Assessing your own Suitability

The most important asset in your new business will be yourself, so you will need to ask yourself these questions:

  • Am I prepared to give up the certainty of a regular income, paid holidays, fringe benefits and job security?
  • Am I prepared to accept a lower standard of living at the start of the business?
  • Are my family and friends 100% behind me?
  • Can I cope with stress?
  • Can I cope with the loneliness that self-employment can often bring?
  • Do I mind working long hours?
  • What will happen to the business if I am ill?

As already stated, you will need to become an expert in most areas of the business and learn to deal with a wider range of people. You will need to ask yourself the following questions:

  • Am I known for being reliable?
  • Do I make decisions quickly, and are they usually the correct ones?
  • Can I obtain a good source of supply of the product or service?
  • Can I sell my product or service at a profit?
  • Am I capable of looking after the administrative side of the business - a vital part of a successful venture?
  • Am I good at dealing with people within and outside my current organisation?
  • Do people trust me?