Are you ready to start your own business?
April 29th, 2008 by financialgal
Starting your own business is a real nail biter by itself, to say nothing of doing so in this “economic slowdown” (as characterized by the Prez). But a looming recession should be no deterrent to pursuing your entrepreneurial dreams. According to Inc. magazine’s May 2008 edition, iconic companies like Coors Brewing, Herman Miller, General Motors, and Microsoft, to name a few, were started during past recessions. But how do you figure out whether you are even cut out for the self-employed world? Moreover, how do you maximize your chances of business success (or minimize headaches)? Remember those tests you had to take in high school to assess what you should be when you grow up (nurse, doctor, firefighter, professional wrestler)? Well, the Small Business Administration has something similar for business wannabes; it’s called the “Small Business Assessment Readiness Tool.” Styled like those high school career questionnaires, the SBA “Readiness Tool” asks both general questions about your aptitude and willingness to be self-employed as well as specific questions like whether you know the tax requirements for your business. Starting a business presents all sorts of huge challenges and requires massive amounts of homework and dedication. But this SBA tool is a nice place to start, if just to give you a general framework for many of the issues that you should consider before taking the entrepreneurial plunge.
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