To Be or Not to Be…A Business Owner
This is the first post in a series on starting a business.
Many entrepreneurs know early in their lives that owning a business is their calling, even if they don’t see it to fruition immediately. For others, it’s more of a gradual discovery that happens as a result of their life experiences. Both groups, though, have the same issues to think about when they decide to become business owners.
The first step of the process usually involves self-analysis and an honest look at your situation, lifestyle and goals. Here are some specific questions to ask yourself as you get started.
- Am I financially secure?
- Do I have a plan for maintaining my finances while I get my business off the ground?
- Do I have the funds needed to launch my business?
- Do I know enough about the industry I’m considering entering?
- Do I know what kind of research I need to do before launching a business in this industry?
- What will I do about healthcare?
- Will I be able to wear many hats and do a little bit of everything, at least in the beginning?
- Am I passionate about the work I will be doing?
- Am I willing and able to work (a lot)?
- Am I independent and determined?
- Am I able to make decisions?
- Do I have a track record of following through on things I start?
- Do I have the support of my family?
- Am I flexible and able to go with the flow?
- Do I have a basic understanding of accounting, marketing and sales?
- Do I have good communication skills?
- Am I resilient and thick-skinned?
- Am I creative and open-minded?
- Am I confident and self-assured?
- Am I willing to take risks?
- Am I willing to make sacrifices?
- Am I able to ask for help when I need it?
- Am I able to delegate?
- Can I see the big picture?
These questions can provide a great starting point, but even with the most in-depth scrutiny, whether or not you’re cut out for business ownership isn’t always black and white. And you may not have a definitive answer until you’ve taken the plunge. You may be great at one kind of business and miserable in another. You may thrive in one area of business ownership and struggle somewhere else.
Your goal should be to gather as much information as you can in order to make educated decisions and take calculated risks. You won’t be perfect across the board, but you should be able to create a balance between what you’re good at and what you’re not, what you like doing and what you can’t stand.
Are you considering starting a business? What are some of the biggest concerns you have?
- 5 Resources You Need to Start a Business, About.com
- Business Readiness Diagnostic, Queensland Government
- Business Start-up Cost Calculator, Business Know-How
- Business Start-up Quiz, WomenOwned.com
Image credit: svilen001