Finally, you’ve had the great business idea you’ve been waiting for, and you’re ready to become an entrepreneur!
Not so fast. It’s important that you start your entrepreneurship journey on the right foot. There are many things to know before you set up shop. Will your idea work as an actual business? Are you ready for the hard work and stress that comes with entrepreneurship?
Ask yourself these 13 questions before you start a small business
- What is most important to me in running a small business – making money or doing what I love?
- Do I have management or technical experience in a business similar to the business I want to start?
- Do I have any accounting or bookkeeping knowledge?
- How well do I handle risk?
- How do I cope with stress?
- Are my finances strong enough to support me if my small business doesn’t see income immediately?
- Do I have the support of my family and friends?
- Am I willing to work longer than usual to start my small business?
- How well do I lead or manage others?
- How adaptable am I?
- How do I make difficult decisions?
- Do I have a long-term plan for my small business?
- Do I have a business model?
If you’ve answered “no” to any of these questions, don’t worry! It’s actually a good thing. Knowing what you don’t know is important, and can help you find – and fix – critical gaps in your knowledge. Training in entrepreneurship skills will also increase your odds of success. After all, nearly one half of all small businesses close within two years of start-up in Canada, so equipping yourself with as many business skills as you can is always a good thing.