Assessing Your Readiness for Entrepreneurship

Being your own boss is wonderfully exciting, but isn’t for everyone.  Many people take the entrepreneurial route for one or more of several reasons.  The most common reasons being:

1. self sufficiency;
2. a desire to be wealthy;
3. out of necessity;
4. to change their lifestyle.

So to ascertain whether business ownership is for you, ask yourself the following questions and answer as candidly and in as much detail as possible.

1. Why do I want to start a business? OR Why am I in business?
2. Specifically what kind of business am I in/do I want to start?
3. At what do I excel?
4. What do I consider to be a worthwhile or enjoyable use of my time?
5. Are my strengths greater as a leader or a follower?
6. Am I physically, mentally and emotionally capable of starting and running a business?
7. Do I have social and financial support of family and friends to accomplish my goals?
8. Do I possess the necessary skills and abilities to start and control the day-to-day operations of a business?
9. Do I have up-to-date working knowledge of technology necessary for efficient operation in order to keep pace in the business world?
10. Do I have the ability to exercise sound professional judgment in people and ideas?
11. Is my past education and experience in the industry sufficient?
12. What sacrifices and risks am I willing to take to be successful?
13. What financial level of success am I seeking to achieve?
14. Have I made proper provisions for income and insurance (health and life) while waiting to achieve business success?
15. How will I balance family and business?
16. Will I be able to devote the necessary time, resources and capital to be successful in business?
17. Why do I believe I can make this type of business work?
18. Why do I believe this type of business is sustainable?

The above questions are intended to assist you in addressing the most fundamental issues generally encountered in the start-up phase.  But, it is advised to revisit this section periodically throughout the life of your business.  The responses should give you an indication as to whether you’re ready to start your business or continue in business.