Questions You Need to Answer Before Starting a Business

by Ed Martin

People are often so anxious to try out their idea for starting a business that they don’t think about what it really will take to fulfill their dream. Before you make the leap, sit down and do a self-assessment. Make a list of the things you love to do. It doesn’t matter what they are – just put them in the list.
Make a list of your skills and capabilities, things you can do, and things you know how to do well. Make a list of the things you have done.
Make a list of your personality traits. Take a test if you need help. They are easy to find online.
Consider all of these things before you make the leap:

  • What do you want to achieve?
  • How much money do you want to make?
  • Where to you want to work? Anywhere, at home in your pajamas? In your own office or store? On Main street or the beach?
  • How much and long do you want to work? Do you see yourself putting in 2 hour days or working 80 hour weeks?

Are you really ready to give up the steady income and security of your job and risk the time and money that will go into starting a business? If not, then don’t go full-time yet. Find an extra hour or two a day. Do some moonlighting and see how that goes.

Think about your personality. Consider these questions:

  • Do you want to be famous, in demand? A local move & shaker or an Internet celebrity?
  • Are you a people person? Do you look forward to interacting with customers? Do you need to be around people to get your creative juices going?
  • Do you like working alone?
  • Can you handle distractions if you work at home or do you need your own space?
  • Do you have a 9-5 work mentality and like to leave things at the office?
  • Do you have confidence in yourself and what you are doing to stand up to competition and get through hard times?
  • Are you flexible enough to change your plan if things go wrong or new opportunities arise?

Think hard about the answers to these questions so that you chose a business path that is right for you.

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