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B. Are You Prepared For The Physical and Emotional Demands?
A new business can be very demanding. A business owner must wear several hats, be able to switch hats in blink of an eye, and wear them till job is done. This can be stressful to your physical and emotional health. The following questions will help you gauge your stamina.
1. Are you prepared to put in long hours to succeed? It's not uncommon for entrepreneur to work 12 or more hours per day, including weekends.
2. Do you have support of your family? Without that support you are far less likely to succeed. Understand that they must also shoulder additional hardships and responsibilities.
3. Are you pursuing a business venture which fills you with excitement? If not, highs and lows of doing business can effect your well-being. A strong passion for your work is a powerful shield against burn-out, physical illness, or emotional distress.
C. What Skills Are You Bringing To Your Business?
Every business requires application of certain skills to be successful. Without these key skills you run risk of failure. The important thing is to recognize areas of your business requiring additional support. These questions will help you identify skills you possess and those you need to acquire.
1. Do you have previous experience in a business similar to one you're starting? If not, you should research your chosen industry. It's necessary to understand your market, your customers, and your competitors.
2. Are you good at planning and organizing? You must stay on top of things such as your schedule, your promotions, your accounting and financial records, your inventory, etc. Educate yourself, or consider hiring outside help if you feel weak in this area.
3. Are you a good decision-maker? Do you work well under pressure? Can you take projects through to their completion? These are essential skills for small business owner. If you've never worked in a supervisory capacity, you may want to take some specialized training to develop these skills.
Follow through on your answers to all of above questions. Take action to strengthen your weaknesses. Doing so prepares you to move forward into market analysis and start-up planning phases of your business.
All this preparation will increase your likelihood of surviving first year in business. It's like buying a great pair of boots for your business.
Brett Krkosska provides 'how-to' advice on family and home-based work issues. Stop by his site for startup guidance, home business ideas and inspiration at: http://homebiztools.com For a Fresh and Original perspective on today's home business issues get Brett's ezine at: mailto:email@example.com