will be able to work again following a break from work for reasons such as health or redundancy.
Toying with the idea is one thing, but if you are taking positive steps to get started, then certain myths associated with starting and running a small business should be dispelled from your mind.
1. Starting a small business might appear to be an easy option to many who are desperate to get out of a situation but running a business is not as easy as it appears to be.
2. The general impression created in the minds of many people is that you can make a lot of money by running a small business. A few people do make a lot of money by running a small business. On the other hand there are many people who loose a lot of money unfortunately due to lack of proper research and planning.
3. Another myth is that you are the Boss, so you can work when you want, relax when you want and go on holidays when you want. You are the Boss that is all to it. The rest simply does not happen because of other factors that come into play which will need your presence and attention most of the time.
One major blunder made by many small business entrepreneurs is that they never made any self assessment before starting. It is absolutely important that you do a self assessment to find out whether you possess the following qualities and capabilities that are necessary to operate a successful small business.
1. You must be of sound health.
2. You should be able to work on your own most of the time.
3. You should be self motivated and dedicated.
4. You should possess an outgoing personality and have the ability to get along with other people.
5. You should have the ability to work under pressure.
6. You should preferably have some knowledge about your business.
7. Failure is no option to you.
In addition to the above the following factors have a very important and significant impact in the success of your small business.
A good support system such as your spouse or members of your family.
Contacts in the business world who could help you with advice and help you promote your small business.
Good financial assets to help you start and develop your small business and sustain you during the early months.
Since they are popularly known as small businesses, many would be entrepreneurs are under the impression that it could be run in a slip shod manner. Most of the inputs necessary to operate a large business successfuly are also necessary in the small business venture too.
Success does not come overnight. There could be disappointments and failures during the early months.Those who cannot withstand these pressures should not contemplate starting a small business.The ability to withstand all these pressures and remain motivated is absolutely necessary to succeed.