Should I start my own business?

You have a great business idea and are very excited about it.
Yes, you will see all the guru advice about pursuing your dreams,
stepping out of your comfort zones, quitting your job, and becoming
rich by starting your own business. Not too fast.
The reality is nine out of ten new businesses do not survive.
The failure has nothing to do with the great idea. It is due to poor implementation, lack of planning,
and not hiring the right accountant and employees. As an accountant for over 20 years,
I have seen businesses of all sizes succeed and fail.
Success and failure are driven mainly by how the business operations are executed and managed.


If you are willing to wake up early every day, work late, and dedicate plenty of personal time to your great business idea, you are off to the right start.
However, brilliant executions are significant vital factors. Start by gathering information so you can answer the big question: Should I start my own business?


Here are three questions you should ask yourself:


1) Are you prepared to fail?


Starting a business is not a guaranteed success venture.
You can work hard, invest all your savings, hire an expert, and do everything right and you can still fail.
A failed outcome is always a possibility. At the end of the day, the consumers will decide if they want to pay for your idea or product.


2) Do you really have a "good business idea or product"?


Solicit opinions about your business idea. Ask your close friends and family relatives. Even better, consult with an expert. Perform extensive research. Do you really have the next billion-dollar idea or product? This process will allow you to gain confidence in your business idea or product. Be open to listening and accepting feedback. You can develop your idea or product by gathering feedback: the more feedback, the better. Be strategic about this approach. Write down the feedback, and ask yourself if you can improve your idea or product. Is the feedback unbiased?


3) Can you afford to start a business?


Yes, cash is king. You will see many advertisements about "business loans" online. Loans are hard to obtain. You must have a good credit score, credibility, and collateral. Are you prepared to spend your retirement savings? Do you have a family member that can invest in your business? You will spend money on the first day you start your business.
If you are up for the challenge, you should start your own business! There are non-monetary rewards to having a successful business. The sense of accomplishment and building a business from the ground up are very fulfilling. The financial benefit can be immense. There is joy in having the freedom to run your business and be your own boss.