34 (Earning a living) Questions 1-7

Running your own business has two distinctive features: no competition in the selection process and the ability to decide the type of business and target market. Self-knowledge is important, as not everyone is suited for this work. Seeking opinions from others may be risky due to emotional pressure. Success is more likely if there is a pre-existing demand for the product. Some entrepreneurs start their own business without prior employment, while others are pushed into it due to external circumstances or the desire for career advancement. Feeling unfulfilled or comparing oneself to others can also be reasons for starting a business. As a way of earning a living, running your own business has two distinctive features. The first is that you don't go through the usual selection procedure. You're not competing against other applicants or facing psychological tests or cunning interview questions to test your suitability for the job. You're the sole judge of your fitness to start and run your own business. This puts a very heavy responsibility on your self-knowledge because not everyone is suited to this type of work. You can also learn about yourself from the opinion of colleagues, friends or family, but this carries the risk of emotional problems. They may feel under pressure to give a favourable opinion for fear of offending you. Unless you can expect an objective view, it's better not to ask them at all. The second unusual characteristic of setting up on your own is that you decide what type of business it is and who you'll be selling to. If your business is well run, it stands a good chance of succeeding. In practice, however, you can make success more likely by selecting your product and market carefully. Although you may be able to create a demand for what you have to sell, it's much easier if that demand already exists. While many people dream of setting up their own business, not so many actually do so. Some of course are entrepreneurs from the start, starting a business without ever working for another organisation. Entrepreneurs who have been employed are sometimes pushed into making the change by external circumstances, such as being sacked or made redundant. They may have been thinking about becoming self-employed for years, but been too comfortable to do anything about it. It also often happens that someone is confident of being appointed to a more senior position within their organisation and another person is chosen instead. This can have a very demoralising effect and even destroy the satisfaction the person gained from their work. A third reason is when someone begins to feel that they've got nothing to show for the years they've been working. This may be triggered by reaching a particular age, such as 40, or by seeing friends or colleagues as being more successful.