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How do I determine if I am well suited to owning a small business?

Home » Small Business » Being Successful...In a Small Business » How do I determine if I am well suited to owning a small business?

Just as everyone is not suited to running a large corporation, not everyone is cut out to own a small business. The risks of venturing into a small business are huge, but with proper planning and foresight, you can work t mitigate some of those risks.

Start by taking an honest assessment of yourself and your life situation to determine if you are the right person to start a small business at this time. Ask yourself these questions, which are adapted from the U.S. Small Business Administration Resource Guide:

• Are you a self-starter?
• What motivates you, internal or external forces?
• Do you relate well with people from various backgrounds and with various personalities?
• Are you able to make decisions quickly and while under pressure?
• Do you have the time and energy required to run a business?
• How well do you plan and organize?
• How badly do you want to run a small business? Is your drive strong?
• How will the business affect your personal life and family?

Once you have conducted a self-assessment, ask other people close to you to assess your strengths and weaknesses. And definitely talk to other small business owners – those in your line of business and those in other lines of business. Ask them for an accurate reflection of what their experience has been – the good and the bad. If you find someone with whom you have good rapport and a great deal of trust, ask that person if he or she would be willing to serve as a mentor to you throughout this process.

Next Page: How do I get my small business off to the right start?

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