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It Sounded Like a Good Idea at the Time

Many people dream of having their own business, but…

Quite candidly, owning and running your own business isn’t for everyone. As much as they may want to, some people just aren’t wired for it.

We’re well aware that many times on this page we’ve heralded the notion that one of the major options open to the 50+ job seeker to start your own business. That’s true. It is. But, again, it’s not for everyone.

Do you have what it takes? Fortunately, there are a lot of people out there willing to help. And, not surprisingly, there are many traits that overlap on most of the lists.

Let’s start with the U.S. Chamber of Commerce. It’s list of necessary personality attributes includes: persuasiveness, flexibility, creativity, self-motivation, tenacity and passion. Forbes magazine adds: resilience, strong sense of self and vision. throws in: willingness to ask for and accept help.

They’re all excellent. Does a successful entrepreneur need all of them? Probably not. But before you hang out your shingle, you had better check many of those boxes.

We here at the Nifty50s would like to add a couple of our own. One, expecting the unexpected. It’s a crazy world out there and a successful entrepreneur must be ready for most anything. Our second choice is: be willing to deal with uncertainty. No one knows what waits for the business owner around the next corner. But there’s more. Until your business is established, your cash flow will probably be very unpredictable. Can you endure not knowing when your next payday is?

These are all importance considerations – especially when one considers that approximately 80 percent of new businesses fail within the first two years.


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