Why is this? What separates those who succeed from those who
                  falter or fail? 

                  Achieving success in a home-based business is no fluke, nor is it
                  merely a matter of luck (although a bit of luck certainly doesn't
                  hurt!) Beating the odds takes knowledge, experience, sufficient
                  capital, a well considered business plan and the ability to commit
                  and persevere. It also helps if you can come up with the right idea
                  at the right time!

                  Although there isn't any way that you can guarantee your success,
                  you can greatly improve your odds by becoming well-prepared for the
                  task. The better you understand the responsibilities and challenges
                  that lie ahead of you as an entrepreneur, the more likely it is that
                  you'll be one of the survivors. 

                  This article is intended to start you off on the right foot by
                  shedding a realistic light on many of the factors you'll need to
                  seriously consider before leaping headlong into the entreprenial fray.

                 Identifying Your Strengths & Weaknesses

                  First of all, you need to understand that the starting point for
                  developing your own business actually lies inside you, rather than in
                  the marketplace. You are the critical component. Your personal
                  strengths and weaknesses will dictate the type of business you
                  decide to get into, as well as the scale and scope of that business.

                  Successful entrepreneurs know their own strengths and weaknesses.
                  They build their businesses around their strengths and compensate
                  for their weaknesses. If you aim to succeed, you'll have to do likewise,
                  so it behooves you to take a few minutes to assess what you do well
                  and what you could stand to improve upon.

                  As you evaluate yourself, be honest. And don't panic if you discover
                  that you have weaknesses. We all have them. The key to success
                  lies not so much in having every skill as in understanding your
                  shortcomings and finding ways to compensate for them.
                  That said, let's jump right in. Where do you stand in the following
                  areas?

                 Educational background. (We're not looking for Rhodes' scholars
                  here, nor are we concerned with number or type of college degrees.
                  More to the point...)
                  - Do you have any (special) business, economic or technical
                  qualifications? 
                  - Do you have a basic knowledge of finance and marketing, or are
                  you willing to learn?
                  - Do you stay up-to-date with business related issues? 

                 Financial strengths. (Okay, so you're not related to Donald Trump or
                  Bill Gates, but...)
                  - Have you access to any source of funding or income, say from a
                  spouse, parent or other relative?
                  - Do you have a bit of a nest egg saved up that you could dip into? 
                  - How long could you survive without any (regular) income while your
                  business develops? 

                 Commitment. (If you're flighty, opportunistic or pride yourself on
                  being a free spirit, stick with your day job. If not, ask yourself...)
                  - Why do you really want to start a business? 
                  - How strong is your desire to be your own boss?
                  - Are you willing to make sacrifices to achieve your goals?
                  - How willing are you to hang in there even when things don't go the
                  way you'd planned? 
                  - Have you any/many family commitments? 
                  - Does your family fully approve of your plan to set up your own
                  business? 

                 Expertise & Interests. (In this case, being a stuck-up, know-it-all
                  is a good thing...)
                  - Do you have insights or experience in any business sectors or
                  niches? 
                  - What are you particularly good at or what do you particularly like
                  doing? 
                  - Do you have a hobby, interest or talent that could become the
                  basis of a business? 

                 Personal qualities. (I'm sure you're a perfectly nice person,
                  probably have a great sense of humor and are a cracker-jack
                  problem solver but...)
                  - Are you also willing to work hard?
                  - Are you a resourceful, energetic and motivated? 
                  - Have you the capacity to take set-backs in stride and bounce
                  back? 
                  - Are you realistic, practical, able to think fast on your feet?
                  - Are you fairly well organized and self-disciplined?
                  - Do you have strong managerial skills?

                 Prior experience. (If you've got it, you're that much ahead of the
                  game...)
                  - What work-related skills or expertise could you bring to bear on a
                  new venture?
                  - Do you have any useful contacts or resources from previous jobs?
                  - Have you done anything special, exceptional or unusual that you
                  can build upon in starting up a new business? 

                  Once you've honestly evaluated your strengths and weaknesses, it's
                  time to move on to... 

                 The Pros & Cons of Owning Your Own Business

                  You must have known I'd get to these sooner or later. But stifle
                  your groans... I'll cut right to the chase. Here are some advantages
                  of owning your own home business:

                  - You can work in a field or area that you really enjoy.
                  - You'll have the chance to put your ideas or vision into practice. 
                  - You'll have the chance to make a lot more money than you can
                  make working for someone else. 
                  - You'll be your own boss (possibly the boss of others as well) and
                  will have sole authority in making all decisions relating to your
                  business.
                  - By actively participating in every aspect of running your
                  business, you'll gain valuable experience in a variety of disciplines.
                  - You'll have job security - no one can fire you! 
                  - You'll cut out commuting time and, along with it, the dollars
                  spent in gasoline and car maintenance or transit fares, not to
                  mention the daily stress of fighting traffic.
                  - You can dress for comfort rather than success, saving untold
                  dollars on your clothing budget. (You can eat cheaper too!)
                  - If your location is unimportant to your business, you can
                  theoretically live anywhere and still operate your business. 
                  - You'll have greater control over your work hours and will be able
                  to conduct your business at your convenience, affording you more
                  flexibility in your lifestyle.
                  - Greater flexibility in your business schedule and lifestyle will
                  allow you to spend more time with your family.
                  - You'll have the chance to deal directly with your clients or
                  customers, enabling you to establish a rewarding rapport.
                  - You'll have the personal satisfaction of creating and running a
                  successful business. 

