Work + Money

Saturday, October 11, 2008

Quiz: Are you an entrepreneur?

Getty Images

Getty Images

As a business writer who specializes in writing about women business owners and the issues they face, and as a woman who has started and run several businesses since 1995, I'm puzzled when I hear women say:

I really want to start a business -- but I have no idea what kind of business to start.

I hate to break it to these women, however, wanting to start a business and having an idea for a business are one and the same for almost every person who becomes an entrepreneur. I'm not saying that every entrepreneur has a fully formed business plan in their head before they start -- or even one on paper -- but I don't think I've ever met or heard of anyone who just "wanted to start a business" but were stymied by what kind of business they should start.

My feeling is that if you want to start a business but have no idea what kind of business, chances are what you really want is the myth of the flexible, work-from-home entrepreneurial life or you want the perceived "control" and "creativity" that having your own business seems to offer.

Wanting those things does not usually make you a good candidate for entrepreneurship. My advice to you if you are saying to yourself, "Yeah, that's what I want -- to work from home, have more flexible hours, and have a little more control over what I do" is to look into working from home for someone else's company. Or explore ways you can telecommute at your current job. Or seek out a job where telecommuting is built in.


If you are still wondering if you should be an entrepreneur, here's a quick quiz for you.

1. Do you have an idea for a business that is burning a hole in your brain, begging to be made real?

2. Are you a risk taker and love taking chances, even in the face of adversity?

3. Are you ready to spend hours and hours a day - and night - making your business happen?

4. Are you prepared to have your life dominated by business, often at the expense of your personal and home life?

5. Can you stand not taking a vacation for a year? Two years? Three?

6. Are you up for waking up in a cold sweat in the middle of the night realizing that the success -- or failure -- of your business relies mostly on you in the first year?

7. If you will have employees, are you ready to watch most of your hard-earned money go into other people's pockets as you may have to take a pay cut or no pay until your business really gets off the ground?

8. Can you live without health insurance for a while or do you have a spouse/partner who can put you on their insurance plan?

If you answered YES to ALL of these questions, then maybe you do have what it takes to start a business. But go back to #1 -- what is your business idea?


Aliza Sherman is the Entrepreneur Mom blogger on WorkItMom.com and also blogs regularly on WebWorkerDaily.com.
Syndication:

From the Community…

Comments 1-10 of 17
  • caroljoy's Avatar
    Posted by caroljoy Wed May 28, 2008 9:15pm PDT

    Very sound advice. I am a small business owner and know how easy it is for women especially, to want some autonomy and control over their time and finances and so believe that starting a business is the answer.

    It may very well be, but the business must be driven by an idea, a sufficient need for the product/service derived from that idea and a passion to keep going especially when things are not falling in place as hoped.

    One tip to help generate those ideas for a business is to start by identifying what you just love to do. Then look at any gaps or deficiencies that may exists in this area. This may be your business.

    All the best.

    Report Abuse
  • MissyJ's Avatar
    Posted by MissyJ Thu May 29, 2008 11:31am PDT

    I started a business this past year, and it's been the craziest thing I could have imagined. My daughters love getting notes in their lunchboxes, but mornings are crazy at our house, so I wrote up a stack of them to put next to the PB in the pantry and dole out a little at a time. A few of my friends said they wished they had something like that, but never knew what to write. I took my kids' names off the top and put "my precious child" in the salutation. When I had 80 notes assembled my husband suggested packaging and selling them. I found a supplier in China to make mini tin lunchboxes with my logo on it (my husband suggested we call it "Devotionables" like Lunchables) and next thing I knew we had 5,000 tin boxes headed across the Pacific. We had the printing done locally. Now a grocery chain is carrying them in 4 states, and I'm starting to think of reordering. Just goes to show about how an idea can grow, as long as you can stay calm when things go wrong. I think for the amount of hours I have invested I'd have done better working at McDonalds, but the satisfaction counts for a lot.

