SCORE

What does it take to start and manage a successful business?

In the United States there are nearly 23 million small business owners and 500,000 new businesses started each year. Successful small business owners come from all walks of life, all educational backgrounds and all parts of the world. Some began their companies to devote themselves full time to an industry they love, while others sought to free themselves from the uncertainties of working for someone else.

What does it take to start and manage a successful small business? At its most basic level, it requires research, planning, commitment and hard work- all of which demonstrate a truly dedicated, innovative and motivated entrepreneur. It takes learning everything you can that would be relevant to operating the business and understanding the industry.

Entrepreneurs are both dreamers, who see all the possibilities, and realists, who recognize the truths and risks of building a viable venture. They know that not every aspect of running a small business is glamorous. Yet, they also understand how each necessary task factors into profits, financial independence and personal satisfaction.

It is important to know your strengths and weaknesses, capabilities and talents, and areas that more knowledge is needed. For example, one reason for the failure of a small business is a lack of management experience. So many aspiring entrepreneurs include management and take business courses as part of the groundwork for their proposed ventures.

They also closely scrutinize their personal work habits. Running a business is far different from working for somebody else, even if that position allows the freedom to make decisions and includes management responsibilities. Experienced entrepreneurs know there is no such thing as a typical 40-hour work week.

Talk to other small business owners who are in the same line of work that you aspire to enter. Find out how they got started, what mistakes they made, what they would do differently. These discussions may also reveal opportunities to team up with existing businesses for special projects, workload overflows or complementary services.

Put yourself in the position of your potential customers. What impresses you about the businesses you use? The little things that give added value. Consider the time, cost and energy required to support value-added services. There is no substitute for experience when planning and opening a small business.

The first steps for creating a successful business are planning, research and more planning. Ask yourself, "Can I be my own boss?" Try to objectively assess the pros and cons. Running a business is different from working for one. Every responsibility falls on your shoulders.

If you are considering becoming your own boss, you can appreciate the need to gather information and obtain advice on entrepreneurship, even if you are familiar with the nuances of running somebody else's business. A good place to start is SCORE-Counselors to America's Small Business located at Gateway Community College Small Business Center.

You can take advantage of the business resources available to you by attending our monthly workshops and seminars, meeting with a SCORE counselor Face-to-face or find an online counselor at www.score.org to access the knowledge of small business experts from across the country.

Always do your due diligence when purchasing a business and have professionals advise you and protect you so that if the business is misrepresented in any way you have recourse. When purchasing a business make sure that you know the industry, you know your competition and your customers. If you would like to explore the potential of acquiring your own business contact SCORE-Counselors to America's Small business for a free and confidential business counseling. Located at Gateway

Community College, Small Business Center.
For an appointment call 203-865-7645 or www.newhavenscore.com for more information about our programs.