Are you the type?
Financial resources are only a part of what's needed to set up your own business. The Small Business Administration has created a "Checklist for Going into Business" that highlights several points to consider:
* Are you a self-starter? If you like knowing exactly what to do and when to do it, a business start-up will drive you crazy.
* How do you feel about people? You'd better like them and have good persuasive skills, because you're going to need them, from getting the bank to extend your credit to getting your fledgling staff to work overtime on a critical order.
* Can you take responsibility? To put it simply, when it's your business, the buck stops with you.
* How good an organizer are you? Unlike managers in large firms, small-business owners have to do virtually everything themselves. Planning and discipline are crucial.
* Are you comfortable making quick decisions? Your creditors, your employees and your market simply won't wait while you have long deliberations.
* How good is your health? Owners don't get paid sick days.
At your service
The Census Bureau has reported that 76 percent of the people who entered the work force from 1987 to 1989 took jobs in the service-producing industry.
The bureau said 34 percent of the total jobs created in the two-year period were in the "high-paying" service-producing industries, like finance, insurance and real estate, and that 24 percent were in "high-paying" goods-producing industries, like manufacturing.
But some economists warned that not all the jobs obtained in these fields paid well.
The study shows that only 9.2 percent of the people who entered new jobs during the two-year period earned $10 an hour or more, and 18 percent earned less than the minimum wage.