How to determine if your cut out for the task of owning your own business?
I have often been asked by aspiring entrepreneurs how they can determine if they are cut out for the task. While there is not really one answer that will fit everyone, in my opinion there are some characteristics that I think most entrepreneurs have and the basic requirements are usually the same.
If you are thinking about starting a business but you’re still not sure that this is the right move for you then below I have listed some questions that you should ask yourself. This will help you determine if you are willing to make the sacrifices that may be necessary for you to move yourself in the right direction. Understanding your reasons and motivation for wanting to become an entrepreneur will help you see past the romantic notions of being self employed.
Now, don’t worry! This is not a test, and no one will grade you so there’s no right or wrong answers to the questions. The answers will vary based on the individual, their motives, ambitions, and their personal goals. The important thing to remember is they are just guidelines for you to use to self-evaluate your readiness. This information will play a crucial role in helping you to determine if you are capable of starting and operating a business and, most importantly, if the business you have chosen suites your abilities and needs.
Please take a few minutes to answer each question.
- Why do you start your own business?
- Do you have a business in mind that you would like to start?
- Do you have a passion for the business you would like to start?
- If so, why have you chosen this business?
- Does your current job or career leave you feeling unfilled?
- Does your desire to start your own business fulfill this need?
- Do you have the skills that will be necessary to make this business venture successful?
- By starting your own business, do you feel that your skills will be put to better use?
- If necessary are you prepared to get additional training in order to operate your business?
- Are you prepared for the physical and emotional demands that starting a business will put on you?
- Are you prepared to put in long hours in order to make your business successful?
- Do you work well under pressure and have the ability to take projects through to completion?
- Are you good at planning, organizing and making decisions?
- Do you have the support of your family and friends?
- How will you support yourself while trying to get your business launched?
I realize that some of these questions may be tough but they are essential questions any budding entrepreneur must ask themselves. You want to be certain that you are not lacking in any skills that can make you a liability to your business.
It’s important that you are honest and open with yourself when it comes to answering these questions. Use the information to help you follow through on your strengths and take action to improve on any of your weaknesses.
Doing so will prepare you to move forward into the market analysis and start-up planning phases of your business. All of this preparation will greatly increase the likelihood of you being successful in whatever endeavor you choose!