To be honest, I'm usually up on the various news in the business world, but it seems I may have been asleep at the switch. I didn't realize and don't ever recall learning that 2011 had been declared the year of the entrepreneur. Perhaps I was too busy working in and on my own business. However, I certainly agree that entrepreneurship is the backbone of our economy, especially in Manitoba.

Therefore, I expect more people in 2012 will decide to leave the corporate world to start their own business. As well, many individuals who have experienced layoffs due to restructuring in this past year will also, out of necessity, decide to become their own boss. Yet, being your own boss and owning your own business is often glamorized to such an extent that people are blinded by the challenges they will encounter.

So, as an entrepreneur for the past 25 years and as someone who has ploughed through many business challenges, I want to take this opportunity to help readers review and evaluate their entrepreneurial intentions for 2012. Perhaps the following questions and discussion beyond that of a business plan will help you to assess your goals.

What is motivating your desire for entrepreneurship? If your answer is that you want to get out from under a tyrant boss or if you think you'd be better off financially on your own, then you need to think again. While consulting appears to be the easiest transition into being your own boss, even this role includes serious startup costs such as developing and maintaining a website and developing marketing and advertising materials as well as your products and services. For those individuals who wish to focus on manufacturing, most startup costs are significant. Be prepared to seek financial support and to take financial risks.

Do you have an entrepreneurial mindset? Being an entrepreneur requires the right mindset. This includes being creative, being able to take risks, manage change and being able to "turn on a dime" when flexibility is required. It means having a keen sense for identifying opportunity and the initiative to move quickly to take advantage of opportunities when they arrive. It means being a good listener so that you can identify how your product and service can be of assistance to clients.

Do you have a sustainable customer base? While most business is the result of relationships, when you leave your corporate employer, you will be surprised at the challenge of attracting corporate clients to your small business. In fact, you may even have restrictions on your employment agreement. Home-based businesses are especially challenged because clients are seeking non-risk service providers as well as sustainability. If there is any fear of risk, the clients will stay with the corporate entity. The same goes for vendors, as many who do not want to provide service to an unproven business frequently require large deposits or some form of security. Overall, you will need three to five years to build up your own reputation and gain credibility as a business.

Are you a self-promoter? Being successful in business is all about becoming a known entity. This requires that you are out and about, meeting people and attending every social event you possibly can. Are you willing to volunteer for association committees and leadership roles that will build your profile? Could you write for your association magazine or offer to be a speaker in your area of expertise? Keep in mind that customers will not beat a path to your door; instead, you need to reach out and make customers aware of who you are and what you have to offer. By the way, focusing on self-promotion is in addition to your daily business responsibilities!

Promotion is one thing, sales is another. How proficient are you at sales? If you're planning to work alone, then having good sales skills is absolutely critical. Most people who come back to me and ask for help in finding a job have learned the hard way that sales is what makes the world go round. Take time to make a realistic assessment of your ability; you must be able to make those cold sales calls and make sales presentations. More importantly, you need to be able to "ask for the sale."

Is there sufficient cash flow? No matter what type of business you enter into, cash flow will be your lifeblood. You'll need money to purchase licences, rent space, develop marketing tools, and pay for all the requirements of your business. Most financial institutions don't want to lend to new entrepreneurs and so many count on the support of family and friends. Do you have enough cash to get through the hills and valleys of your business cycle? If a number of customers delay in paying your invoice in order to reserve their own cash, would you be in trouble?

Are you prepared for a 24/7 lifestyle? Being an entrepreneur can be psychologically draining and stressful at the same time the business creates a sense of excitement and pleasure. Yet, believe me when I tell you that the 24/7 lifestyle does not just disappear once things are running smoothly. Business will always be on your mind. Are your spouse and family prepared to support you in this entrepreneurial lifestyle? Be sure to assess the strength of your personal relationships as there are many trails of broken marriages on the path to success.

Know when to get help. Most small business owners are essentially a jack of all trades; in other words, you are not only responsible for all aspects of the business, you are hands on with daily operations. The challenge, then, is not only to recognize when you need help, but also to find and be prepared to spend the financial resources to get that help. Burnout is common among entrepreneurs and so maintaining your health is critical.

Living the life of an entrepreneur has been rewarding for me personally and I am happy that I have had strong family support. On the other hand, I have met so many people who have an unrealistic view of "being their own boss." They glorify the lifestyle, ignore the many challenges and are then disappointed when they finally conclude that having a job isn't so bad after all.

Last year may have been the Canadian year of the entrepreneur, but I believe that 2012 will continue this trend. Assess your entrepreneurial plans carefully and ensure this lifestyle is what you truly want and are suited for.