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Starting a Small Business 

Q What does it take to run a small business? I don't know if I am "entrepreneurial".

A Conduct an assessment of your personal skills and characteristics. Ask yourself:

  • Am I organized?
  • Do I have experience in this type of business?
  • What skills do I bring to the business? What ones will I need to hire? Can I hire them?
  • Can I support myself and/or my family financially during the early start-up months when cash may be short?
  • Do I have a cheering section, such as family or friends?
  • Do I have my family's support?
  • Am I healthy? Am I willing and able to put in long hours (50-60 hours per week) to get this business started? Am I willing to work weekends, if necessary, and put off vacations for a year or two?
  • Do I like people?
  • Am I a leader?
  • Can I deal with stress?
  • Am I a self-starter?
  • Can I make decisions?
  • Do I have some of my own money to put into this business? Can I provide at least 25% of the money needed to start this business?
  • How is my credit? Can I borrow money?
  • Am I willing to put up my house, car or boat for collateral?
  • Am I prepared to temporarily lower my standard of living until the business is established, if necessary?
  • Am I self-confident?
  • Do I have a fallback plan?
  • When things get tough, will I have the drive to hang in there?

 


 

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Page last updated: October 11 2013

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