By Worldroom Digest

A few things to remember before you decide to quit your job. Decided to go into business for yourself? Well, if you hate your job, cannot stand taking orders from people who are clearly less talented than yourself, are constantly broke, and always wanted to open a little corner bookstore or gourmet catering service, why not? Owning a business would be the perfect solution. Right?

Maybe, maybe not. Before you march into your manager's office and tell her what she can and cannot not do with your job, take a moment to assess your situation. Starting a business is not an easy job. It requires dedication, hard work, resourcefulness and stamina (most entrepreneurs work twelve or more hours each day, six to seven days a week). You cannot simply wake up one morning, decide you are not going into work, hang an "open for business" sign on your front door and expect people to come pouring in.

For starters, do you want to have your own business because you think you will be successful or because you think it is an easy way out of your current work situation? If the idea of tons of money, flexible hours, and lack of rules and structure is what motivates you, owning your own business is probably not for you. Sure, many small business owners are extremely profitable and are no longer directly involved in the day-to-day operations of the firm.

They did not, however, start out that way. Most business experts agree that it normally takes about three years for a new business to make a profit. During that time, business owners must be extremely focussed, structured and organized. Without such discipline, your business will be headed for failure. It is important for you to know that you may fail at your business, but with a lot of hard work you can make it, but failure is part of the process. Remember that.

Below is a checklist to see if you are ready to start your own business or not:

1. Perform an honest self-critique.

Do you have the personality to run a business or are you better suited for a corporate atmosphere? Though you do not need the character of a used car salesperson, you will need to be outgoing and have the initiative to promote your business wherever and whenever possible.

2. What other events are currently taking place in your life?

If you are thinking about moving to another city or state, or are planning a wedding (or a divorce) within the next year, you may want to put your business plans on hold until your personal life stabilizes. You will need all of your attention and strength for your business.

3. What are your long-term goals?

If you always wanted to be a musician and travel around the world, don't open a chain of Laundromats in downtown Des Moines that will require your undivided attention and constant supervision.

4. Are your finances in order?

Do you have good credit and have you saved enough money to cover your living expenses for at least four to six months? Since you will have to invest in equipment and supplies for your new company and may have to wait several months before realizing any income from your business, you must be financially prepared. (One can only eat pork and beans for so long.)

5. Do you have a plan?

Not just an idea - a plan! (Something a bit more refined than "Peanut and I are going to open a car dealership and make lots of money.")

6. Does your plan make sense and is it realistic?

Though it is great to reach for the stars, it is much better to set realistic, attainable goals that will help you progress through the stages of business development. Success does not happen overnight, it requires patience and perseverance.

7. What resources will you require to begin your business?

If you are counting on other people to help you get started (including your spouse, significant other, family members or siblings), it would be wise for you to work them early in the planning stage to develop a feasible course of action.

8. What (and how much of it) are you willing to sacrifice?Are you willing to postpone buying a new car or taking a vacation in order to finance or invest in your business?

Be honest with yourself. If your personality and situation demand that you maintain a full-time job for a few more months, years or decades, that is okay. If you still have an entrepreneurial spirit, you can take that time to pay up debts, save money and develop your business plan. If you never want to own a business, that is okay too. Starting a business is not for everyone. Some people will read this article and decide that entrepreneur-ship is not for them. Others will read it and strengthen their commitment to their business plans. Whatever your decision, hopefully you keep one thing in mind - whatever you do in life, do it well.