GOLDEN VALLEY, Minn. - Even with a high failure rate, owning your own business continues to grow in popularity in this country. More than a half million start up every month and the fastest growing group of entrepreneurs are 55 and over.
Neil Anderson is founder of the entrepreneur service company The Courage Group joined us today to talk about what you need to know before becoming your own boss.
Anderson says you should start with the following:
But starting a business, regardless of how old you are, is not for the faint of heart.
In order to increase your chances of start-up survival and growth, ask yourself these six important questions, before you take the entrepreneurial plunge, and risk your financial nest egg:
1. Do you have a plan?
2. Are you willing to sacrifice?
3. Are you comfortable with risk?
4. Do you have existing business skills, especially marketing and sales?
5. Are you competitive?
6. Are you optimistic?