You Want to Start Your Own Business? Questions to Ask Yourself Before You Submit Your Resignation Part Two

What the partners of Leicestershire based Morgan Gleave Art & Design have learnt in 11 years of running a small business. 

If you have not done so already, you may wish to read: You Want to Start Your Own Business? Questions to Ask Yourself BeforeYou Submit Your Resignation Part One

3) Am I emotionally equipped to deal with self employment?

• How flexible am I? Are you open to constructive criticism? When someone suggests changing something, do you stubbornly do as you wish or do you stop and seriously consider the suggestion?

• How do I cope with failure? To be blunt:  business is one long round of setbacks and disappointments interspersed with wonderful opportunities and unexpected successes. Will you be able to bounce back again and again and again without getting disheartened?

• Do I enjoy a challenge? 

• Am I sufficiently confident? Have you got the confidence to put yourself and your product/skills out there and risk rejection or negative feedback, to deal with awkward clients/suppliers and to effectively network? 

• How will I deal with the mistakes I make? You will make mistakes. Whoppers.  It is how we learn but when it comes to your first start up, it can be a painful and frequently expensive learning curve. Reading A Useful Little Trick for Managing ‘Bad’ Feelings may be helpful.

• Have I got good interpersonal skills?

4)  Have I got the ability to run a business?

• Have I got research skills?

• Can I write a business plan, a marketing plan and any other bloomin’ plan that comes along? These are essential documents and are quite complex and daunting to begin with. However, there are many sources of help and examples online.  This is one of the best: https://www.princes-trust.org.uk/help-for-young-people/tools-resources/business-tools/business-plans.  (Note that the information on the Princes Trust site is aimed at young people so may have to be adjusted.)  Further, local authorities, banks and other organisations provide help. 

• Am I willing to learn business administration; research skills etc. if I have not already got them?   

Watch this space for the next part of this series: You Want to Start Your Own Business? Questions to Ask Yourself Before You Submit Your Resignation Part Three

You may wish to subscribe to Morgan Gleave Art and Design's blog.  You will be cross with yourself if you missed something...

You Want to Start Your Own Business? Questions to Ask Yourself Before You Submit Your Resignation Part One

What the partners of Leicestershire based Morgan Gleave Art & Design have learnt in 11 years of running a small business.  

 

1) Is my business idea realistic?

• Do you know enough about my chosen area?  Does Ms Arrogant know enough about brain surgery?

• Can you deliver the product/service to a consistently high standard?  Mr Resentful may or may not be able to do this.

• Is you product/service worth selling?  There may not be a market for your product/service.  Do you think that Ms Naïve’s friends are just being kind?

• Do you have a product/service to sell or are you looking for an easier way to earn a living?  Do you really think that being self-employed is easier than getting a job?

• Do you believe in you product/service?  Unless you are a Mr Del-Boy you will not be able to effectively sell something you do not believe in.

Right!   That’s got rid of them!  That leaves us decent folk to carry on to the next question.

2) Do I have the drive to succeed? 

• Am I prepared to work long hours?  Are you too accustomed to working from 9-5 with an hour for lunch plus two coffee breaks a day.  Are you prepared to work from 8 a.m. until silly-o’clock six days a week?  (Lunch break?  Coffee breaks?  Giggle…)

• Can I manage without long holidays?

3)  Am I emotionally equipped to deal with self employment?

• How flexible am I? 

• Am I open to constructive criticism?  When someone suggests changing something, do you stubbornly carry on as before or do you stop and seriously consider the suggestion?

• Can I manage if my family/friends are not supportive?

• How do I cope with failure?  Business is one long round of setbacks and disappointments interspersed with wonderful opportunities and unexpected successes.  Will you be able to bounce back again and again and again without getting disheartened? See you blog, A Useful Little Trick for Managing ‘Bad’ Feelings for a little help with coping with life’s setbacks.    

• Do I enjoy a challenge?

• Have I got good interpersonal skills?

• Have I got enough confidence?  Have you got the confidence to put yourself and your product/skills out there and risk rejection or negative feedback, to deal with awkward clients/suppliers and to effectively network?

• How will I deal with the mistakes I make?  You will make mistakes.  Whoppers.  That is how we learn but when it comes to your first start up, it can be a painful and frequently expensive learning curve.

‘Success consists of going from failure to failure without loss of enthusiasm’

Winston Churchill

Clinck on this link to read the next part of this series:  YouWant to Start Your Own Business?  Questions to Ask Yourself Before You Submit Your Resignation Part Two

A Useful Little Trick for Managing ‘Bad’ Feelings

What the partners of Leicestershire based 

Morgan GleaveArt & Design 

have learnt during 12 years of running a small business. 

Has someone put you down?

Have you embarrassed yourself at a party?

Have you made a business mistake?

Has a relationship recently ended?

Do you think that you may have said the ‘wrong’ thing?

If something has upset you enough to make you feel ‘bad’, try to pinpoint where in the body you have the physical feeling associated with that upset.

When the memory/feeling comes over you, resist the urge to panic.  Instead, close your eyes and concentrate on feeling the physical discomfort.

After a while, you will find that the feeling dissipates.  This is because you are allowing yourself to acknowledge the pain rather than resist it. 

It may be that the feeling returns fairly quickly.  If so, repeat the exercise.

Each time you do this, you will find that the ‘bad’ feeling dissipates more quickly and takes longer to return.

You are acknowledging your feelings, not suppressing them and you are not adding panic to the mix.

You will get better at this with practice. 

• The greatest hurdle to overcome is remembering to do the exercise when you are in distress and prone to panic.

• The greatest benefit is that feelings will no longer scare you and can just be accepted leaving you feeling peaceful and empowered.

You may find 2 Easy Techniques to Calm and Relax You (Almost) Anywhere and at Anytime useful too.

Do you have any tips or comments?

How about sharing this post?  

Perhaps you would like to subscribe to Morgan Gleave Art & Design's Blog so that you can keep up to date with the bits and bobs we put up.