WRONG REASONS TO GO INTO BUSINESS

1. Because you are sick and tired of being told what to do

2. Because you want more freedom

3. Because you feel unappreciated or undervalued in your present job

4. Because you want to make a lot of money

5. Because you want to improve your standard of living

6. Because your friends or loved ones are going into business

7. Because other people are doing that kind of business and making much money from there

8. Because it is the reigning business in town

QUESTIONS TO ASK YOURSELF BEFORE STARTING A BUSINESS

1. What do I have the resources, ability, interest, and contacts to do?

2. Do I have the necessary commitment needed to succeed in a business undertaking?

3. Am I prepared to work extremely hard, to devote long hours of labour to my business?

4. Do I have the mental stamina and concentration to meet the demands my project will impose on me?

5. Do I accept new ideas easily?

6. Do I treat people with courtesy? Do I have good human relations skills?

7. Am I able to make decisions right away? How do I deal with problem solving: Am I prepared to spend time analyzing a problem and find a solution? Or am I the type who just closes his eyes and hope for the best?

8. Am I ready to commit to the long term, knowing that a company’s success is never an overnight miracle?

9. What back-up resources do I have? Will my family members or friends invest in my company or tide me over during a rough patch?

10. Am I good at concentrating on details?

11. Am I ready to sit down and write a careful analysis of my business prospects?

12. Am I by nature an optimist? Knowing that mistakes and setbacks are bound to occur, am I able to learn from my mistakes without being derailed or discouraged?