Owning and operating a successful business can be a very satisfying way to earn a living. But are you prepared for the responsibilities associated with owning a business? You should carefully consider the self assessment checklist below before starting your own business. It lists the personal attributes and factors which increase your chances of success.
Personal Qualities
- I am prepared to work hard and give full-time commitment to the business.
- I have the necessary persistence and tenacity to stick with the business through thick and thin.
- I have a strong desire to be self-reliant.
- I believe that I will be successful through my own efforts.
- I am physically and emotionally resilient.
- I can work independently.
Your Attitude to Risk
- I am prepared to risk my own money and assets in the business.
- I recognise the importance of professional advice and guidance before I invest my money in the business and during and after business start up.
Your Family
- I have the full support of my family.
- My family will cope with the demands of the business on my time.
Business Skills and Know-How
- I have a clear market focus with a specialized service or product that fills an ongoing need.
- I have specific skills or know how in the product or service area I am contemplating.
- I have previous hands-on business experience in business.
- I am well organized and efficient.
- I have a basic knowledge of accounting and cash flow management.
- I feel comfortable selling to people.
- I can organize and motivate others to get things done.
Finance
- I can raise the funds required to get a business off the ground and survive the initial start-up phase.
- I have sufficient reserves of working capital should the business be slower to grow than expected.