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The Small Business
Administration is dedicated to helping
the owners of small businesses succeed. Here are some tips for
anyone thinking about starting up a new enterprise.

Is Entrepreneurship
For You?
In business, there are no guarantees.
There is simply no way to eliminate all the risks associated with
starting a small business - but you can improve your chances of
success with good planning, preparation, and insight. Start by
evaluating your strengths and weaknesses as a potential owner and
manager of a small business. Carefully consider each of the
following questions.
Are you a
self-starter? It will be
entirely up to you to develop projects, organize your time, and
follow through on details.
How well do you
get along with different personalities? Business
owners need to develop working relationships with a variety of
people including customers, vendors, staff, bankers, and
professionals such as lawyers, accountants or consultants. Can you
deal with a demanding client, an unreliable vendor, or a cranky
receptionist if your business interests demand it?
How good are
you at making decisions? Small business owners are
required to make decisions constantly - often quickly,
independently, and under pressure.
Do you have the
physical and emotional stamina to run a business?
Business ownership can be exciting, but
it's also a lot of work. Can you face six or seven 12-hour work
days every week?
How well do you plan
and organize? Research indicates
that poor planning is responsible for most business failures. Good
organization of financials, inventory, schedules, and production
can help you avoid many pitfalls.
Is your drive
strong enough? Running a business can wear you down
emotionally. Some business owners burn out quickly from having to
carry all the responsibility for the success of their business on
their own shoulders. Strong motivation will help you survive
slowdowns and periods of burnout.
How will the
business affect your family? The first few years of
business startup can be hard on family life. It's important for
family members to know what to expect and for you to be able to
trust that they will support you during this time. There also may be
financial difficulties until the business becomes profitable, which
could take months or years. You may have to adjust to a lower
standard of living or put family assets at risk in the short-term.
Information from
Small Business Administration
Wisconsin Women's Business Initiative
Corporation
Local Initiatives Support Corporation
Milwaukee
Economic Development Corporation's Business Toolbox
Nonprofit Center
of Milwaukee
Non-Profit Portal of
Greater Milwaukee
Urban Economic
Development Association
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