Do you have what it takes to join those thousands or may be million of people who start their own businesses every year? Do you have the determination, persistence and thorough research? If you can answer the following questions—or when you can answer them—you’ll know you have the right stuff to run your own company. Many new businesses fail because the business owner (that’s you) didn’t do enough research. Make sure that your business idea can work. Investigate the market carefully to see who the primary players are and how your new company fits in. Don’t underestimate how much it will cost to get your company through its start-up phase. If you didn’t do enough research or were too optimistic about your product, you could find yourself under-funded. Don’t believe even your own projections and make sure that you have money stashed away for unforeseen events. While it might be nice to have your own office with a fancy desk in a nice, new building, such comforts can eat into your start-up budget. Begin as simply and as cheaply as you can. Start the business in your garage if you have to, and don’t spend too much on offices until you’ve actually sold some products or services. Murphy’s Law states that if anything can go wrong, it will. Believe it. Nothing ever goes according to plan, and for that reason, you must always develop a back-up plan. Even if your research was perfect, something or someone will certainly throw a wrench—even if just a small one—in the works. But if you have done your homework and created a back-up plan, you’ll be able to stop, make adjustments and move forward more efficiently. Before you take on a partner, think the decision over carefully. Have you chosen someone who will work as hard as you do? Partners should earn the privilege of owning a portion of the business. If they bring money to your operation, that’s a convincing reason to keep them. If you’re just lonely and want to have a friend to keep you company, though, re-think the partnership decision. When you hire people, you want to choose those with the right skills and the right attitude to help your business grow. Especially with a small business, you can’t afford to employ someone who won’t be a good fit. As a general rule, don’t bring friends or family into the business—unless, maybe, your nephew just graduated with an MBA from Stanford, your niece is a graduate of Harvard Law and both of them are at the top of their respective classes. Of course, if it’s a family business, exceptions to the rule can be made.

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