Businesses start somewhere – more often driven by an entrepreneurial passion. The transition from employee to entrepreneur is not for the faint of heart. Statistically, many entrepreneurs fail. According to the Bureau of Labor Statistics, in 2010 more than 96,000 companies closed its doors after an even more devastating loss of 400,000 companies in 2009.
Don’t let the numbers deter you from launching a new business venture, but rather assess your entrepreneurial readiness:
Insight: Have you thought your idea through? Have you identified the value for what you propose for your customers? Have you researched your idea?
Ability: Analyze your personal and professional abilities. How will your skills enable you to execute on your idea?
Risk: Are you making a calculated risk or a foolish one? Is the risk more than you can afford to take?
Endurance: Are you prepared physically and mentally to launch a new business?
True entrepreneurs will attest to the fact that if being in business for yourself was easy, everyone would do it.