Do You Have What It Takes To Start A Small Business

Are you cut out to start your own small business. Some people are better off working for someone else then they are to take the plunge and start a small business of their own.

Statistics tell us that over 45% of small businesses fail within the first two years of starting up. On the other hand, millions of self-made business owners have gone on to become millionaires. So what do you need to become one of the successful ones? Don't worry if you don't have everything it takes. Training can develop many of the so-called essentials. All you really need to know are which ones are your strengths and which are your weaknesses. Here are some traits you'll need. It 's up to you to decide if you've got them, or if you'll work on getting them.

- Common sense. If you're not sure whether you've got it, ask your family. It 's the ability to make sound judgments about all manner of life issues. It can be a combination of past experience and knowledge and will help you get to the core of a problem by simplifying it.

- Specialized knowledge of your field. It 's no use jumping into something about which you know nothing. Most successful businessmen have gained much valuable experience in their trade well before they went into business for themselves.

- Self Confidence. When you start out in small business, the buck will usually stop with you. You are the one who has to make difficult decisions and wear the consequences. This is not always something you either have or don't have. You may have it in one area or situation and lack it in another. Training will help you to get it.

- The ability to get things done. This is actually self-discipline. It 's no use deciding to take the day off because it 's sunny and the surf 's up. There are things requiring your attention and if you leave them they won't get done. On the other hand, it 's no use being on the job if you fritter the time away on menial talks that should be delegated.

- Creativity. Sure it 's been done that way since Adam, but there could be a better way to do it - one that will save you time and money.

- Ability to lead. Do you get along with others or is there a long line of dissatisfied staff, customers, clients, friends and relatives behind you? Your ability to lead and get people to do great work is paramount to your success in business.

- Self reliance. If you can't rely on yourself, whom can you rely on? You need to be able to set goals and do whatever it takes to reach them. Sure you'll have others under you - eventually, but many small business owners need first to rely on themselves. If you want to start a small business, the best thing to do is get in there and have a go. You can learn as you go, but make sure you listen to others advice, even if you don't always follow it. Being open to new ideas and advice is important too.

If you want to start a small business and don't feel like you have the traits to be successful maybe you need to develop them. The traits listed above can all be developed to the point the are habitual. It takes time and effort. Sometimes it comes down to getting out of your comfort zone and as Nike said in their commercials "Just Do it."

About the Author

Jeff Schuman invites you to visit his small business resources
website for everything you need to start and run your own successful small business. http://www.sites-plus.com

Article Source: Content for Reprint

7 Tips for Starting a New Business in a Small Town

by: Cathy Goodwin, Ph.D.

Q. I am transitioning to a new career after sixteen years to spend more time with my family. We moved to a very small town (less than ten thousand people) and I want to start an coffee shop business and also offer PC repair. How can Iinvestigate and then promote this business?

A. In a big city, you'll make decisions by numbers and neighborhoods. In a small town, you schmooze!

On the surface, everyone will be friendly, optimistic and positive.

Your challenge: Get below the surface and learn the true story. You might consider asking a lot of questions before you disclose your own intentions. Listen for, "I wish we had"

1. Talk to others who have opened businesses recently.

What challenges have they faced? What works and what doesn't? Were others newcomers successful? If so, were they truly new or did they have deep roots in the town, such as a brother who lived here forty years?

If nobody's opened a business for awhile, dig deeper. Maybe there's no market. Or maybe they're just waiting for you to arrive! Sometimes a new business can generate latent demand. It's a judgment call.

2. Make a great first impression.

Promotion isn't hard in a small town. Ten minutes after you've opened, everyone will know! Some towns resist doing business with uppity newcomers. Others welcome new blood. Regardless, your first impression will linger a long, long time. And you'll have trouble recovering from a local opinion leader with a bad experience.

3. Uncover the town's market and memory.

Considering buying a business? Take time to discover the owner's reputation. When the local residents seem eager for a change of management, you'll need a new name and image. But if someone's just moved away and everyone misses them, you've got a wonderful opportunity. Right now in Silver City we could use a few first-rate pet-sitters and dog groomers.

But be sensitive to change. Before I moved here, I'm told, at least three coffee shops failed. Now we have several, along with a wine bar and a microbrewery. All seem to be thriving.

4. Search the fine print of local regulations.

Here in Silver City, our newest businesses had to fight all kinds of red tape to get opened. One called City Hall to get help with a business that was new to the area. "It's not listed here," said the clerk, "so it's probably illegal." (The business has opened and thrives.) Another discovered his license hadn't come through because the Council forgot to add it to the agendaand they weren't interested in making last-minute changes.

Any time you serve food or drink, you know you're facing permits. Find out what's involved locally.

5. Prepare to do most of the work yourself.

In a small town, you can have trouble finding good help. The local work ethic may surprise you - in either direction.

6. Know your community.

Will your market come from second and third generation local residents? Or are you serving those who relocated recently from urban areas? Here I've met folks who think three dollars is way too much to pay for espresso drinks. But those who bonded with Starbucks will buy at least one cup a day, every day.

7. Build relationships.

If you can attract a town leader, you'll draw a following. Conversely, if you inadvertently alienate a key player, or if a local person's got an idea on the drawing board, you'll be miserable.

And in a small town, you'll be expected to be a super-citizen. Choose alliances and sponsorships carefully. Prepare for all sorts of friendly requests to donate time, materials and money.

About The Author

Cathy Goodwin, Ph.D., is an author, speaker and career/business consultant, helping midlife professionals take their First Steps to a Second Career. http://www.cathygoodwin.com
"Ten secrets of mastering a major life change"
mailto:subscribe@cathygoodwin.com
Contact: mailto:cathy@cathygoodwin.com 505-534-4294

Everything You Need to Know to Start Your Own Small Business (Wiley Business Basics) (Paperback)

Book Description
A crash course in managing a small business

Everything You Need to Know to Manage a Small Business

The success of a small business doesn't depend on nice window displays or a big mailing list—it depends on good sound management. This book gives small business owners specific, concrete steps to successfully manage their businesses. It zeros in on the handful of critical factors that really shape and determine your business's destiny—unlike other books that lump together every kind of business task, from buying office stationery to developing international sales.

You'll discover how to:

* Assess the strengths and weaknesses of your business
* Develop an appropriate business plan to guide the operation into the future
* Manage a staff
* Establish effective accounting and internal control systems
* Avoid the common traps and pitfalls of rapid expansion

Any business, large or small, faces a whole set of management challenges. This book offers a complete review of the management challenges faced by today's small businesses. Specific, direct, and full of examples, it will be a vital resource for small business owners intent on success.

Wiley Business Basics Inexpensive resources for today's savvy entrepreneurs!

From the Back Cover
A crash course in managing a small business

Everything You Need to Know to Manage a Small Business

The success of a small business doesn't depend on nice window displays or a big mailing list—it depends on good sound management. This book gives small business owners specific, concrete steps to successfully manage their businesses. It zeros in on the handful of critical factors that really shape and determine your business's destiny—unlike other books that lump together every kind of business task, from buying office stationery to developing international sales.

You'll discover how to:

* Assess the strengths and weaknesses of your business
* Develop an appropriate business plan to guide the operation into the future
* Manage a staff
* Establish effective accounting and internal control systems
* Avoid the common traps and pitfalls of rapid expansion

Any business, large or small, faces a whole set of management challenges. This book offers a complete review of the management challenges faced by today's small businesses. Specific, direct, and full of examples, it will be a vital resource for small business owners intent on success.

Wiley Business Basics Inexpensive resources for today's savvy entrepreneurs!