Finance is Fun: Small Businesses
By- Marion SyversonThis week I and Norumbega Financial celebrate our ninth anniversary. The SBA’s general rule of thumb is that 50% of businesses make it, or succeed. Do you have a plan- or do you just dream of working for yourself? Dreaming isn’t enough. The more detailed your plan, the more likely the chance that you have figured out contingencies for the ups and downs of economic cycles. Persuasive and persistent- Being strongly determined, really wanting to be your own boss as well as the drive to do what it takes are critical traits to longevity. Passion goes a long way in persuading people to work with you. It makes you and your service or product at least initially compelling.Ready to tackle an ‘ongoing puzzle’- actually the business is a series of puzzles. How much has technology changed in the ten years Norumbega Financial has been an entity? A lot! Rules for my industries have changed, employees have changed. Manufacturing methods have evolved. Tweaking delivery or packaging methods, cutting edge communication, staying faithful to great service while developing new business, keeping current with trends in the skill in which you specialize, so many directions you – and your team- need to keep advancing: do you have what it takes?Motivated- Do you have the drive and the desire to push every day- or to push forward most days? No one can be 100% every day but I’m a very high energy person and I wish I were doing more.Capable- If you stink at what you do, having all these other skills or traits will not be enough to sustain any business for the long-term. You have got to be capable, even really good or great, at what you do to have long-term success.Don’t give up the dream of business ownership, but you have the best chance of success if you have more than just a dream.Citations:Business owners Toolkithttp://www.toolkit.com/small_business_guide/sbg.aspx?nid=P01_00017 reasons businesses failhttp://www.businessknowhow.com/startup/business-failure.htmAbout. Comhttp://entrepreneurs.about.com/od/becominganentrepreneur/a/doyouhavewhatittakes.htm Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc., Norumbega Financial and all other entities listed herein are separate entities, independently owned and operated.