Self Assessment
Are You
Business Minded
What's the best way to
create a profitable business? A business you really love that makes the kind
of money you really want?
Planning, planning, and more planning.
Before jumping head-long into a new business, you must lay the foundation for
long-term success. A good foundation is rooted in a solid plan.
Many new businesses skip what is perhaps the most important part of a solid
business plan... assessing individual strengths and weaknesses.
But does a self-assured,
go-getter such as yourself really need to do a self-analysis?
Research has shown that many businesses collapse in their first year because
of inadequate planning. A thorough self-assessment is the first step in
planning a business which lasts well beyond the first year.
What
happens if you skip this first step?
Picture yourself standing on a grassy knoll looking out upon a desert - a sea
of sand. You must cross this desert to reach the cool, refreshing waters on
the other side.
You begin your journey in the brisk, night air. The warm sand feels good
between your toes. But then, you feel a nip at your feet. It is a creepy
creature of the night which has mistaken your curly little toe for a frisky,
hopping snack.
A thought... should have planned for boots.
It then occurs to you that your little toe will become quite curly tomorrow
when the sand heats up from the blazing sun.
Not a pretty picture, is it? Ya gotta plan. Bare feet at first... great for
comfort. Boots for later on... that's thinking ahead.
The questions below will help you to prepare yourself...
for business.
Why
do you want to start your own business?
Understanding
your motivation helps you to see past the romantic notions of being
self-employed. The questions below have no correct answer. They are different
for everyone. Just look at your answers critically. Evaluate how important
your answers are in choosing to start a business.
1. Do you want better
work hours? If so, what hours do you want
to work?
2. Do you want to
be your own boss? If so, why do you want to be your own boss? e.g. creative
freedom, current boss is a Neanderthal, better use of your skills...
3. Do you want to
improve your financial condition? If so, by how much? How much income do you
want every week? Every month? Every year?
4. Does your current job
leave you unfulfilled? Why? Can your desire to be self-employed fill this
need? How? In what ways?
5. Do you
have a business idea in mind? If so, why did you choose this business?
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 the blink of an eye, and wear them till the 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 the
entrepreneur to work 12 or more hours a day, including weekends.
2. Do you
have the 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, the
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.
What
skills are you bringing into the business?
Every
business requires the application of certain skills to be successful. Without
these key skills you run the risk of failure. The important thing is to
recognize the areas of your business requiring additional support. These
questions will help you identify the skills you possess and those you need to
acquire.
1. Do you have previous experience in a business similar to the one you're
starting? If not, you should research your chosen industry. It's necessary to
understand your market, your customers, and your competitors. Here are some
hints to help you research
your field.
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. For help in this area check out Organized-Living.com.
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 the small
business owner. If you've never worked in a supervisory capacity, you may want
to take some specialized training to develop and maintain these skills.
Follow
through on your answers to all of the above questions. Take action to
strengthen your weaknesses. Doing so prepares you to move forward into market
analysis and the start-up planning phases of your business.
All this
preparation will increase your likelihood of surviving the first year in
business. It's like buying a great pair of boots for your business.
ABOUT THE AUTHOR:
Brett Krkosska provides how-to advice on family and home-based work issues.
Get start-up guidance, business ideas and inspiration at http://HomeBizTools.com.
Become a subscriber for a fresh and original perspective on today's
business issues: mailto:enews@homebiztools.com
|