A well-developed and researched business plan is the key to any successful business but first a potential small business owner must evaluate if they possess the necessary characteristics to become an entrepreneur. Although the benefits of entrepreneurship maybe appealing, it is fair to say that entrepreneurship is not for everyone. According to the SBA in the US approximately 600,000 new businesses are started each year and out of that 600,000 half will close within five years of opening. It is imperative that potential small business owners evaluate if they are compatible with entrepreneurship in order to prevent from being part of the failure statistics.

The reason for many entrepreneurs’ to enter small business varies but a lot of the reason is motivated from some sort of frustration with their current employer. Many potential small business owners are under the illusion that once they become an employer verses being an employee, it will somehow relinquish them from the long hours and hard work that came with being an employee. The fact of the matter is that entrepreneurs usually work longer hours than their employees and it may take years before they reap the benefits of entrepreneurship. Potential business owners who believe that all their problems will be lifted once they go into business for themselves are going into entrepreneurship blindly.  It is essential for potential small business owners to fully understand the transformation from a traditional job to entrepreneurship. This can be a major indicator for potential entrepreneurs if they should attempt to switch.

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