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Many people go to work every day dreaming of being their own boss while they wearily trudge through the hours. They tell themselves that one of these days they're going to start their own business and reap the benefits of all the hard work they're putting in, instead of making the boss rich.

For most people, starting a business is an impossible dream. Every year though, hundreds of thousands of people take the risk by leaving a steady paycheck to strike out on their own. According to government statistics, however, one third of all new businesses fail in the first two years and over half fail within four. It is only through careful research that a person has a fighting chance at making that business survive and thrive. [1]

First, the return on investment (ROI) must be determined. As most new businesses lack the capital to continue operating in the red for long, the quicker a business returns the initial investment and begins to show a profit, the better chance the business has to survive. Many new business owners work without a salary for the first year, sometimes longer, as all profits are plowed back into the business.

As a rule, it's less risky for new business owners who stick to doing what they know. Franchising is a popular choice for just that reason. However, operating a franchise usually means less profit since a percentage is "kicked up" from the franchisee (the business owner) to the franchiser (the owner of the name and know-how). Many franchises claim a higher success rate than independent businesses but often the statistics are skewed. [2]

Many new business owners familiarize themselves with the business by working as an employee. A short apprenticeship is better than a long one. Otherwise some people tend to start thinking like employees rather than employers. It is a careful balancing act that the potential business owner must walk.

It comes down to this: new business owner has to have a vision in order for the venture to survive and thrive. No one wants to buy a job. They have to have a solid team; networking is invaluable. The new business owner needs a firm plan and they need to know exactly where the company stands at every moment. They need to stick to their values. They have but one choice. Do the right thing. The new business owner must communicate. Better to head off trouble than to have trouble head you off.

Now you're ready to consider which start up business is best for your situation. Begin by browsing magazines and websites like www.entrepenuer.com

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