Experience tells us that most working professionals, at some point in their lives, consider the possibility of starting their own business. This career option appears to be becoming even more attractive, in fact, to older workers who are looking for greater autonomy, increased job security, and a way to continue generating positive cash flow into their retirement years.
Not everybody, however, is cut out to be an entrepreneur. The failure rate of most small businesses is actually quite staggering — hovering somewhere between the 80 and 90 percent range — which experts say is largely due to a high level of naivete about what it really takes to launch and sustain an independent business from the ground up. If you’re considering being your own boss, therefore, it’s important that you go the extra mile to make sure you have a realistic understanding of the challenges involved and that your personality is well-suited to this type of career adventure.
Luckily, there are hundreds of resources out there that can guide you through this process and help you determine if you’re cut from entrepreneurial cloth. One of our favorites is a local website hosted by Paul Casey, founder of Casey Communications and author of the book “Is Self-Employment For You?” On his website at www.caseycommunications.net, Mr. Casey makes a wealth of relevant resources available, including a helpful (and free) questionnaire that will help you evaluate whether your personality lends itself well to the entrepreneurial challenge. In fact, in a display of tremendous courage and humility, Mr. Casey even publishes his own score (he barely passed!) in order to put the questionnaire in context and underscore how important certain personal qualities are to successful business ownership.
So if the potential of business ownership has crossed your mind, and might be an avenue you seriously consider in the near or distant future, do yourself a favor and check out this resource. Mr. Casey’s questionnaire will be a great starting point, and if you like the author’s style as much as we do, we’d recommend that you dig a little deeper into the site and actually order a copy of his book!