Owning and running your own business is a viable option for some people.

Each year, thousands of people become entrepreneurs.  Entrepreneurship can be an exciting and rewarding experience.  It also means hard work and long hours.  It is said that an entrepreneur is someone who works 16 hours a day for themselves so that they don’t have to work 8 hours a day for someone else.  The most important factor in being successful as an entrepreneur is you.  Most people who are satisfied and successful owning their own business have several traits in common.  They are:

Self-Motivated:  You have to want to do this.  You need to be willing to put up with long hours, problems that need solving and (probably) not much money for a while.

Persistent:  Entrepreneurs need the stamina and determination to work long hours and pursue goals.  They find other ways to do thing if first attempts do not work.

Creative:  You need to be willing to try new and/or different ideas and be imaginative in finding solutions to problems.

Risk-taking:  You must be comfortable with uncertainty and a lack of security.

Independent:  Entrepreneurs have a strong need for control and a desire for challenges, and are not dependent on the approval of others.

Flexible:  You have to be willing to change and act quickly, to have a plan, but be willing to adjust it on short notice when the need arises.  Also, you must work effectively under pressure.

Realistic:  You need to find practical ways to carry out dreams and ideas.  If something is not working, you need to be able to change course to another method to increase you chance of success.

In addition to the characteristics individuals need to be successful entrepreneurs, there are several characteristics of business which increase the chance of success.  These include:

 (1)  Low start-up costs.  Able to keep initial equipment, office space, and supplies at a minimum.

 (2)  Low overhead.  Minimized initial rent, utilities, advertising, and costs etc.

 (3)  Fills a definite need.  Offered something that is needed in the targeted market.

 (4)  Targets a niche market.  Offered a specific service rather than a broad range of services.

 (5)  Grows steadily rather than in great leaps.

 (6)  Economic stability.  Business is able to benefit from fluctuation in the economy.

 It is essential that you do as much research as possible before beginning your business.  Planning at the outset can help you avoid many pitfalls later on. 

Good places to start your research are the library and the local bookstores.  There are many excellent books on small businesses in general as well as books focused on particular businesses.  Magazines such as INC. and Entrepreneur are good sources of information. 

If possible, talk to several people who are operating or have operated a business similar to what you have in mind.  People in the local area may be hesitant to discuss their business with you due to competition.  If you go out of your own area, however, small business owners are generally eager to share ideas.  Be sure to call ahead, as most business owners are very busy. 

Organizations such as the Chamber of Commerce, Small Business Development Centers, SCORE (Senior Core of Retired Executives) and networking groups of other business owners can be valuable resources for information.

Alesha Sheely is a steadily rising marketedly improving entrepreneur with a home based business in the natural wax candles industry. You can visit her personal website at:  http://www.VirginiaGourmetCandles.com.