Do you have what it takes to be a successful entrepreneur?

People who are successful in running their own businesses usually say they would not like to go back to being employees again.

Risks are high, rewards are good…but running your own business is often a lot more difficult than most people could ever have imagined.

Here are some questions to ask yourself before taking the leap:

• Do you believe in yourself? You need to believe both in yourself and in the goods or services you plan to offer.
• Will you be doing what you enjoy? The success of your venture will be influenced directly by your personal satisfaction and your enjoyment of the business.
• Are you effective at time management? You need to set aside quality time for your family and for yourself – running your own business will take a lot of extra time and energy.
• Will you be able to work long hours for extended periods of time? Be honest with yourself and make sure that you are mentally and physically able to cope.
• Are you able to handle stress? Stresses from many sources will stretch you in all directions, so you will need to set up a support structure to help you cope.
• Will you view setbacks as opportunities and challenges? You need to be able to react positively to changing markets and other challenges without losing sight of your goals even when there are setbacks.
• Are you prepared to take calculated risks? By developing skills, planning and doing proper research you can minimise risk. You should also consider how much you are prepared to lose and plan how to limit the damage if it all goes wrong.
• Are you pro-active? You need to be creative, to think laterally and to take the initiative.
• Do you have all the skills that you need? You need to be able to sell your product, manage your cash flow, make sure your accounting books are done and also comply with government requirements e.g. VAT returns