|SELF ANALYSIS GUIDE
It is important that before you start your business you ask yourself a few questions. Otherwise, you could be like the automobile traveler without a map or GPS. You know where you want to go but have no idea how to get there. If you are persistent, you’ll eventually get there but only after many wrong turns and costly delays. That’s why it’s necessary to start your journey with the right tools.
As a business owner you will be responsible for the successful operation of your enterprise in the following areas:
1. Sales and marketing- What are you selling? Who are your customers? How do you find them? How do you get them to buy from you? How do you keep them satisfied with your business?
2. Operations- Now that you have the order, how do you process it? How do you get the product or service to the customer?
3. Finance and accounting- Is your cash flow sufficient to keep your business afloat? Do your accounting records adequately provide the information you need to make day to day decisions and to support tax returns?
4. Personnel- If you have employees, how do you hire, manage and keep the best? What federal, state and local laws must you comply with?
This is a snapshot of what you as a successful business owner will need to deal with on a day to day basis. Rarely, is one person an expert in all of the areas indicated. So, it’s important for the owner to work with different personalities. Working relationships will need to be developed. The work is demanding, so physical and emotional stamina is required. Your motivation and drive for being self employed must be strong. It will help you to survive slow downs and periods of burn out.
Other traits found among successful business owners include the following:
. willingness to learn
. enormous passion and drive for the work
. takes calculated risks
. sets and attains realistic goals
. problem solving skills
The preceding will assist you in assessing your readiness for entrepreneurship. Now ask yourself these questions to assess what business is “right for you”:
. What do I enjoy doing?
. At what do I excel?
. Can I market my hobby or interests?
. What technical skills have I learned or
. Is what I want to do practical and will it fill a
. What is my competition?
Once you have answered the questions posed in this guide, you should be better prepared to assess your readiness for self employment and to decide what business opportunities to research.
If you can find a business niche that provides you daily enjoyment, then you have found the formula for success.
Additional discussion of this topic may be found at