There are about 23 million small businesses in the United States today. And, approximately 30% of the population is thinking about starting a small business. Are you an aspiring entrepreneur? Is small business ownership your dream? If your answer is yes, be prepared. The most common reason for small business failures is the lack of management skills. The good news is management skills can be obtained through training, work experience and the advice of a business counselor.

As you consider your personal and business goals, ask yourself tough questions. Are you a self-starter? Do you have the stamina to start a new business? Many entrepreneurs say that there is no 40-hour work week, much more like 50-70 hours. Do you have capital or access to capital? Can you plan the course of your business for the first year? Are you ready to be both the company thinker and doer?

Look at resources to help you prepare for business ownership. Opening a small business is a big risk, which does offer the potential of a significant payoff. Profit, personal control, pride of ownership and self reliance are the potential wins of entrepreneurship. Small businesses do succeed. In our country small businesses generate more than half of all sales in America. If you are a risk taker, small business ownership may be for you.

Plan and prepare to succeed in business. Small business success is not random; it is the result of a concentrated effort. Ask yourself the following questions. If you answer yes, you have the basic qualities of an entrepreneur. If you answer no to any of the questions, evaluate these as areas where you can build my skills?

If you need to differentiate your product or service, gain management experience, or gain access to capital, ask for help. Entrepreneurs are often individualists who want to do it all on their own. Before you take the plunge into entrepreneurship, take advantage of every resource that can help you succeed. The savvy entrepreneur looks for ways to succeed by tapping into existing resources, so his or her time can be spent on crucial issues and not be spent working on getting past a steep learning curve.

• Is my product or service different from others on the market?
• Do I have management experience to help me run a business?
• Am I ready to commit to the demands of owning a business?
• Can I take responsibility and make effective decisions?
• Am I in good health with the stamina for the job ahead?
• Do I have the encouragement and support of my family?

The best way to start a business is with forethought. In your mind you have a plan for success. Take the time before you invest in the business start-up to put your ideas in writing. Begin developing a business plan. 

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