Daily Guru Duel: Watch Cooper Boone and Amy Kean's Video Responses!

Jan. 11, 2011— -- Rebecca F. from New Jersey writes:

After many, many years of working for other people, I find myself wanting to start my own business but am afraid of what it will mean to the comfortable financial situation my husband and I have created for ourselves. What advice do you have for someone in my position?

Cooper Boone's Advice:

Rebecca,

I'm assuming you've been thinking about this for sometime now, you've done your research and asked the key questions: Is there a need for this business? Do you have the skills to run it? Do you feel passionate about the work? Two organizations that will be a huge help in building your business plan are The National Association of Women Business Owners and SCORE.

At the heart of your question is something every entrepreneur asks themselves; is this worth it?

The fact that you sent me this question tells me you're ready for something more. So – ask YOURSELF the tough question: What are you willing to give up to make this dream happen?

Owning your own business requires you to sacrifice the comforts of working for someone else like a steady pay check, paid vacations and regular hours.

In return, you're opening the door to the greater possibility of a better income, control of your schedule and most importantly waking up everyday feeling passionate about what you do!

I started my first business 20 years ago and can tell you from experience that some businesses take off right away, some fail and some take more time than planned to flourish. So yes, chances are your lifestyle will have to take a step back to make a leap forward and there's no telling for how long.

But if you prepare well, have realistic expectations and are willing to work REALLY hard, you'll join the ranks of people who have built this country with great innovation, courage and a dream.

Amy Kean's Advice:

Bill Gates, Martha Stewart, Ben & Jerry: They all took a risk by starting their own companies.

Rebecca, not knowing your details—business idea, skill set, personality—it's impossible for me to predict if you'll succeed. (Obviously, opening a muffin shop is very different from launching a new airline.)

So before you print your first batch of business cards, let's take some personal inventory:

1) Are you "boss material'?

Businesses don't just run themselves; people run them. Entrepreneurs must be determined, passionate, and smart to succeed. You must hire, and fire, employees. Plus, you need to order the coffee cups, stationery, and chairs. You have to do—and pay for—EVERYTHING…especially in the beginning.

2) Why choose your own business?

Many complain, "I hate my dumb job; I want more freedom so I'm going to do my own thing." Not so fast! Truth is, your business will consume much more of your personal time than working a traditional nine to five job. Hard work and extreme sacrifice is required.

3) Can you handle failure…and success?

For every eBay and Coca Cola, there are thousands that fail. Start-ups are a HUGE personal and financial risk. (You should be nervous.) Can you comfortably carry the operating costs until your business turns a profit? What if you lose everything? On the flipside, if you're wildly successful, the business will become the focus of your life. There's no punching out. Still in?

4) Is your husband on board?

Even if he isn't a partner per se, he's going to be "in" the business if he's married to you. Your company will soon become a third (demanding) partner in your marriage.

Having said all that, if you're still ready to roll the dice—GO FOR IT. CLAIM YOUR PIECE OF THE AMERICAN DREAM!