Let me not forget one more important factor in .
owning your own business, Money. The amount of money I made depended on how hard I .
worked to make the business succeeded. I believed, if I was going to work hard, put a lot of my .
extra time and energy into someone else's company so that it prospers, I thought I might as well .
work this hard to see my own business prosper. If the potential of earning money for myself was .
there, I might as well give it a try. I will explain my reasons why I wanted to own my own .
business, why I chose the location and how I financed it. I will also describe the management .
decisions, personnel and legal problems I had to overcome in order to run a successful business. .
In Fritz's (1984) book, "nobody gets rich working for somebody else, he states that .
successful businesses are formed by people who share a number of important personality .
characteristics, they must: have a capacity for work-including a willingness to put in long hours, .
be goal-oriented, be a self-started, one who doesn't need to be "pushed", has good judgement, be .
self-confident, but not egotistical, be honest, be persistent, be a problem-solver where every .
problem is a new challenge and a new opportunity, have the capability to take a risk-but not a .
.
"flyer", be people oriented, be profit-oriented, have flexibility and adaptability, have .
accountability, have a desire to win, and be innovative"(p. 22). I believe I posses many of these .
characteristics, along with the ambition to prove to my family, I can be a success in any .
business that I start. .
Baumback (1985) "the approach used to justify starting a new business depends on the .
intent of the prospective entrepreneur. He or she may wish (1) to appraise the need for another .
business similar to those already established, or (2) to test an idea for a new type of business. In .
the first instance the prospective small business owner can analyze historical data and project .
