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