Others have a hobby, skill or idea they want to pursue without considering whether anyone will pay them to do it. Still others are desperate after being laid off and unable to find another job immediately.
But those motives are insufficient to be successful running your own company over the long term. Most small-business owners start out with skill in the technical side of their venture. They know how to make something, like crafts, or do something like bookkeeping.
That’s just the beginning.
Consider how you like to work and the types of work you enjoy. A business owner must be a multi-tasker: make the product, create marketing materials, send out invoices and follow up when customers don’t pay, strategize for future growth and find the best financing deals.
Successful entrepreneurs are thick skinned, independent and able to forego instant gratification.
This quiz will help you examine your abilities and motives for seeking business ownership. You don’t have to show your answers to anyone else, so be honest with yourself.
If most of your answers are “yes” you’re ready emotionally to start your business.
But a large number of “no” or “maybe” answers don’t disqualify you as master of your own company. You will be able to overcome those weak areas with work, study or help from others with strengths in those areas.
1. Are you prepared to lose your savings?
2. Do you know what your strengths and weaknesses are?
3. Do you have the drive, persistence, and ambition to achieve and grow?
4. Are you completely committed and determined to attain your goals?
5. Do you strive for excellence?
6. Do you have a high level of self-confidence?
7. Are you a hard worker?
8. Do you have a tolerance for ambiguity, stress, and uncertainty?
9. Do you have a low need for status and power?
10. Do you get along well with others?
11. Are you good at communicating?
12. Are you trustworthy and reliable?
13. Are you patient?
14. Are you well organized?
15. Do you carefully read and understand important documents before signing them?
16. Do you understand basic math and know how to read financial statements?
17. Are you creative and innovative?
18. Can you live within a budget?
19. Do you have good health and a high energy?
20. Are you willing to accept complete responsibility for yourself and your business?