With unemployment at record highs, many consider self-employment as an alternative to unemployment. But, starting a business requires that you make a serious commitment of time, talent and money. Most of all, it requires that you make a commitment to yourself. Business ownership is not the best solution for everyone and you must ask yourself if it is the best solution for you.
Do you have what it takes?
As I consult individuals with aspirations of starting, owning and operating a small business, I ask three core questions:
- Why do you want to be a business owner?
- How much money have you saved toward starting your own business
- How is your personal credit?
Let’s us explore the first question. Why do you want to start a business?