Lots of people think they're well-suited for entrepreneurial success, only to learn the hard way that they lacked one or more of the essential ingredients of a successful start-up. Before you even think about starting your own business, learn your suitability. To avoid a painful and expensive lesson in how not to start a business, ask yourself the following questions. They are Eight Questions You Must Answer to Determine If You Have What It Takes to Start Your Own business.
Question#1 Am I a Leader? Do I have a clear vision on the kind of business I want to start?
Do I have a clear vision of how I plan to get that business off the ground?
Do I have the communication and the people skills to get everyone involved in the start-up motivated and productive?
Question # 2 Am I well-organized? Starting a business of your own requires doing a lot of things at the same time.
Question # 3 Am I energetic? Starting and running a business takes lots of time and involves lots of stress.
Question # 4 Do I have enough experience and know-how? Most successful entrepreneurs go into a business they know well.
Question # 5 Do I have the financial wherewithal to launch a new business? Make sure you have the money you need to launch the business and to keep it going until it generates enough cash to hold its own.
Question # 6 Am I healthy? Because of the stressful nature of starting a new business, you need to be in good shape to deal comfortably with the ordeal.
Question # 7 Am I determined enough and willing to make sacrifices for success? If you are the kind of person who gives up on a project when the going gets tough, don't even think about going into business for yourself.
Question # 8 Do I have all of the outside help that I need to start a business? You'll need a good accountant, a good lawyer, and probably a trustworthy banker or financial adviser.