Search
Advice » Career Development» Changing Careers » Is Starting Your Own Business ...
Is Starting Your Own Business the Answer?

Is Starting Your Own Business the Answer?

Scott Stropkay decided to start his own business soon after leaving a good position for what seemed to be an even better one. After rumors that the division he was hired into would be sold, Stropkay was laid off, and his career path was left at a crossroads.

Having always been interested in pursuing his own business, Stropkay took the entrepreneurial plunge and started Essential Creativity, a Boston product design and consulting company. "The way I see it, the best chance at job security I can have is to work for myself," he says.

Whether starting your own business is something you've always dreamed of or it's one option after an unexpected layoff, there are several points to consider before striking out on your own. Jan Norman, small-business newspaper columnist and author of What No One Ever Tells You About Starting Your Own Business, offers wisdom gathered from the 101 successful entrepreneurs she's interviewed.

A New Business Is Like a New Baby

If you're a parent, you know how your baby changed your life in ways you never anticipated. You may have envisioned parenthood one way, only to learn how different reality can be. The same principle applies to your startup. Your new "baby" needs constant attention and will keep you up at night. But with your commitment, time and energy, it will grow and hopefully make you proud.

Entrepreneurial Interests Don't Equal Success

You may be absolutely passionate about your professional interest, but if the rest of the world yawns at your proposition, your business should probably remain a hobby, not an income source.

Do people want your service or product? Do you have the interest and ability to constantly market it to new consumers? Your passion and skill form the foundation of your startup, and your business skills must carry it to success.

Not Everyone Is an Entrepreneur

Can you live with uncertainty? Can you delay gratification? Are you persistent? Can you bounce back after disappointment? Can you find creative solutions to problems? Are you in good health? Starting your own business is, quite literally, not for the weak of heart. Entrepreneurs need stamina to persevere in the face of the setbacks and failures they will inevitably face. Be honest about your desire to live the life of a not-yet-successful businessperson.

Even the Boss Takes Out the Trash

Working for yourself can be liberating -- no boss to answer to or office gossip to listen to. But there's also no receptionist to screen your calls, no cleaning service to tidy up your office and no technical support staff to solve your computer glitches. New entrepreneurs often neglect to prepare mentally for the unwanted roles they must take on to keep their businesses up and running. If your ego can't handle the small stuff, you may have problems adjusting to this new identity.

It's Going to Cost You

Starting a business can be a huge financial drain until you become profitable. Think seriously about whether you have enough money saved to survive without an income for one or two years. If you have a spouse or partner, discuss how you will handle this financial change. Not only will you be spending a great deal of money on this new venture, but you will also be spending a great deal of time on it. If you don't have support and encouragement from the important people in your life, your startup may be a lonely, uphill battle.

Despite such challenges, Stropkay's company is doing well. His client list is growing, he's added staff, and most importantly, he's making money.

And the company's future growth? "Actually, if we can make it now when times are tough, there's no stopping us when the economy inevitably recovers," Stropkay says, illustrating the most important entrepreneurial trait of all -- optimism.

Articles in This Feature:

Latest Jobs

Macy's
Posted: 09/19/2014
Youngstown, OH
Image Associates Inc.
Posted: 09/19/2014
Farmingdale, NY, 11735
Image Associates Inc.
Posted: 09/19/2014
Hicksville, NY, 11801
Tremont Technology Group
Posted: 09/19/2014
Tampa, FL, 33602
Image Associates Inc.
Posted: 09/19/2014
Newark, DE, 19711

Want more personalized results?  Update Your Profile

 
 
 

Monster Communities

Teaching Community
Where teachers meet and learn.
ArtBistro
Create and connect.
Excelle
Networking for the career-minded woman.
Nursing Link
Where nurses call the shots.
More Monster Communities

Monster Partners

Scholarships
Scholarships, financial aid and more ways to pay for school.
Education.org
Find top campus and online degree programs.
Military.com
Military portal for the US Army, Navy, Air Force, Marine Corps and Coast Guard.
Financial Aid
Scholarships & financial aid.
Staffing for Government Jobs
Staffing and hiring solutions for federal government agency jobs.
More Monster Partners

Job Hunt Strategy

Six Ways to Make a Recruiter Hate You
If you want to blow your chances with recruiters -- and, by extension, with the companies they work for -- here are six perfect ways to do so.

Resumes & Cover Letters

Rev Up Your Resume to Relocate
Hoping to relocate? Get the ball rolling on landing the right job in the right location with these expert resume and cover letter tips.

Interviewing

100 Potential Interview Questions
Interview questions can run the gamut. You probably won't face all 100 of these, but you should still be prepared to answer at least some of them.

Salary & Benefits

10 Questions to Ask When Negotiating Salary
Most of us aren't natural negotiators, but asking these 10 questions during salary negotiations can help you get everything you deserve.

Employee Sourcing

Alt text
November Monster Employment Index Grows 13% Year-Over-Year, Tenth Consecutive Month of Positive Annual Growth.

For Seekers

Campus and Online Degrees
Advance your career and earn more with an online degree.
Free Salary Wizard
What are you worth? Find out and negotiate a better salary.
Research Careers
Get information on jobs and career paths to help guide your choices
Questions & Answers
Find answers to all your career related questions -- powered by Yahoo! Answers
Resume Distribution Service
Our distribution service puts your resume right in the hands of recruiters.
Resume Writing Services
Our experts will craft a keyword-rich resume that stands out in the crowd.
More Career Resources

For Employers

Career Ad Network
Target your job posting to more candidates on thousands of websites.
Hire Right Background Checks
Explore our background check packages to improve the quality of your hires.
Hiring Home Page
Find the best candidates for your business with Monster hiring solutions.
Job Postings
Find the right solution for your hiring needs. Starting at $99.
Power Resume Search
Monster's new search technology precisely matches people with your jobs.
Resource Center
Find staffing insights, labor trends, HR best practices and more.
Target Post
Connect with skilled, hourly and administrative candidates for only $99.

Social Media

Jobs on Twitter
Find jobs in your area and industry.
Monster Careers
Tune into our career advice and discussions tackling a wide range of topics and industries.
Monster Corporate & PR
Stay up-to-date on the latest news. Get the 'Who', 'What', 'When', and 'Why' on all things Monster related.
Monster Customer Service
Got a Monster question? We've got the answer. Whether you're a job seeker or employer, we can help you find the answers you need.
Monster for Employers
Find advice on hiring.
Follow Us
Check out our many pages and stay connected with the latest industry news, events, career advice and job openings.

Other Links

Monster Company Profiles
Explore companies and get information to guide your career decisions.
Compare Salaries
See how your pay stacks up to others in your field.
iPhone Application
Download the Monster app for iPhone and iPod touch.
Monster Job Seeker Blog
Monster Job Seeker Blog.
Monster Thinking Blog
Monster's Recruitment Trends Blog.
Jobs & Career Resources
Search Jobs:
For Employers: Post Jobs | Search Resumes | Advertise
About Monster | Work for Monster | Advertise with Us | AdChoices | Partner with Us | Investor Relations | Social Media
Terms of Use | Privacy Center | Accessibility Center | Help | Security | Contact Us | Sitemap | Mobile
©2014 Monster - All Rights Reserved U.S. Patents No. 5,832,497; 7,599,930 B1; 7,827,125 and 7,836,060 MWW - Looking for Monster Cable? - V: 2014.4.55.59-307
eTrustLogo