Am I ready to be my own boss?

SCORE® counselor and noted advertising executive, Alan Yarnoff asks the question, “Do you want to be your own boss?”

How many times have you gotten up in the morning and headed to work wondering if I would be better off being my own boss and answer to no one but myself? Being your own boss is not an easy task, as evidenced by the fact that 85% of all small business fail after five years. Even so, being the boss can be appealing and many have had great success. Before you give up a steady job here are some points you need to consider:
- Are you a good decision maker who can make decisions quickly under pressure and in an independent manor?
- Do you have the stamina to put in seventy to eighty hour work weeks over a long and protracted period?
- Do you have good business skills from marketing to accounting and beyond? Remember small business is just that and you need to be prepared to do it all.
- Are you a self starter? It will be up to you to take the lead to develop the business, manage the process, and follow through on all the projects.
- Do you work well independently, since once you are on your own you really are alone? No accounting department to call on for forecasts, no marketing group to turn to for sales and promotion ideas, and no dedicated sales organization to bring in the business.
- Are you ready to handle the uncertain financial risks? Remember you won’t be getting a pay check weekly, and there will be times when your cash flow dips well below your operational costs leaving you short of covering your fixed personal expenses.

Lastly, remember this new venture will completely change your life. You will need to balance family demands with your new responsibilities. You may have financial difficulties before the company becomes profitable creating a need to reduce your living standards and forego family activities that had been common place prior to your new business adventure.

Well, if you answered the above with a definite "yes", you may be a candidate to be the boss. Remember, before you leap into the market place do your homework and make sure you get it right.

Richard Strug
Greater Princeton Area SCORE (Chapter 631)
Serving Mercer and Middlesex Counties