Checklist for Starting a Business

3. PERSONAL SKILLS AND EXPERIENCE

• Do you know what basic skills you will need in order to have a successful business?
• Do you possess those skills?
• When hiring personnel will you be able to determine if the applicants' skills meet the requirements for the positions you are filling?
• Have you ever worked in a managerial or supervisory capacity?
  Have you ever worked in a business similar to the one you want to start?
• Have you had any business training in school?
• If you discover you don't have the basic skills needed for your business will you be willing to delay your plans until you've acquired the necessary skills?

Analysis

Certain skills and experience are critical to the success of a business. Since it is unlikely that you possess all the skills and experience needed you'll need to hire personnel to supply those you lack. There are some basic and special skills you will need for your particular business.

The questions you responded to are designed to identify the skills you possess and those you lack.

4. FINDING A NICHE — Is Your Idea Feasible?

• Identify and briefly describe the business you plan to start.
• Identify the product or service you plan to sell.
• Does your product or service satisfy an unfilled need?
• Will your product or service serve an existing market in which demand exceeds supply?
• Will your product or service be competitive based on its quality, selection, price or location?