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Dear Dr. George:

I am thinking about starting my own business. I do not like my job and know I would be happier on my own. Do you have any thoughts for me?

Signed,

ASPIRING ENTREPRENEUR

This is part four of a previous article in which someone, ASPIRING ENTREPRENEUR, asked about the necessary components for success as a business owner. I suggested four advisable traits:

1. You should have an entrepreneurial mindset.

2. You should be an effective planner.

3. You should be in fairly good financial shape.

4. You must put ethics first over money.

This column covers trait four: you must put ethics first over money.

Is it more important for you to establish a trusting relationship with your customers or to make money?

Will you make good on your product or service if one of your customers is dissatisfied? Or will you at least offer the dissatisfied customer some solutions to his/her problems, if you cannot totally redress the complaint?

Do you want to create a brand name that, when people recognize it, their first impression is "that company will offer me quality and treat me fair?"

If you hire people, will you drive them to states of great duress to ensure your company's success? Or will you see them as commodities from whom you must keep getting more outcomes with fewer rewards?

Will you hire people whimsically with the notion you can let them go whenever you wish?

If you hire people, will you recognize them for jobs well done, or do you think that, since they are paid, recognition is unnecessary?

Will you heavily bonus your top management, while ignoring your front line workers with little or no bonus?

If you find flaws in your product, will you correct them immediately, or will you ignore them to save money?

If a client overpays you in error, will you notify the customer and return the check?

Will you keep accurate books and pay what is owed as opposed to trying to outfox the government?

Will you pay your bills on time to your vendors, or will you try to float them as long as you can?

Will you control your pride if you are successful? Or will you be thankful and humble for your accomplishment?

The largest aggregate employer of businesses in America is not the big companies but the small businesses. I think that many adventurous people would prefer to be an employer rather than an employee. Just because the odds are that four out of five businesses fail in the first five years, you might be the one that makes it. Some experts recommend that in today's economy, if one can pull it off, there is better job security in being self-employed than working for a company full-time.

Before you embark on such a venture, in addition to my list of considerations, you should enthusiastically ask your family that they all need to help you, as this should be a family affair.

Perhaps you could give them some assignment, which helps the business. Tell them that some of their own personal expenditures that they feel are important-like designer clothes or a new ipod or cell phone-will have to be put on hold, as the business cannot ride the tide of excessive personal spending.

Motivate them by suggesting that the minute the business is profitable, they will get a reward. If they plan to attend an expensive college, encourage them to spend their first two years in a community college. Community colleges have some of the best programs and teachers in the nation.

Finally, if all else fails, know when to declare that your venture will not work. Do not throw good money after bad. Don't be ashamed, as that is pride and ego. You tried and so what if you did not succeed?

One of the most common laments from people, before they die, is they wanted to try something but did not.

At the hour of one's death, it will be too late to try this endeavor. At least if one has tried, he or she will not regret that part of his/her life was futile.

One of the Brothers at St. Aloysius High School once taught us, "for all sad words on tongue or pen, the saddest are these: 'It might have been.'"

Dr. George Abraham is a business consultant author of "The Seven Deadly Work Sins Against the Golden Rule." He also formally served as an adjunct professor at Hofstra. Email confidential questions for advice to georgeabraham@aol.com.