The 8 things you need to consider when starting your own business

There’s nothing quite like starting your own business. You can be your own boss and work at something you’re interested in. The fruits of your labor go to you and not to someone else. But it’s not an easy path. About half of new businesses fold within their first five years.

Too many budding entrepreneurs strike out on their own without a realistic idea of what they’re getting into. The businesses that do succeed are typified by careful planning and by an understanding of the critical success factors that they need to focus on. They ask the right questions.

Here are eight questions you should ask yourself before you take the entrepreneurial plunge.

1. Do I Have the Right Personal Qualities?

If you have a new invention or a service no one else is providing, that’s great. However, a successful