In my coaching business I use a series of workbooks that a person can work out of to determine what they should do in their business and personal life. Here is one I use for people who think they want to become a business owner.
Before you determine if you should start your own business we must first see if you have the character traits to be successful as an entrepreneur. Owning your own business is not easy. It is important that you are aware of what you are getting yourself into and if you can handle it.
I do not want to seem as if I am squashing your dreams of owning your own business, but we have to be practical and reasonable. There is a reason that over 60% of business fail within the first year. The owner is usually UNPREPARED. I do not want you to be found in the same place. I want you to know what to expect before making the plunge. Owning your own business is not for everyone and I just want to make sure you are not everyone.
In this post we will complete a self assessment that will tell us a lot about you and where you feel comfortable. There is no doubt there is significant risk in owning your own business. Then we will look at some of the statistics of owning your own business. This will give us an idea.
Below is a self-assessment you should take the time to complete. Circle your answer to each question. At the end count up the number of times you said “yes.” Find out what your answers mean below. This is an exercise to help you see where your current mind frame is and some things you can expect. It is not the “be all and end all.” Remember you are the ultimate judge of your success.
It is also important in this section to be honest with yourself. You will hear me mention this many more times throughout this blog. You can answer the questions below how you think they should be answered, but understand that you will get nothing out of this exercise if you do that. You need to answer them how you would actually answer them. Be honest and in the end that will prepare you to own and operate your own business.
Am I worried about what others think of me? Yes / No
When other see difficulties, do I look for opportunity? Yes / No
Am I persistent and dedicated? Yes / No
Am I confident that I will carry out my ideas and make them successful? Yes / No
Am I self motivated? Yes / No
Am I innovative enough to find solutions in problems and challenges? Yes / No
Do I mind working long; demanding hours if that is what it takes to succeed? Yes / No
Am I willing to make personal sacrifices to gain potentially lasting rewards?Yes / No
Can I make decisions quickly and effectively? Yes / No
Am I willing to take chances? Yes / No
Am I able to adapt to change? Yes / No
Am I able to get along well with others? Yes / No
Do I have the ability to learn from my failures; or is failure too much? Yes / No
Am I willing to take responsibility for my actions and accept the consequences? Yes / No
Am I willing to network with other professionals to gain guidance and insights? Yes / No
My family and friends would support me in my new undertaking? Yes / No
Do you I regularly network with others to gain information and guidance? Yes / No
I operate well under conditions of high stress? Yes / No
Do I have the financial competency to run my own business? Yes / No
Do I have the ability to motivate myself as well as others who work for me? Yes / No
When I take a risk is it usually a calculated one? Yes / No
I consider myself as more ambitious than others? Yes / No
Whatever I do, do I always do my best? Yes / No
Am I willing to sacrifice personal, family, and recreation time for work? Yes / No
When I take on a new task, am I fairly certain I will succeed? Yes / No
Count the number of times you answered “Yes” in the above questions.
Your Score: _______________
22 or more – You have the potential to be highly successful in your Venture
18 – 21 – You have a strong potential to be successful in your venture.
17 or less – You will want to re-evaluate your motives for starting your own business and search for supplemental insight and help in areas of concern.
Take the opportunity to study the questions you answered “no” to and use those areas as opportunity to improve.