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

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