Is Starting a Business Right for You?

Is Starting a Business Right for YouBecoming an entrepreneur can be a fulfilling, exciting, liberating, and sometimes terrifying experience. It takes a special person with a unique set of skills to successfully start and maintain his or her own business. According to the Small Business Administration (SBA), knowing if you are the type of person who could succeed in running a small business is key. There are a few key characteristics that make a person a good candidate to open a small business, according to the SBA. In addition to contacting a small business lawyer, determining if these characteristics apply to you is an important first step to starting a business.

The first is being comfortable with living on the edge, so to speak—to be a risk taker. “Being your own boss also means you’re the one making tough decisions,” says the SBA. “Entrepreneurship involves uncertainty.” If you need to know where your next paycheck is coming from, for example, then maybe starting a business isn’t for you. In the same vein, entrepreneurs must be fiercely independent, and not rely on the company of others to feel professionally fulfilled. Many times you’ll have to make tough decisions regarding hiring and firing, and not being able to let someone go who’s not an asset to the company will be detrimental to your business. Another questions to take into consideration is whether or not you have a concrete support system around you. “If you do not have a support network of people to help you, consider finding a business mentor,” suggests the SBA. “A business mentor is someone who is experienced, successful, and willing to provide advice and guidance,” according to the SBA.

Other (perhaps more personal) characteristics of successful entrepreneurs are persuasiveness, being able to negotiate, and creativity. If you can’t persuade people to buy what you’re selling—whether it’s a service or goods—it’s going to be much harder to make a living. Being able to negotiate is a must, although having an experienced business attorney can compensate for this. Thinking creatively is essential, both for problem solving and development.

If you or someone you know is considering starting a business, it’s essential to have a dedicated business attorney on your side. Contact our offices today.