Do you have what it takes to be an entrepreneur?

• Author: Francom, Sarah Ryther
• Position: Small business PLANNING GUIDE

Wouldn't it be nice to own your own business? You know you've thought about it. It is the American Dream, after all. And though today's economy has many holding tightly onto their jobs, for others these tough times have sparked an entrepreneurial fire.

If you harbor the dream of owning a small business, now may be the time to take the plunge. But don't fool yourself--it won't be easy. According to the U.S. Small Business Administration (SBA), more than half of all small businesses fail within the first five years--and that's during a strong economy.

Despite these dire stats, many still feel the urge to leap into the world of small business ownership. But though there are many perks to owning your own business, there are many downsides as well. The question you must ask yourself is: Do I really have what it takes to be an entrepreneur?

Starting and running a successful business is tough--it takes much more than an idea and enthusiasm. Being an entrepreneur requires hard work, perseverance, thick skin and huge risk-taking. And the big paycheck doesn't come overnight; many small business owners earn nothing in the first months and some are even forced to ask their small staff to go without a paycheck just to keep the lights on. That's not to say there...