Starting a business: Find out if you have got what it takes
Starting up a business requires a considerable investment of time, funds and energy.
Before you begin, you need to honestly assess whether you really have what it takes and how well you think you might handle the risks involved.
You may want to consider the following questions:
- Are you prepared for the personal demands of setting up a new business?
- How well do you handle uncertainty?
- Do you have a positive attitude?
- Are you prepared to take chances and gamble on your ideas?
- Do you have any of the key qualities of a typical entrepreneur?
- Do you have an absolute determination to succeed?
- Can you bounce back from setbacks?
- Are you able to delegate?
- Do you have core business skills?
- Are you prepared to spend time carrying out in-depth market research?
- Do you have sufficient funds to set up a new business?
- Are you willing to draw on expert help when you need it?
Very few entrepreneurs can claim to be strong in all of the areas required. The key is to make the most of your assets and take action to address any gaps. This could include learning new skills yourself or drawing on outside help by delegating, recruiting or outsourcing.
Ultimately, you are the only person who can decide whether you have what it takes to make your dream of starting a business into a reality.
Common mistakes to avoid