                  Here are some disadvantages of starting your own business,
                  particularly if you plan on working out of your home.

                  - Even though starting a home business is relatively low-cost, it
                  still entails a certain amount of financial risk. 
                  - You'll probably have to work long hours in the beginning and may
                  have fewer opportunities to take vacations. 
                  - You'll have to undertake many tasks you may find unpleasant, such
                  as tedious accounting chores or dealing with unsatisfied customers.
                  - If you're not already a jack-of-all-trades, you'll have to learn
                  new disciplines, such as bookkeeping, inventory control, market
                  research, advertising, public relations and general management. 
                  - Although you may enjoy working on your own, you may miss the
                  coffee break chats and companionship of co-workers and may feel
                  some isolation from social contact.
                  - Attending to the myriad details of running a business may take
                  away time from other pursuits you really enjoy. 
                  - You will no longer be able to count on a regular paycheck. Your
                  income may not be steady, and there may be times when you don't
                  have much income coming in at all.
                  - You're more vulnerable to interruptions from family members,
                  friends and/or neighbors who phone or drop by, not to mention
                  delivery men and telemarketers.
                  - You'll have to make some changes in your personal habits, such as
                  keeping the TV off while working, limiting personal telephone calls
                  and disciplining yourself to meet work deadlines when no one is
                  checking up on you.
                  - You may run out of space in your home if your business is
                  successful. 

                  Many of the disadvantages of working at home can be minimized by
                  self-discipline, by establishing a regular work schedule, setting
                  clear limits with family and friends and by projecting a professional
                  image at all times.

                  Okay, you've identified your strengths and weaknesses and
                  considered the pros and cons. Are you still bound and determined
                  to take the plunge? If so, it's time to get down to the nitty gritty by
                  answering two questions:

                 1. Why do you want to start your own business?

                  Loss or dissatisfaction with your current job? Fed up with the rat-
                  race? Desire to be master of your own destiny? You've got a super
                  idea for one?

                 2. What do you expect to get out of owning your own business?

                  Fame? Fortune? Personal freedom? Ego gratification? Retirement
                  income? 

                  For many people, it helps to translate expectations and desires into
                  concrete terms by... 

                 Setting Goals

                  If you're not sure where to begin in listing your own goals, here
                  are three broad categories to consider. 

                 Economic Goals - For most entrepreneurs, money is a strong
                  inducement. The opportunity to increase your present earnings and
                  achieve more financial security is a powerful motivation in starting
                  a business. 

                 Personal Goals - Starting a business might afford you the chance to
                  build something of your own, according to your own vision, or to turn
                  your plans and dreams into reality.

                 Retirement Goals - Let's face it, sooner or later you'll want to
                  kick back and enjoy the fruits of your labor. In this time of growing
                  concern over the continued viability of the Social Security system,
                  any goal-setting you do should involve consideration of your needs
                  after you've gotten your business successfully off the ground. 

                  In setting meaningful goals it helps to be as specific as you can,
                  assigning quantifiable numbers and specific time frames. For
                  instance, you might start with a goal of earning the amount of
                  money you'll need to make in order to cover your living expenses
                  within a certain number of months. 

                  Be realistic in defining your goals. Don't aim too high or too low -
                  and don't neglect to set short-term as well as long-term objectives.
                  They can help you achieve small but crucial victories in the chaotic
                  first months of your business ownership. 

                  Above all, bear in mind that being self-employed is fundamentally
                  different than being an employee. This is especially true if you are
                  working out of your home. The distinction between work time and
                  personal time blurs. 

                  You may experience conflicts over the use of space for business or
                  personal purposes. Even when you're at home, you're also physically
                  at work. If a problem arises with the business, it's your problem,
                  and it won't go away merely because you've closed the doors for the
                  day. 

                  Owning a small business is not just another job. It's a totally
                  different lifestyle. Some people experience emotional and physical
                  strain from being on their own and working the hours it takes to
                  make it. Others experience euphoria and a sense of personal
                  freedom and well-being.

                  Either way, if you aim to succeed, you're going to have to set some
                  rules and make some short-term sacrifices. If you have a family, it's
                  important that they understand and are willing to put up with the
                  changes in all your lives owning your own business will bring. It's
                  also important that they share your goals and your commitment to
                  success.

                  Becoming a successful entrepreneur is not going to happen
                  overnight, nor is it going to be easy. But if you go about it right, with
                  sufficient planning, preparation and forethought, you will assuredly
                  succeed in beating the odds and realizing your dreams!

                  Good Luck to you and God Speed! 
 
 

                 (c) 2002 by Gail Buckley

                  Gail Buckley, author of Plan To Succeed Online, a brand new, all 
                  encompassing online business planning course, offers a FREE, 
                  internet marketing opportunity & resource coordination service at
                  http://www.websuccessmaker.com. Visit this unique entrepreneurial
                  "HUB* site to get up to speed with all the cutting-edge tools, 
                  information & resources you'll need to succeed in business online.