Are You Ready to Be in Business ?
July 19, 2022
Rating
- Where did you get the business idea?
- Do you really believe in your idea(s)?
- Have you tested the idea with friends, relatives, and the market.
- Is your idea unique, and if so, what is the likelihood of others entering your local market with the same or similar idea?
- Are you into a market with existing competition, and if so, how will you differentiate yourself?
- Are you taking advantage of a strategic opportunity?
- Will this satisfy your career and financial future, is this an emotional pursuit?
- Have you ever talked to someone in this industry?
- What is your desired timeline?
- Do you have education and/or work experience in the chosen industry?
- Do you like the product, the service, or industry?
- Where do you fit:
- Visionary - the idea person and strategic thinker; self-starter;
- Manager/organizer;
- Builder/doer.
- Can you multitask?
- Are you resourceful, and do you have contacts to unofficially supplement your skills, talents, and experience.
- Do you have formal complementary resources, like a partner (his/her strengths vs yours?)
- Can you make solid decisions, quickly?
- Are you in good health?
- Have you ever started a business?
- Do you understand business finance?
- Can you work 10-12 hours days and no weekends off (strong work ethic?)
- Do you have good time management skills?
- Have you discussed all the challenges of owning a business with your family?
- Have you ever created a business plan?
- Do you have a good personal credit?
- Will you have to borrow money?
- Will you have investors in the business?
- Will you be able to afford the monthly cash demands?
- How will you market your business, and how will you sell your products/services?
- Can you tolerate a variety of personalities?
- Can you relate to and tolerate the challenges that you will face?
- Can you operate in a state of uncertainty?
- Are you creative and enterprising?
- Are you willing to invest extra time in the community, in the industry, and/or the related technology?
- Have you ever hired someone, or fired someone?
- Have you thought about the busines details like location, operations, etc.?
- How will you define success?
- Have you performed a business valuation of the existing business to determine cash flow, growth, and risk?
- What are your plans for growth?
- What are your plans for crisis management?
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