Are you a
self-starter?
It will be entirely up to you to develop projects,
organize your time, and follow through on details.
How well do you get along with different
personalities?
Business owners need to develop working
relationships with a variety of people including customers, vendors,
staff, bankers, and professionals such as lawyers, accountants or
consultants. Can you deal with a demanding client, an unreliable vendor,
or a cranky receptionist if your business interests demand it?
How good are you at making
decisions?
Small business owners are required to
make decisions constantly - often quickly, independently, and under
pressure.
Do you have the physical and emotional stamina to
run a business?
Business ownership can be exciting, but
it's also a lot of work. Can you face six or seven 12-hour work days
every week?
How well do you plan and organize?
Research indicates that poor planning is
responsible for most business failures. Good organization of
financials, inventory, schedules, and production can help you avoid
many pitfalls.
Is your drive strong
enough?
Running a business can wear you down emotionally. Some business
owners burn out quickly from having to carry all the responsibility for
the success of their business on their own shoulders. Strong motivation
will help you survive slowdowns and periods of burnout.
How will the business affect your
family?
The first few years of business startup can be hard on family
life. It's important for family members to know what to expect and for you
to be able to trust that they will support you during this time. There
also may be financial difficulties until the business becomes profitable,
which could take months or years. You may have to adjust to a lower
standard of living or put family assets at risk in the
short-term. |
