Recessionary times frequently birth exciting new start-up firms. According to the SBA (Small Business Administration) there are more than 600k business start-ups each year. Each year, just as many businesses fail or go bankrupt. Failure happens because someone took a risk and there's nothing to be ashamed of in the trying. But mistakes can be costly, so here are some questions to ask yourself before venturing out in your own business. (The first 5 questions were covered in last week's segment. If you missed it and would like the list, email me.)

Do you follow through? Can you implement your vision? Have you done what you wanted to do in the past? Have you led other efforts: were you class president or did you lead a project for work or church? Or do you dream on the couch as you munch chips?

Are you well-spoken? Can you communicate well enough to sell you dream to others: employees and clients, and possibly bankers? If you can't cold call, find other ways to get your name out there.

Are you passionate? If you are starting this to make money, people will realize it and you may not have the success that you dream. It doesn't matter what you do, just do it well and with integrity.

Are you a self-starter? Do you have the energy to get things done? You've got to have the "gumption" to get work done even without punching a clock. It also helps if you believe that you are good at what you do and get back up when you are knocked down.

Do you need a partner? If you lack some of these characteristics, you may want to partner with someone or to develop relationships with mentors or fellow business owners with whom you can confer. Many partnerships do not succeed, so think that through carefully. One study by the Harvard Business School found that the most successful businesses were partnerships where people had worked together previously and already knew what role each fit into best. The firm benefited from multiple talents and the relationships from earlier ventures made the partnership more stable.

Good luck!


Marion R. Syversen, MBA - President
NorumbegaFinancial
207.862.2952
Marion@NorumbegaFinancial.com
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Voted Bangor's Best Financial Planning Firm 2008 by Market Surveys of America


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