Monday, May 18, 2015

Questions to ask before starting a business

Last week we listed a series of  14 questions an entrepreneur should ask and answer before starting a new business.  This week we will tackle the first and most important question: do you have what it takes to be a business owner?

1. Can you make decisions in a decisive and timely manner?
2. Can you take responsibility for the mistakes and bad decisions which every business owner makes?
3. Will you be doing something you are passionate and knowledgeable about?
4. Are you and organized person?  There is no getting around the paperwork and bookkeeping for a small business owner!
5. Do you finish what you start?
6. Do you have family, friends and mentors to support you?
7. Can you handle new things, unfamiliar things, scary things?
8. Can you take advice? Are you open to new ideas, others' ideas?

The typical small business owner wears most, if not all. the hats during the start up phase, but he/she cannot go it alone.  Every successful entrepreneur has a support system and taps into it for advice and strength.  The small business owners who succeed are the ones that have a plan, follow it, adapt it as needed, ask for help as needed and recognize their mistakes, learn from those mistakes and moves on from them. They are knowledgeable about core elements of the business, find and listen to experts in the areas they are unfamiliar with. The ones who fail jump into business without a plan, don't listen to the experts, blame everyone else for their problems and don't learn from their mistakes.

What other characteristics do you think a successful small business owner needs?

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