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Along with "This year I'll drop weight!" and "This year I'll end smoking!" and the actually popular "This year I'll end watching reality TV!" Among the more widespread resolutions created by many people this time around of year is "This year I'll start my own, personal business!"

I contact it "The American Dream Res...

Since this is my first column of 2004, I thought we'd spend a few minutes speaing frankly about these well-intentioned, though seldom kept promises we call New Year's Resolutions.

Along with "This year I'll drop weight!" and "This year I'll end smoking!" and the ever popular "This year I'll end watching reality TV!" Among the more common resolutions made by several folks this time of year is "This year I'll begin my own, personal business!"

I call it "The American Dream Resolution," and like the majority of New Year's promises it is a proclamation of objective that's often made, but rarely carried out (at the least in a effective way).

Before you jump off the corner to the entrepreneurial abyss in 2004, here's a small test to simply help you choose if this certainly is a quality you're qualified to create or if you must just stay glued to "This year I will drop weight..."

Give yourself 10 details for each "Yes" solution and a huge ZERO for each "No."

1. Are you able to delegate without micromanaging? In operation needs the performance of dozens of multiple duties and it's silly to attempt to manage them yourself. You must surround yourself with lovers and personnel whom you may trust to do these jobs as you would yourself. If you can not hand out responsibility without worrying on the result, add a zero to your score.

2. Are you personal motivated and disciplined? If you don't have the ability to jump out of sleep daily without your better half drenching you with cold water, it is likely that you do not have the self enthusiasm or control necessary to be a businessman. Company demands that you do something based entirely on your own volition. You've to inspire yourself to pick up the telephone and make income calls. You've to motivate yourself to get in the automobile and visit consumers. You've to do one hundred issues each day that won't get done unless you get yourself do them.

3. Are you currently scared of just a little work? Starting a small business is easy, right? WRONG! If you think working for somebody else is work, try beginning your personal business. You'll be required to give every oz of body, sweat, and holes you can gather. You'll need to work long hours and be on phone 24/7, at least in the beginning. If the mere thought of hard work allows you to exhausted, congratulations, here is your zero.

4. Are your own personal relationships strong enough to tolerate starting a company? The first issue I ask anybody who tells me they would like to begin a company is: "What does your partner think?" When you begin a company you might have to take more time away from the family than you like. The business enterprise might also put a strain on you economically. You will have enough limitations in your path with no to fear if you have the service of your family and those nearest to you

5. Could you promote? This can be a triple zero problem since every company needs customers and in the beginning it will be up to you to get these customers. This means selling your self and selling your items. Despite the fact that customers are the center of each business, you had be surprised at how many entrepreneurs HATE this aspect of doing business. Would you cringe at the thought of cold calling i.e., walking into a company and wondering to speak to the dog owner? Can you pick up the device, call a probability, and ask for an appointment without breaking in to a cold sweat? If you are not comfortable marketing, you'll employ a tough amount of time in business. Zero, zero, zero.

6. Would you quit quickly? One of my favorite words about business is: "If it had been simple, everybody could do it." Starting a business is work and the chances for failure are against you in the initial several years. If you desire to ride herd on your own company, you must certanly be willing to drop off your horse several times without giving up. If you can not dust off your pants and rise straight back on, listed here is your zero.

7. Can you manage rejection? If your feelings can be injured, hold your entire day job because business is not for you. A number of days in business, rejection waits around every corner and you must certanly be able to manage rejection without letting it overcome you down. Rejection will be experienced by you from customers, company lovers, bankers, and buyers, simply to name several.

8. Can you communicate well with others? Being fully a company owner ensures that you'll have daily conversation with a variety of folks, from your personal workers to sellers to customers to investors. You need to have the ability to efficiently control people without bad them; the ability to simply accept good assistance from mentors and pleasantly discount the bad; the ability to ignore mistakes or silently rectify them; and usually the one I've difficulty with: the ability to endure incompetence without dropping your cool (but that is fodder for another line).

9. Do you have financial support? The number one cause of company failure is really a lack of money. Before you start your business you must have enough money to see you through the first year or until the business may sustain itself. A great economic plan would include a number that leads to several commas and a considerable number of zeroes.

10. Do you've experience in the type of business you plan to begin? We have discussed this before. If you can't discover your car's motor you have no company purchasing a Lube-N-Go business. The absolute most successful business owners have prior experience in the market by which shop has been set up by them.

BONUS PROBLEM. Have you ever began a company before? Previous company property isn't a prerequisite, but it can not hurt. Many effective entrepreneurs have the skeletons of previous organizations hidden inside their cabinet. Business is just a lot like marriage: you learn a lot of things on the first one that will come in convenient the next time around. You can observe why I did so perhaps not go into marriage guidance

Give yourself 10 points for every "Yes" solution and zero points for every "No." If the "Yes" solutions outweigh the "No's," you just could have what it requires to back up your New Years resolution to start out your personal business.

If your answers lean greatly to the "No" part, you may be greater off doing work for another person.

And that leads to another New Years Resolution that goes something similar to this: "This year I will be friends with my boss"

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