DO YOU
HAVE WHAT IT TAKES TO RUN YOUR OWN BUSINESS?
by John J. O'Callaghan
The quickest way to become financially independent, says Venice,
Florida-based entrepreneur John J. O'Callaghan, is to start a small
business of your own.
"You will have to work harder than you have ever worked before,
and probably for less money in the beginning. However," John says,
"if you like what you are doing, it will seem more like pleasure
than work."
If possible, you should try to find a way to capitalize on your
existing knowledge and skills. As Benjamin Franklin once said, "The
shoemaker should stick to his last."
Many people who dream of starting a business wait until they retire.
Then they buy a business, and find all they have done is exchange
money for work. Working ten or twelve hours a day, six or seven
days a week in a mom-and-pop operation, is not the best way to get
rich.
You should not go into business with the idea of doing all the
work yourself. You have to become an owner/manager rather than an
owner/operator.
To get rich quick you need the power of leverage. You have to clone
yourself. You have to hire competent people and let them do the
work while you concentrate on managing and expanding the business.
Test your success potential against the following twenty questions.
Score 1 for every "Yes." Score 0 for every "No." Score less than
13 and you are not quite ready to run your own business.
| YOUR POTENTIAL
FOR SUCCESS
- Are you in a hurry to get rich?
- Do you have a positive attitude?
- Do you have a creative imagination?
- Do you have drive, persistence and a dogged determination
to succeed?
- Are you willing to take carefully calculated risks?
- Do you have some savings and are you able to borrow more?
- Are you willing to go where the money is?
- Do you have an existing skill or knowledge you can capitalize
on?
- Can you come up with a simple idea that's loaded with
customer benefits?
- Can you identify a particular niche and the needs of that
market niche?
- Can you find a cost efficient way of reaching your market?
- Can you test your idea in the marketplace before making
commitment?
- Can you start on a part-time basis and work evenings and
weekends?
- Do you know a number of experts you can call on for advice?
- Do you have some selling, advertising and marketing skills?
- Can you make your offer more attractive than your competitors?
- Can you devise a business plan and set realistic goals?
- Are you willing and able to hire competent people to help
you?
- Are you willing to delegate authority?
- Does your spouse support you in your business ambitions?
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Patrick Tan, a former journalist and entrepreneur, offers a complete
range of e-commerce solutions, services and free resources to help
you build a successful career online. Visit his site at http://www.aloha-city.com
for more information. He publishes a free newsletter to share his
experience and business know-how. Subscribe Now! basics@aloha-city.com
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