Reality Check

Did YOU Start Your Business Without a Reality Check?

Reality strikes home when you launch your business. Suddenly you find yourself asking: "Where’s my next months pay-cheque coming from?”

Many owners start their businesses not realising the reality or drawbacks of running a business, so that their expectations are unfulfilled.

Here are some reasons

(Modified and extended from “Small Business: Preventing Failure – Promoting Success”, Lewis Paul, Small Business Development Center, The Wichita State University)

Desire Sought	Drawback – Reality Check
Be one’s own boss	Under-estimate the time commitment would draw from your personal time and lifestyle. The Boss does not have it easy! Family time lost. It’s HARD work.
Financial independence	Forget that it is a Risk Business – You can be very successful, but you can go broke too.
Breakaway from doing big company paperwork	All businesses no matter what their size have forms to be completed, systems to be worked.
Fed up with corporate inertia, want action	All business has systems to be worked. It also takes time to build up success. You need Patience.
Want creative freedom	Is there a market for your “thing”
Can’t get on with people – want to be on your own	If you can’t get on with people – how are you going to deal with your customers?

Interestingly, Lewis Paul states (again modified by me) that to be successful you need

·      Experience – knowledge of your industry

·      Expertise – in the field of your new business

·      Effort – the long hours necessary for most businesses

·      Finance – positive cash-flows – cash to survive three times longer than you think

To some extent these factors defines the necessary capabilities needed to succeed. Before starting a business carefully take a reality check. Get outside help and opinions from friends, business advisors to help you access whether your cut out to be in business for yourself.

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Be one’s own boss