Before diving into a business its helpful to asses how ready one is.
Many ares should be assessed. Self assessment can help one discover their strengths and weaknesses, pressing needs and overall readiness.
Below are some of the questions you can ask yourself:
- Am I willing to work long hours for a long time?
- Am I a self motivated person?
- Can I direct myself?
- Am I willing to take all the responsibility that goes with success and failure?
- How do I deal with failure, rejection and other repeated stresses over a long time?
- How is my health?
- What experience do I have with this type of business?
- Do I sufficiently understand what I am getting myself into?
- What are my business management skills like?
- How do I deal with ambiguity and uncertainty?
- What will family support be like?
- Do I have sources of advice?
- What is my appetite for sacrifice vs short term gains?
- What are my record keeping skills like?
- Do I pay attention to details?
- How do I deal with different types of people?
- What types of people will I have to deal with?
- What are my delegation skills?
- Can I be trusted?
- How willing am I to listen and accept feedback?
- How persistent am I and do I endure?
- How flexible am I and ready to adapt?
- What is my appetite for risk?
- Am I positive and optimistic?
It is unlikely that we will have everything it takes, but assessing early can identify areas for improvement or where we can seek help before they become a crisis.
Our own business is likely to be stressful and test us in many ways. We need to be honest with ourselves and be sure we are able to handle it, before getting ourselves and our investments into a situation which we may not be suited to at all.
Good questions but I want to ask you, How can we deal with failure, rejection and other repeated stresses?
plz bro @sme, tell some essential tools to deal with these common problems because I already suffered with failures in my own business though we (me & my partner) worked hard for almost two years & then we loose our hope & now we are deciding to quit this work, so I need your help & suggestions about it.
If you and your partner survived it emotionally then you have dealt with it. Reversals are inevitable in any venture and considering how we deal with it is really to access how well you mange stress over a long time.
If you can't manage long persistent stress then your own business is perhaps not for you or you must find help in that area.
Seems like you are also suffering from the same type of failure what I suffered a year ago.
Great questions! I would like to add a couple more:
Cheers!
Good ones
Very basic questions we should ask ourselves before we start a business. I have an experience of a business & I quit it after a failure a year ago because it was forced by my father on me witout my own wish. I worked but I didn't like it so much and now I wanna start new business and your articles are really helping me to understand the nature of business and qualities necessary for it.
I hope your future ventures are successful when you can have your full, voluntary motivation and drive behind them.
A well thought questions I have never thought of Or ask myself . Asking questions like these can really prepare me for what ever business venture I'm interested in. Thanks for sharing this with us. Infact i am going to screenshot this question for me to ponder over.
Great toughs!
Great points you focus on..
All good points. Might I add another one?
An important question too is, "Are you okay with possibly loosing it all and having to start over from scratch?" Failure is a very real possibility in any business. Although optimism and positivity are extremely important for success, one shouldn't be ignorant of the fact that over 90% of startups fail. The optimism is really for persisting through these tough times and trying again until you reach the successful 10%.
Hello I loved this post very interesting information, questions in a self-evaluation that would help us a lot to improve, I have failed many times in business and thanks to questions and reflections such as this post I have gone ahead and I have not fallen for more we can better evaluate where the error is found thanks for sharing friend
Its good informative post. The principals of business ;you mentioned in the post are helpful for the steemit community. To follow the above mentioned rules one can make progress and achieve the goals without a faluire. Thanks for posting.