Guide to Starting and Operating a Small Business | 2018 Guide to Starting and Operating a Small Business - Page 5

Personal Assessment Are You Ready to Start a Business? Being your own boss is wonderfully exciting, but isn’t for everyone. Anyone considering starting a business needs first to consider if s/he is suited for it, personally and professionally. There are no right or wrong answers to these questions. This self-evaluation is designed to help you think through critical aspects of your personal and business readiness to be self-employed. It will help you: Assess your reasons and qualifications for going into business; set personal and business goals; consider if this is the right time to start a business; if you have the freedom, flexibility and resources to start a business; to consider your health and stamina; and how you will balance family and business. Suggestion: It is recommended that you bring a completed version of this self-assessment to your first MI- SBDC consulting session. It will provide a profile of you and your readiness to help your consultant become acquainted with you. To self-assess, ask yourself the following questions and answer as honestly and in as much detail as possible. SELF ASSESSMENT: Are You Ready To Be In Business? 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. Why do I want to start a business? OR Why am I in business? Specifically, what kind of business do I want to start (or am Iin)? Why do I believe I can make this type of businesswork? Why do I believe this type of business issustainable? Do I have the necessary education, skill and experience to succeed in this industry? If not, can I obtain these qualifications before start-up; how? What is my true purpose and/or the goal I hope to accomplish with this business? What is the financial goal I am seeking toachieve? If I will need financing, do I have the resources and credit worthiness necessary to be eligible? [High credit score plus assets, collateral and good financial history.] What are my strengths? What are my weaknesses? What is my physical, mental and emotional health and stamina? What knowledge and skills do I have to start and control the day-to-day operations of a business? Do I know and understand the technology necessary to be competitive in this business? Do I have good judgment in people andideas? What sacrifices and risks am I willing to take to be successful? What will it take for me to balance personal life and business demands? 3