Starting a Business - What Do You Want?

Running your own business involves responsibility, risk and potential reward. One must balance the potential reward against the risk and responsibility involved. After all if you don't get what you want, is it worth the trouble and effort involved? Would it not be better for you to stay as you are?

Strong motivation is a characteristic in an entrepreneur and you will certainly need it as results can be slow to achieve, business has its ups and downs. It generally takes about three years for a business to be profitable. So after all of this if you are still keen to proceed you need to reflect on the following reasons you want to go into business:

• Are you after personal wealth?
• Are you looking for status?
• Are you trying to secure the future for your family?
• Do you want to be your own boss with freedom to make your own decisions?
• Do you have a good idea and know you can make it work?

So you have answered the questions. Now make a list of your reasons and prioritise them so that you can refer to them again and again throughout this process. It is not only important that you know what is your motivation but others e.g. banks, state agencies etc. will also want to know what are your motivating factors.