How to Decide if You Are Ready to Start a Business? 10 personal questions to ask yourself before you commit

No, we won’t begin with “Do you have a master’s degree?” Although education does matter, higher education is not a requirement for starting or succeeding in a new business. In fact, according to a 1992 United States Census Bureau report, only 5.3 percent of business owners have a Master’s degree or higher education. 9.4 percent had less than a high school education; some only up to the eighth grade. Oddly enough, only 17 percent had any business education. The founder of Dell Computers was a college dropout. Starting out of his garage, he managed to excel above all of the world’s top computer manufacturers. One in three computers sold today is a Dell.
What you will need, is more commonly known as “street smarts” and common sense. In addition, you will need to have certain individual qualities, or personality traits. Most individuals who are successful in business and in “life” possess these traits. Take the quiz and see how many of the following questions you can answer with a confident “yes.”

1. Do I have energy, and am I in good health?
2. Am I a self-starter?
3. Do I have a willingness to work hard?
4. Am I a good organizer?
5. Am I able to make decisions?
6. Am I able to make plans and follow through?
7. Am I able to inspire and direct others?
8. Am I honest (and be honest!)?
9. Do I regularly balance my checkbook and avoid debt?
10. Am I a jack of all trades and a master at one???

If you can honestly answer all the above questions with a “yes,” you may be the type of individual who is well qualified to operate a successful business. But before you close the deal, be sure you have educated yourself in the field you’ve chosen. Research and learn the process necessary to start and operate your own successful business. Read good books relating to your type of business and get the education you need to be successful.

Statistically, more men are self-employed than are women. Women may be selling themselves short in the business world. Although times have changed, society has taught us in the past that men are leaders. All of our past presidents have been men. Women need to realize that starting a business requires attention to detail, devotion, commitment, and nurturing; all of which are natural characteristics of themselves. Women make great entrepreneurs, but the business failure rate is equally sexed.

If you’re unsure of your response to any of the ten questions listed above, it’s possible that if you attempt starting a business, you may fall into the ninety percent of new businesses which fail in their first year. The statistics can be startling, but they are a reality. You may want to re-consider your business idea.

Carol Denbow is the author of Are You Ready to Be Your Own Boss? available at www.booksbydenbow.weebly.com

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