Will your business idea work as an actual business? Are you ready for the hard work and stress that comes with entrepreneurship? Starting a small business isn’t easy, and the failure rate is high. Before you make the leap into entrepreneurship, assess your readiness with these 13 questions.
The 13 questions to ask before you start a small business
- Is making money more important to me, or is it more important that I do what I love?
- Do I have management or technical experience in a business similar to the one I plan to start?
- Do I have a long-term plan for my small business?
- Do I have a business model?
- Do I have any accounting or bookkeeping knowledge?
- Are my finances strong enough to support me if my small business doesn’t turn a profit right away?
- 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 well do I handle risk?
- How well do I adapt to changes?
- How do I cope with stress?
- How do I make difficult decisions?
Don’t worry, you don’t have to pass this little test with flying colours! It’s actually a good thing if you’ve identified areas where you might not be ready right now. 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.