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?