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Checklist for starting a business |
Page 3 |
Looking to start a business? Make sure to take these precautions before jumping right into it. Below you'll be able to locate a brief outlook on whether you'd make a good business owner or not.
2. Personal Conditions
- Are you aware that running your own business may require working 12-16 hours a day six days a week and maybe even Sundays and holidays?
- Do you have the physical stamina to handle the workload and schedule?
- Do you have the emotional strength to withstand the strain?
- Are you prepared if needed to temporarily lower your standard of living until your business is firmly established?
- Is your family prepared to go along with the strains they too must bear?
- Are you prepared to lose your savings?
3. PERSONAL SKILLS AND EXPERIENCE
- Do you know what basic skills you will need in order to have a successful business?
- Do you possess those skills?
- When hiring personnel will you be able to determine if the applicants' skills meet the requirements for the positions you are filling?
- Have you ever worked in a managerial or supervisory capacity?
- Have you ever worked in a business similar to the one you want to start?
- Have you had any business training in school?
- If you discover you don't have the basic skills needed for your business will you be willing to delay your plans until you've acquired the necessary skills?
Analysis
Certain skills and experience are critical to the success of a business. Since it is unlikely that you possess all the skills and experience needed you'll need to hire personnel to supply those you lack. There are some basic and special skills you will need for your particular business.
The questions you responded to are designed to identify the skills you possess and those you lack.
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