Although there are many opportunities for tea rooms as successful businesses, success requires planning. But before the planning process starts the budding entrepreneur needs to evaluate their personal psychological, emotional and financial preparation for the task ahead.
Start UpAre You Ready?
Starting and running a business is not easy. If it were, because of the rewards, many would do it. And it takes more than a dream and planning skills. The individual entrepreneur must have the psychological profile to undertake the effort and make it a success. There are many elements in the profile and below are a list of questions that must be considered before the entrepreneur devote time, resources and money to a new venture.
What are the similarities of successful entrepreneurs?persistencedesire for immediate feedbackinquisitivenessstrong drive to achievehigh energy levelgoal oriented behaviorindependentdemandingself-confidentcalculated risk takercreativeinnovativevisioncommitmentproblem solving skillstolerance for ambiguitystrong integrityhighly reliablepersonal initiativeability to consolidate resourcesstrong management and organizational skillscompetitivechange agenttolerance for failuredesire to work hardluck
Entrepreneurs are made, not born and these skills can be acquired over time. The financial and social benefits to the successful entrepreneur are many but perhaps the greatest benefit is the psychic rewards of being your own boss and accomplishing the goals of the business.
Are you ready?
Is Entrepreneurship For You?
In business, there are no guarantees. There is simply no way to eliminate all the risks associated with starting a small business - but you can improve your chances of success with good planning, preparation, and insight.
Start by evaluating your strengths and weaknesses as a potential owner and manager of a small business. Carefully consider each of the following questions.
Are you a self-starter? It will be entirely up to you to develop projects, organize your time, and follow through on details.
How well do you get along with different personalities? Business owners need to develop working relationships with a variety of people including customers, vendors, staff, bankers, and professionals such as lawyers, accountants or consultants. Can you deal with a demanding client, an unreliable vendor, or a cranky receptionist if your business interests demand it?
How good are you at making decisions? Small business owners are required to make decisions constantly - often quickly, independently, and under pressure.
Do you have the physical and emotional stamina to run a business? Business ownership can be exciting, but it's also a lot of work. Can you face six or seven 12-hour work days every week?
How well do you plan and organize? Research indicates that poor planning is responsible for most business failures. Good organization of financials, inventory, schedules, and production can help you avoid many pitfalls.
Is your drive strong enough? Running a business can wear you down emotionally. Some business owners burn out quickly from having to carry all the responsibility for the success of their business on their own shoulders. Strong motivation will help you survive slowdowns and periods of burnout.
How will the business affect your family? The first few years of business startup can be hard on family life. It's important for family members to know what to expect and for you to be able to trust that they will support you during this time. There also may be financial difficulties until the business becomes profitable, which could take months or years. You may have to adjust to a lower standard of living or put family assets at risk in the short-term.
Not everyone can or should be an entrepreneur and it is hard to imagine a society with total entrepreneurship all of the time. Nevertheless, those who elect to start a business can reap many psychological and financial benefits.
Proper planning is the best way to improve your chances of success.
Copyright: Copyright © 2007-2008 Marcus Stout
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