Entrepreneurship is a distinct part of the American Dream. Since our country’s founding we’ve applauded hardworking business owners. They create jobs for others and satisfy their own sense of independence and accomplishment. Sounds great!

If you’ve been bitten by the dream of owning your own business, what should you do?

1. Get comfortable managing money. This starts with your personal accounts. The pressures of owning a business will magnify your strengths and weaknesses in this department. Make sure you’re on top of things by using the tools necessary to see the “big picture”. (Guess what tool we like? Yep. Geezeo — sure we’re biased, but, it does give you an overview of all your accounts. Check it out.)

2. Get comfortable with risk. Not crazy risk — like jumping out of planes without a back-up parachute. Calculated risk. Conservative risk. And yes, sometimes crazy risk. The trick is being to evaluate risk options and stick with your decision. Financially you can prepare for risk by taking on small gambles (like lending money to someone) and train yourself to calmly evaluate your reaction. As they say: the only thing you can control in life is your reaction. Find ways to keep as level-headed as possible.

3. Have plans for both lean and fat times. If you know there is a possibility for roller-coaster-like available funds, make sure you have confident plans for both situations. Following your plan will remove some of the emotion associated with the financial situation at hand.

How many of you are your own boss? What are some tips you would add?

photo: Jay Malpass, of his boss dressed as a pig mascot for the Anderson County Fair (Anderson, South Carolina). Looks a little like our former piggie mascots, Pork & Beans?