Do You Have What It Takes To Be A Entrepreneur

SECRETS TO YOUR SUCCESS

Going into business for you requires certain characteristics. Not everyone is suited to be a business owner. Take some time to think about your motivations, personality, and abilities.

As a first step, ask yourself why you want to own your own business.

  1. Freedom from the 9 to 5 work routine
  2. Being your own boss
  3. Do what you want when you want to do it
  4. Improve your standard of living
  5. Boredom with your present job
  6. Having a product or service for which you feel there is a demand

Some reasons are better than others; none are wrong. Be aware, however, that there are tradeoffs. For example, you can escape the 9 to 5 daily routine, but you may replace it with a 6:00–10:00 p.m. routine.

ENTREPRENEURIAL TEST

Try to be objective in the following self-analysis. Remember, it is your future that is at stake!

  1. Are you a leader?
  2. Do you like to make your own decisions?
  3. Do others turn to you for help in making decisions?
  4. Do you enjoy competition?
  5. Do you have will power and self-discipline?
  6. Do you plan ahead?
  7. Do you like people?
  8. Do you get along well with others?

Think about the physical, emotional, and financial strains you will encounter in starting a new business.

  1. Are you aware that running your own business may require working twelve to sixteen hours a day, six days a week, and maybe even Sundays and holidays?
  2. Do you have the physical stamina to handle the workload and schedule?
  3. Do you have the emotional strength to withstand the strain?
  4. Are you prepared, if needed, to temporarily lower your standard of living until your business is firmly established?
  5. Is your family prepared to go along with the strains they, too, must bear?
  6. Are you prepared to lose your savings?

Certain skills and experience are critical to the success of a business. Since it is unlikely that you possess all the skills and experience needed, you’ll need to hire personnel to supply those you lack. There are some basic and special skills you will need for your particular business. Identify your strengths and weaknesses with the following questions.

  1. Do you know what basic skills you will need in order to have a successful business?
  2. Do you possess those skills?
  3. When hiring personnel, will you be able to determine if the applicants’ skills meet the requirements for the positions you are filling?
  4. Have you ever worked in a managerial or supervisory capacity?
  5. Have you ever worked in a business similar to the one you want to start?
  6. Have you had any business training in school?
  7. If you discover you don’t have the basic skills needed for your business, will you be willing to delay your plans until you’ve acquired the necessary skills?

A Checklist for Starting Up Your Restaurant

If you are looking into starting up your own restaurant, you will probably have a lot of work ahead of you.  This is a big business decision, and will likely require a great deal of experience and background in the food service industry.  Some people have experience in the kitchen, others may have experience serving food or waiting tables.  Chances are somewhere during your career in the food service industry you have thought about owning your own restaurant, which is what brought you here today.

Once you decide that opening a restaurant is right for you, you will want to put a plan into motion to actually get the place up and going.  There is a lot of work required in opening a business, but even more required in opening a restaurant.  Before you are ready to start serving the public, there will be lots of time spent preparing everything.

Here are a few things that you will need to do:

  • Research everything:  Your overall success will depend on how much you know about the food service industry, financial aspects of business, your clients and effective marketing.
  • Make some plans:  Start by considering the menu that you will offer.  Then, make some actual design plans for the restaurant.  Being as detailed as possible can definitely help.
  • Get any required permits and licenses:  There are a lot of industry regulations that come along with the food industry.  You will want to make sure that you cover your bases well in advance.
  • Ask for advice:  Getting the advice from experienced restaurant owners may be a great idea for you when you are just starting out.  They have been where you are, as everyone started off somewhere.

Good luck with your business endeavors, and make sure that you follow these steps to help you get started with opening your own restaurant.