    Report Abuse
  • debtfreegoal's Avatar
    Posted by debtfreegoal Thu May 29, 2008 1:31pm PDT

    I am building my own on-line business up. It's for moms who want to work at home. I know of a few free places online that are legit (I have used them myself). I made a list at

    http://www.freewebs.com/free2workathome/

    Report Abuse
  • Lynda's Avatar
    Posted by Lynda Thu May 29, 2008 3:02pm PDT

    Lunch box idea is great. I have owned several businesses but recently sold a coffee business that I opereated for 12 years with 35 employees. I am ready to jump into something new but this time I am at a loss for a new business idea. The ecomony is making you think outside the box. Anyone have any ideas?

    Report Abuse
  • shubha m's Avatar
    Posted by shubha m Thu May 29, 2008 10:30pm PDT

    Dear J...wonderful thing u wrote... i m from india, & what u wrote is not just interesting but also extremely inspiring. U put back my faith in positive thought & action. Before i write anything else i wish to tell u that if u ever wish or need to involve or include me in this activity of yours then i would b most happy to b a part of positivity.

    The ancient indian school of thought asserts that the INTENT & the EMOTION matters the most. it also explains that the MIND makes up our matterial world...what we BELIEVE...BECOMES...what we ASSUME is the EXISTENCE !!! So the INTENT & EMOTION behind any THOUGHT & ACTION is so important & effective as your story proves beyond doubt.

    i wish u from the depth of my heart, Health & Happiness & Love & Luck.

    Report Abuse
  • shubha m's Avatar
    Posted by shubha m Thu May 29, 2008 10:31pm PDT

    Dear J...wonderful thing u wrote... i m from india, & what u wrote is not just interesting but also extremely inspiring. U put back my faith in positive thought & action. Before i write anything else i wish to tell u that if u ever wish or need to involve or include me in this activity of yours then i would b most happy to b a part of positivity.

    The ancient indian school of thought asserts that the INTENT & the EMOTION matters the most. it also explains that the MIND makes up our matterial world...what we BELIEVE...BECOMES...what we ASSUME is the EXISTENCE !!! So the INTENT & EMOTION behind any THOUGHT & ACTION is so important & effective as your story proves beyond doubt.

    i wish u from the depth of my heart, Health & Happiness & Love & Luck.

    Report Abuse
  • Beach Chick's Avatar
    Posted by Beach Chick Thu May 29, 2008 10:44pm PDT

    I was a tourist in Paris just going to the Louvre in 2002 and saw a darling boutique with tons of gorgeous French Handbags and women going crazy for these bags and the lightbulb went off for me that moment to start a home-based web business selling French Handbags to women all over the world..

    I made a deal with the owner of the shop that moment and I have never looked back.

    I am always in the top ten for handbag websites and I love what I am doing, make great money and I'm living the dream!

    www.BinkHandbags.com

    Report Abuse
  • jacqueline a's Avatar
    Posted by jacqueline a Fri May 30, 2008 3:43am PDT

    I am very, interested in starting, my own business, i have a lot, of great idea's. I just havene'nt gotten around, to putting it, down on paper yet. But i will, Thankyou for putting, your story out, i found it, to be so enjoyable. First how do, you trust other, people with your, ideas. I dont trust people, especially when it, come's to my work.

    Report Abuse
  • d_macias3's Avatar
    Posted by d_macias3 Fri May 30, 2008 8:30am PDT

    I've never heard it.

    "I really want to start a business -- but I have no idea what kind of business to start."

    The one I've heard is

    "I really want to start a business but I have no money"

    when people have unlimited resources they know that they can get into something they like if they want.

    So let's re-phrase it

    I really want to have the resources to start a business that I can be successful at.

    Report Abuse
  • sassy's Avatar
    Posted by sassy Fri May 30, 2008 9:11am PDT

    i have started a business, but just advertising is the hard part, i make homemade dog treats. and put it on craigslist and myspace, but nothing yet, i have sold some, nothing big for me to stop working at my job too.

    Report Abuse
Comments 1-10 of 17

leave your comment

You must sign in to post a comment

Sign In for personalized information

New User? Sign Up

Updates Chatter on Shine...

work+money byte

"The meaning of the word 'integrity' may vary from person to person, but I understand it to mean something very specific: Acting in a way that is consistent with your values."