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<font size="+1"><b>by Lisa Shaw</b></font>
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<b><font color="#ffffcc">
PART 1 OF 6<br><br>
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<font color="#ffffcc">
<p>Published April 7, 1997<br><p>
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<p><a href="../../../../www_subdomain/work/columns/shaw/all.html">other columns</a><br>
by Lisa Shaw<p>
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<br><br>
<br><br>
<font size="+2">T</font>hese days, it seems like everyone's running around talking about the businesses they want to start. Why? The freedom, the potential for more money than you could make working for someone else, and the desire to take charge. The downsides of being your own boss include instability, lack of money when you need it most, and a schedule that has you on call constantly. These disadvantages, however, usually disappear after the first year or two that you've been in business. But the good news is if you want to start your own business, you probably already possess all the skills that you'll need to be a success: stubbornness, the desire for independence, and perhaps an ability to see the need for a product or service that no one else is filling. You'll just need to do a bit of homework first.
<br><br>
<font size="+2">S</font>o why do <b>you</b> want to run your own business? Before you run headlong into becoming an entrepreneur, it's a good idea to take the time to evaluate yourself, your financial situation, and the skills you'll need to succeed. Doing your homework at this stage will save you from making big and possibly costly mistakes down the road.
<br><br>
<font size="+2">F</font>irst, you must determine what your overall personal goals are and how running your own business fits in with them — and vice versa.
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<font size="+1">I</font>f you've watched one of your friends or family members struggle with running a business on a full- or part-time basis, you probably already know that the freedom that comes from being an entrepreneur is vastly overshadowed by the weight of the responsibility. However, you probably won't be able to see this until you're knee-deep in the business. Having clearly defined goals as well as knowing your reasons for starting your business will help you to get through the rough spots and hard times.
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<font size="+2">You'll still be busting your butt, but at least you'll be getting paid fairly for it.</font></font>
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<font size="+1">M</font>any entrepreneurs view the business as a means to an end: it will provide a way that they can have some control over their lives, or it may present the only way that they can live where they want to and be able to make a living. Or else you may be working in a field where you're doing most of the work for a paltry salary and your boss is sitting back and just depositing the checks in the bank. If you were in charge, you'd still be busting your butt, but at least you'd be getting paid fairly for it.
<p>
<font size="+1">O</font>ther people dream of the self-sufficiency they'll be able to achieve by running their own business. Certainly some people who want to spend more time with their families or to give up long commutes to an unsatisfying job will start to think about being entrepreneurs for this reason.
<p>
<font size="+1">R</font>unning your own business is like any other job: You need it to provide income along with a healthy dose of satisfaction. But you also need to have something in your life besides the business. That's why it's important to set goals for yourself that are totally separate from the business. Burnout is very common when you run your own business, and one way to prevent it is to plan your personal goals — that is, those that have absolutely nothing to do with your business — in advance, whether you want to learn a foreign language, or spend more time with your friends and family. If you run a business, it is both possible and very necessary.
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<b><font size="+2">WEB RESOURCE:</font></b><p>
U.S. Small Business Administration Online<br>
A terrific resource with information about the Small Business Act, tips on starting and financing your business, local resources, and much more.<p></font>
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<font size="+1">G</font>et a notebook and take some time to answer the following questions in detail:
<ul>
<li>What are the three main reasons why you want to run your own business?
<li>How long to you plan to run your business?
<li>Do you view your business as a part- or a full-time endeavour?
<li>What are your personal goals aside from running your business? Do you plan to retire at a certain age, or move on to something else after running the business for 10 years?
</ul>
<font size="+1">O</font>h, here's another thing: One comment that I hear from many entrepreneurs is that most tasks take twice as long as you think they will, from training an employee to working on a new promotional story to waiting for the responses to your direct mail offer to start rolling in. And if you're an impatient person to begin with — like me — these delays will occasionally make you crazy and unhappy with your business. And in the beginning, everything takes longer to get off the ground than you think, whether it's fine-tuning the content and design of your first brochures and ads or setting up your new phone system.
<p>
<hr>
<p>
<a href="mailto:Mozartb@aol.com">Lisa Shaw</a> has been minding her own business for 16 years. Shaw is the author of more than 20 books on business, travel, and cats; she is also the owner of Litterature, a company that produces greeting cards and gifts for cats and dogs.
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<font size="-1">© 1997 Lisa Shaw. All Rights Reserved.
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