Do you have what it takes to own a business? Let’s face it, not everyone is cut out to be a captain of industry, or even captain of a small business. Maybe you need not subject yourself to an intensive psychological and life-experiences evaluation, but be honest with yourself about whether you have the necessary characteristics, skills, and experience.
A few examples give you the idea:
• Can you make yourself pull the trigger on an important decision?
• Do you see competition as exciting or just stress-inducing?
• Are you willing and able to plan ahead?
• Do you like interacting with people you don’t know?
• Do you have the perseverance, not to mention the physical stamina and health, to put in long hours if that’s what is needed to make the business succeed?
• Are you, and anyone else financially dependent on you, prepared to risk your savings in pursuit of the business dream if that’s what it takes?
• Unless you are planning a one-man band of a business, are you comfortable with hiring, supervising, and possibly having to fire other people?
• Are you reasonably well organized?
• Do you know anything about the paperwork and legal side of running a business, such as payroll and accounting, the permits or licenses you will need, or the regulations and laws that may apply to the business?
Turning the idea into bricks and mortar (literally or figuratively) involves a lot of decisions, some of which are best made only after getting professional advice.