Last week, as we celebrated our nation's independence, it made me think about the cultural values that we hold so dear.  As Americans, we are raised to truly appreciate, even defend with our lives, the principles of independence, freedom and self-determination.  These same qualities are some of the main reasons entrepreneurs cite as motives for going into business for themselves. 

Many people are lured into business ownership by the seductive illusion of setting your own hours, choosing your own projects and making a lot of money.  Let's face it; there are many benefits to becoming your own boss.  However, there can be a down side, or at least some trade-offs to consider when starting your own company.  Here are just a few things to consider:

• Are you the CEO, Vice President of Marketing, Controller and the only employee in your company?  The list of job titles assigned to an entrepreneur can go on-and-on.  That may be ok in the beginning but you need to have a plan mapped out which defines the growth benchmarks that tell you adding an employee may be necessary.  Don't get caught spending all of your time and effort working in your business and neglecting working on your business!
• Do you have a home office?  How are you going to differentiate office hours from family time?  Avoid burn-out by disciplining yourself early on to set boundaries that give you a mental and physical break from your business.
• Do you have enough capital?  A business may have a low barrier to entry so it's easy to start and your savings may be enough to launch your business.  However, sustaining and growing your business is a whole other level of financial commitment.  Getting your business to the point that it is earning enough revenue to support you may take additional capital investment.  Do you know where and how you can secure additional capital, if needed?

What I am hoping to impress upon you is the importance of considering these types of questions in the beginning - during the concept phase of your business.  The more specific you can be regarding how you envision your company, the stronger your foundation from which to build on will be. 

Over the next several weeks, My Focal Point will address the specific steps you need to take the concept of your business and transform it into the actions that will help you achieve your unique business vision.