For the entrepreneur considering launching a small business, many factors must be taken into consideration. How will the business be financed? Does the small business have a solid business plan? Is the product or service marketable?

The U.S. Department of Labor cites that roughly 50 percent of small businesses fail within the first five years. However, it doesn’t have to be this way. With the proper planning, the small business can thrive for years to come.

Does the Entrepreneur Have the Characteristics for Small Business Success?

The first thing the entrepreneur should do when considering a small business is to perform a brief business compatibility analysis. In other words, does the person have what it takes to start and manage a business? The entrepreneur should sit down and consider the following:

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