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.
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.
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.
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.