You want to start your own business, but do you have what it takes? Starting a business, and being the boss, takes more than just a great idea. Here are 7 questions you should ask yourself before jumping in to your own business.
#1 What are my strengths? Some of us are born leaders. Others of us, not so much. Ask yourself what key personality strengths do you have that will help you run a business. Are you organized? Are you good at managing your time? Can you manage others? Taking a look at your strengths, and weaknesses, will help you determine if you have what it takes to succeed.
#2 Do I handle setbacks well? If you find yourself in a negative situation, how will you handle it? Perseverance is one of the trademarks of a good business owner. Also, if you plan on having employees, consider how you will handle the situations in front of them. Being a leader means setting a good example and setting the tone for the rest of the company.
#3 Do I have the funds to start a business? Starting a business takes capital. Do you have enough money to start your business? Can you sustain it for the first year if you are not bringing in as much as you hope? If you don’t have the immediate funds, think of ways that you will finance your business.
#4 Am I willing to devote time? A new business will take a lot of your time, especially in the beginning. Are you willing to devote the extra time to building your business so that it runs smoothly? This is especially important if you have a family. Know that in the beginning there may be times where you will be working long hours with very little to show for it.
#5 Am I passionate about my idea? Wanting to succeed in a business is one thing, but really loving what you do is another. Being really passionate about what you do can help you strive to reach success.
#6 Is this something I can see myself doing years from now? It’s important to start thinking about your future now. Is your business idea something that you will still feel passionate about in 3 years, 5 years or even 10 years? Will you still see yourself enjoying it years from now?
#7 Will I be able to differentiate myself from others in the industry? It’s rare for someone to come up with a brand-new business idea, so you must learn how to be different from the rest. How will you ensure that your product or service is different than others out there? What is the one thing that will set your business apart from the others so that can really guarantee sales? Also, how will you be marketing your business to show consumers that you are different?
Starting your own business takes good business sense, perseverance and leadership. Do you have what it takes to run a business? ask yourself these 7 questions before starting a business.