Monday, April 25, 2011

Is Starting A Business Right for You?

By Renée A. Hanson

With unemployment high, many people are wondering if job security lies in self-employment. But how do you know if entrepreneurship is the right move?

Before hanging out your shingle, evaluate your strengths and weaknesses with questions like these:

Are you self-motivated? As a small business owner you’re accountable only to yourself. Consider if you’d be able to develop projects, organize your time and follow through on details without any supervision or support from management.

Can you make decisions on your own? Independent entrepreneurs are required to make constant decisions without help – often quickly and while under pressure.

Do you possess leadership skills? Starting a new company from the ground up often means uncertainty and risk. If you are a proven leader, it will increase your chances of seeing a small organization through any trying times.

Do you have strong planning and organizational skills? Business failure can often be avoided with careful planning. Effective organization of financial data, inventory and production schedules is key to keeping an organization running smoothly.

Do you have good instincts? “Street smarts” – or good gut instincts – are essential, but hard to quantify. Some also call it common sense, but however you label it, an owner with intuitive good judgment can help put and keep a startup operation on track.

Remember…starting a business is similar to playing chess: Your opening moves are critical to your success in the end.

Renée A. Hanson, CFP®, CEP®, CDFA™, CFS, is a private wealth advisor with Hanson, Ayala & Associates, a private wealth advisory practice of Ameriprise Financial Services, Inc. Her passion is in helping women achieve their dreams and financial goals, regardless of life’s many obstacles. Renée is licensed/registered to do business with U.S. residents only in the states of AZ, CA, CO, GA, IA, IL, MI, MN, MT, NH, NJ, NM, NY, OH, PA, SC, TX, VA, WA, WI. Please visit to learn more.

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