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Small business – Are you ready to be an entrepreneur?

Small business – Are you ready to be an entrepreneur?

August 20, 2013

Are you willing to swap a fixed salary for financial uncertainty? Can you part with your weeks’ worth of paid vacation to pursue your passion? Fortunately, knowing whether or not you’re built for self-employment doesn’t have to be a guessing game. Read on to discover if you have what it takes to grow your own successful business. 

You’re self-disciplined.

If you require careful instructions and stringent deadlines to get the job done, self-employment may not be the path for you. Entrepreneurs are typically self-starters who are willing to commit the necessary sweat equity to make their dreams a reality. 

You possess financial smarts.

If only businesses grew on hard work and vision. The truth of the matter is, starting a business requires cold, hard capital. Fortunately, a bank can offer plenty of borrowing options. Credit cards offer flexibility for everyday business purchases such as office supplies and furniture. Lines of credit can help a budding entrepreneur improve cash flow and keep borrowing costs down with interest payable monthly. And business owners can now choose from a variety of loans and leases to subsidize major purchases without tying up operating funds. 

You have access to a strong social network. 

Spreading the word about your budding business isn’t what it used to be. These days, growing companies rely on strong social networks to promote their products and services. A LinkedIn account, a Twitter feed, a Facebook profile – they’re all social media tools that today’s most successful entrepreneurs know how to use to their advantage. 

You’re a wise money manager. 

Even the best business ideas can’t survive for long without positive cash flow. Cash flow is what allows small business owners to stock their shelves with merchandise, promote their services, build their brand and pay themselves a livable salary. But maintaining a positive cash flow requires money sense, such as knowing how much you need to charge your customers to earn an income and what you can afford to spend on employee salaries, supplies and other pertinent expenses.