Are you Suitable to Start a Business?

Posted:Abigail Andrews – Friday, October 26th, 2007

Starting up your own business will change your life. It’ll change the way you think, the way you work, the way you spend money and the way you socialise. It’ll be one of the most demanding challenges you’ll ever be likely to take on. You’ll work every hour possible to get your business off the ground then even longer to keep it afloat during the early days. You probably won’t have another holiday for a couple of years and virtually your entire life will become focused on making your business succeed. These are just some of the things you need to consider if you want to run a successful business. Before you waste any time, effort and money on your new business venture objectively answer the following questions :

Questions to ask yourself before you start your own business

Do you believe in your business idea?

One of the most important qualities required is a PASSION for what you are doing. No matter how much potential your business might have for making money, unless you believe in it, how can you expect anyone else to? A bit of self-belief can go an awful long way.

Are you prepared to work very long hours?

The second most important quality is COMMITMENT. From day one you'll need to work incredibly hard, often forgoing friends and family to get your venture off the ground. You need to ask yourself whether you're prepared to make that kind of sacrifice and whether you can keep yourself motivated to put in those long, long hours. If you're the sort of person who's new year resolution lasts until January 2nd you might want to think again whether you've got what it takes, particularly when things might not be going your way.

Can your family and relationships cope with the strain?

If you’re in a relationship, it will undoubtedly feel the strain and if you’ve got a family prepare to be repeatedly torn between them and ‘the business’. This is the harsh truth of starting your own business. If you thought you’d be reducing your hours not increasing them, that it wouldn’t disrupt your family life, frankly, it all seems a bit too much trouble, then stop reading now; turn off your computer and think of a different way to improve your everyday happiness. There are other ways to escape the rat race which you are probably more suitable to.

If you’re going to succeed, you won’t mind concentrating all your energy into the new business because it’ll be ‘your baby’ and you and your family will be the ones reaping the rewards – not a fat cat on ten times your salary. You’ll also have the enthusiasm and ideas to find solutions to the obstacles in your path.

Can you work on your own?

You have probably realized by now that you'll be going through all of this on your own. While escaping the office might seem like paradise now you could soon be longing for a bit of mindless gossip and back chat....ok maybe not, but, you may get lonely and crave a little company. You'll need to dig deep to find the kind of EMOTIONAL RESILIANCE to keep you from losing the plot when there's no-one around to lend a helping hand.

There will be many of these but how you overcome them will be critical to deciding whether or not you will ultimately succeed. If you are not the sort of person who responds well to setbacks, you ought to ask yourself whether you are the right person to be trying to get a business off the ground.

Are you committed to running a business in retirement?

Personal commitment calls for certain disciplines. Retirement means you have time on your hands to pursue leisure interests that you only ever dreamed about while you when you were working. Do you really want to limit this freedom? Your own business will require enormous amounts of time and effort. Your own business 'usually' continues well after normal retirement age.

Are you capable of making decisions on your own?

You can listen to advice from other people, but when it comes to making crucial commercial you will be out there on your own. Does the prospect faze you or are you capable of taking it all in your stride?

Can you plan ahead for all eventualities?

Success comes sooner when you develop the practice of creating individual strategies for every eventuality: good times, bad times, in between times. How do you rate yourself at planning ahead? Does it come easy to you or is it something you would need to work at?

Do you get on well with people?

You may be the most personable person you know but how does your personality stack up in commercial terms? You will be dealing with people at both ends of the spectrum: staff and customers. Can you be objective yet affable in your dealings? Can you learn to put self interest on the back burner when required?

Can you afford to invest in yourself?

Perhaps for the first time ever you will be facing up to the prospect of investing not in tangibles such as a home or a car - but in yourself. Can you afford it at this time in your life? Even if you can comfortably afford it, do you really want to - even if the required investment is modest? Or would you rather keep the money in the bank?

Can you handle unexpected setbacks?

What happens when you meet the odd inevitable occasion when things go wrong? Will you wonder what on earth you've let yourself in for at what should be a less stressful time of your life? Conversely, do you possess the steeliness to convert apparent stumbling blocks into opportunities? Do you have the grit and enthusiasm to persevere and overcome any temporary adversity?

Do you understand the financial side of running a business?

If you were an employee during your working life, do you really have a thorough enough understanding of the financial side of running your own business? To bring yourself up to speed, would you be prepared to take advantage of the abundance of free tuition that exists on acquiring commercial nous? It's there but it does take time and you are unlikely to survive without it.

Summary

Ultimately, there is no right or wrong type of person to run a business. If you are determined to make it succeed, and are prepared to work long hours, then you have the ingredients for success. However there are some people that are better at business than others and these type of people often share similar characteristics, and those characteristics make a business a thriving business rather than just a business! For a start if you look at top business people, the one thing they have in common is determination. They do not give up at the first hurdle and they keep going until they succeed.

So while you don't need qualifications on paper, not just anyone can become an entrepreneur. But if you think you've got what it takes then it could be one of the best decisions you ever make.

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