Have You Got What It Takes To Start Your Own Business?

Status
Not open for further replies.

TeamPlayer

Yellow Belt
You've worked for others, picked up a fair amount of knowledge and skills in your field of expertise, and now you're ready to take the plunge and strike out on your own.

Starting your own business is great in theory, but, there are a number of points to consider before going ahead if you want to succeed.

You will need to invest time, effort, and in all probability your own finances. Assess fully whether you really have what it takes and whether you can handle the risks.

You may want to consider the following questions:

  1. Are you prepared for the pressures starting a new business will put upon you?
  2. Are you good at handling uncertainty?
  3. Are you positive by nature?
  4. Are you a risk-taker, or do you prefer to always play it safe?
  5. Do you have a hunger for success?
  6. When you have setbacks (and you will!), can you bounce back?
  7. Can you delegate?
  8. Do you have basic business skills?
  9. There needs to be a market for your product/service. Can you happily spend time carrying out in-depth market research?
  10. Do you have the necessary finances to set up a new business?
  11. Are you the type who 'goes it alone' or are you willing to consult the experts when necessary?
  12. If you plan on working from home do you have the available space? Do you have the support of your family?

Asking others for their impartial opinions of your strengths and weaknesses can also be of great help in deciding if you are ready for starting your own business. See what family members think about the idea, and ask for an honest assessment from them about whether they think you have what it takes.

Very few people who own their own business are strong in all of the areas required. If there are any gaps you need to be willing to fill them with outside help, or by learning new skills yourself. This might even mean having to go to college for one day a week, or a nightly training course to brush up on some skills.

Self-motivation is the key to running your own business. If you need someone else to tell you what to do, when to start your day, how to organise your time, you probably aren't cut out for running your own business. Do you take a lot of time off sick at work, or are you reasonably healthy? It's been said that people who run their own businesses are healthier than those who work for others. That's not really true, but it well illustrates that they spend less time off work for sickness, simply because if they don't work they don't get paid!

The bottom line is that you are the only person who can decide whether you have what it takes to turn your dream of starting your own business into a reality.
 
Last edited by a moderator:
Status
Not open for further replies.
Top