Can I make it on my own?

Seven questions to see if you are ready.

QuestioningIf you’ve really made the decision to step out into the exciting world of entrepreneurship, here are seven questions that you’re probably already asking yourself, or at least you should be.

1-Am I cut out to be an entrepreneur?

Great question about attitude and temperament. And there are no perfect answers.

Do you question authority? Have you ever been fired from a job? How many times?

We only know that the entrepreneurs we’ve worked with have an unswerving belief in what they’re doing and seem to get tougher the more obstacles they encounter.

And many have been unsuccessful in following the classic education-employment path.

2-How soon will I see income and how much?

Let me see what the crystal ball has to say about that.

It does, of course depend on a lot that neither you nor anyone else knows the answer to. However, if you do thorough planning, including cash flow projections, you should begin to see how long it will take to break even. (Hint: Double that time frame to cover contingencies.)

3-What are my chances of succeeding?

Statistics about business failures are all over the map and cover a lot of businesses in various parts of the country and the world.

They also apply to a wide variety of people, many who have never been in business before, some who are barely literate and most who haven’t done a good job of planning.

Don’t put your faith in statistics.

4-Can I do this from home?

Maybe you can in the beginning. It depends on your business and the market. We have lots of ideas for setting up your home business.

5-What new skills will I need?

More than you can foresee. Probably FAR more! Be prepared to find and pay for help where you need it. To the extent possible, you want to stick with your strengths, not learning a host of new skills.

6-Do I need a Business Plan?

Yes, but don’t expect everything to go according to plan.

Bankers and investors don’t put a lot of faith in the plan, but they want to know that you’ve done it.

7-Do I need a Marketing Plan?

Bankers, investors and potential partners will be more interested in your Marketing Plan, in particular how well you’ve identified your target market. Tempted to skip this plan? Far too many new businesses fail because by the time the would-be entrepreneurs wake up and realize that money only comes in when you sell something, they’re shocked or stupefied.

But, you know better, right? You will devote much of your time and energy to marketing, especially in the beginning.

There are more questions for entrepreneurs.

If you haven’t been dealing with them already, you can expect some to show up regularly, usually about 3 o’clock in the morning! (It happens to me all the time and I have been an entrepreneur for decades!)

Watch for questions throughout our material.

And if you aren’t asking your own questions all the time, you’re probably not going to make it as an entrepreneur.

Joe Krueger
The Marketing Machine®

P.S. If you are looking for specifics on what goes into a marketing plan, head over to to see if what you need is there. We’ve assembled a ton of resources for entrepreneurs in start-up mode.

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