Checklist for Starting a Business

• Freedom from the 9-5 daily work routine
• Being your own boss
• Doing what you want when you want to do it
• Improving your standard of living
• Boredom with your present job
• Having a product or service for which you feel there is a demand

Analysis:

Some reasons are better than others, none are wrong; however, be aware that there are tradeoffs. For example, you can escape the 9-5 daily routine, but you may replace it with a 6 a.m. to 8 p.m.

2. A SELF-ANALYSIS

Personal Characteristics

• Are you a leader?
• Do you like to make your own decisions?
• Do others turn to you for help in making decisions?
• Do you enjoy competition?
• Do you have will power and self discipline?
• Do you plan ahead?
• Do you like people?
• Do you get along well with others?

Personal Conditions

• Are you aware that running your own business may require working 12-16 hours a day six days a week and maybe even Sundays and holidays?
• Do you have the physical stamina to handle the workload and schedule?
• Do you have the emotional strength to withstand the strain?
• Are you prepared if needed to temporarily lower your standard of living until your business is firmly established?
• Is your family prepared to go along with the strains they too must bear?
• Are you prepared to lose your savings?