Owning a business is often part of a person’s dream.
The appeal of business ownership comes from a variety of reasons including independence, being the boss, money, and family time to name just a few.
Yet there is a substantial gap between starting a business and still be running that business five years later. Statistics vary but as many as 60 to 80 percent of businesses are no longer in operation after a five-year span.
There are lots of reasons why a business may not succeed, many of those reasons are out of control of the owner.
But many of the reasons are something the owner can prepare for before the doors are even opened.
This video looks at 10 items a potential owner must ask himself or herself before going into business.
This self-analysis can highlight where you may need help or more training. The areas include things such as marketing, having enough cash set aside, and having the necessary passion. The great thing about each of these potential hurdles is they can all be overcome, the skills needed are something you can learn.
So take just six minutes and take this self-assessment. See if you are ready to take the plunge into small business ownership. The tool is no guarantee but it’s a first step.
So, set yourself up for success. Watch the video and get started.
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Glenn Muske is an independent expert on rural small business, working as GM Consulting – Your partner in achieving small business success. He provides consulting, and writes articles for county extension agents and newspapers across North Dakota. Previously, he was the Rural and Agribusiness Enterprise Development Specialist at the North Dakota State University Extension Service – Center for Community Vitality.