Self-Assessment Questionnaire

IDENTIFY YOUR REASONS

As a first and often overlooked step, ask yourself why you want to own your own business. Check the reasons that apply to you.

Some reasons are better than others, none are wrong; however, be aware that there are tradeoffs. For example, you can escape the 9 5 daily routine, but you may replace it with a 6 a.m. to 8 p.m. routine.

A SELF ANALYSIS

Going into business requires certain personal characteristics. This portion of the checklist deals with you, the individual. These questions require serious thought. Try to be objective. Remember, it is your future that is at stake!

Personal Characteristics

YES   NO
   1. Are you a leader?
   2. Do you like to make your own decisions?
   3. Do others turn to you for help in making decisions?
   4. Do you enjoy competition?
   5. Do you have will power and self-discipline?
   6. Do you plan ahead?
   7. Do you like people?
   8. Do you get along well with others?

Personal Conditions

This next group of questions though brief is vitally important to the success of your plan. It covers the physical emotional and financial strains you will encounter in starting a new business.

YES NO
   1. Are you aware that running your own business may require working 12 -16 hours a day six days a week and maybe even Sundays and holidays?
   2. Do you have the physical stamina to handle the workload and schedule?
   3. Do you have the emotional strength to withstand the strain?
   4. Are you prepared if needed to temporarily lower your standard of living until your business is firmly established?
   5. Is your family prepared to go along with the strains they too must bear?
   6. Are you prepared to lose your savings?


PERSONAL SKILLS AND EXPERIENCE

Certain skills and experience are critical to the success of a business. Since it is unlikely that you possess all the skills and experience needed, you will have to hire personnel to supply those you lack. There are some basic and special skills you will need for your particular business.

By answering the following questions you can identify the skills you possess and those you lack (your strengths and weaknesses).

YES NO
   1. Do you know what basic skills you will need in order to have a successful business?
   2. Do you possess those skills?
   3. When hiring personnel will you be able to determine if the applicants' skills meet the requirements for the positions you are filling?
   4. Have you ever worked in a managerial or supervisory capacity?
   5. Have you ever worked in a business similar to the one you want to start?
   6. Have you had any business training in school?
   7. If you discover you don't have the basic skills needed for your business will you be willing to delay your plans until you've acquired the necessary skills?