Are You Ready To Launch Your Own Business

Most people think at some point in their lives that they could launch their own business. While this may be true, there is a big difference between just launching a business and launching a business that has a good chance of being successful. How do you know if you are ready to start your own business? Here's a checklist to help you decide.

Personal checklist

1. Do you have a burning desire to start the business?
2. Are you willing to push through adversity and discouragement?
3. Are you confident in yourself and your skills?
4. Are you realistic about yourself and your skills?
5. Do you have a support network of friends, family and others who will provide encouragement along the way?
7. Do you have the motivation to do what it takes to succeed?
8. Do you have a realistic idea of what it takes to succeed?
9. Are you willing to devote long hours to your business?
10. Are you willing to be the primary decision maker and take sole responsibility for the business?
11. Do you have any experience in your proposed business field or industry?
12. Do you have a detailed business plan?
13. Do you have a vision for your business?
14. Are you ready to market and promote your business?
15. Can you manage the many relationships (customers, vendors, suppliers, etc.) required to run a business?
16. Have you thoroughly evaluated your business idea, including weighing the risks of moving forward?
17. Do you have the financial and emotional resources to get through the first 18 to 24 months of your business?
18. Are you willing to put the wants and needs of your customers ahead of your own wants and needs?
19. Are you willing to take risks?
20. Are you competitive enough to persevere?
21. What will you do if you fail?

Some tests, quizzes or checklists will give you a score based on your answers to the questions, then use the score to indicate how ready you are to go into business for yourself. This checklist, though, does not have a specific method of scoring or a minimum score to indicate that you are strong entrepreneur material.
Instead, this checklist is designed to provoke thought and clear, objective self-examination of your motivation and preparedness for starting your own business. Think carefully about each question, and answer it with complete honesty. Once you have completed the list, look back at your answers and use them to help guide your decision making process.