Step 2: Assess Yourself
The Concept:
Determine whether you have what it takes to go into business for yourself.
What you need to know:
At the earliest stages of launching a business, you need to consider whether you're prepared to make the many sacrifices necessary for success. This is an entrepreneurial “gut check.” You’re ready to move ahead when you're comfortable – or better yet, confidant -- that you can meet the following personal and intellectual demands:
• Entrepreneurs work long hours. Forget about the 9 to 5 routine; 5 a.m. to 9 p.m. is more typical.
• You'll receive very little income from the business for the first five years.
• Do you have strong interpersonal, leadership and organizational skills to keep you and your workforce focused and effective?
• An optimistic, but realistic, approach to business helps weather storms. You'll need to use strong problem-solving and decision-making skills every day.
• Experience in your proposed industry is important; an educational background in business management bolsters what you've learned first-hand.
Points to consider:
Why do you want to go into business for yourself?
What experience do you have in running the business you propose?
What relevant education do you have?
What do you know about the industry that you seek to enter?
Do you have the needed personal characteristics and skills?
What are your financial and non-financial goals of business ownership?
Given your personal strengths and weaknesses, should you proceed to go into business?
In what areas will you need to supplement your skills with internal staff or outside advisors?
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