Becoming an entrepreneur is enjoyable and challenging. Profitable company owners find that they can make more money than they every considered possible, have the flexibility to spend time with family members and operate in a place where their interest lies. But, establishing a small business is not for everyone. Here are 5 questions to ask yourself when you start a new business.

Am I in a position to make sacrifices to run a small business?

Owning and running a business takes a tremendous amount of labor and energy. You must be ready to compromise time spent on personal pastimes, adventure and relaxation-at least for awhile.

You'll encounter some rough patches with your new business. If you want to become successful, you'll need to be willing to work long hours for little pay in the early stages.

Have I got support?

You can't achieve success in running a business without a support system. If you have a family, it's crucial that the spouse be on board with the business plans. You will probably notice a drop in cash flow for awhile, and you'll be working extended hours at the start. Is your partner willing to give you support through the challenging start-up period?

If you're not committed, have you got another support system? Getting friends, extended family or teachers to cheer you on is very valuable with regards to good results.

Do I have the financial ways to start and operate a business enterprise?

In reality, you'll employ a nice nest egg tucked away before beginning a small business. In addition to start-up costs, it will take awhile for your small business to become money-making and you may have a few months with out a income. You ought to have a minimum of half a year cost of living in the bank before beginning a business-12 months is better still.

Am I passionate about this company?

Passion is the point that keeps you going whenever your business is struggling and you're working 14-hour days. If you're aiming to open a company in an industry that doesn't excite you, the likelihood of success are slim. Find something you can do that really fires you up.

Do I have the knowledge I need to get started?

Operating a business is often a learn-as-you-go process that is fine. But you will need to have some basic knowledge before you jump in to entrepreneurship. Do you have information about the industry of your small business? Have you got basic accounting, marketing, sales or managerial experience? When you don't need a degree in any one thing, you may need a small amount of understanding in every little thing.