Use this self-assessment questionnaire to help determine if starting a new small business is right for you! Many financial experts agree that successful small business entrepreneurs have certain characteristics in common. (If you answer yes to most of these questions, your profile matches other entrepreneurs.)

 

Is Starting A Small Business Right For You?

 

Independence
Are you and independently-minded person; not afraid to go in one direction while others go in another?

 

Self-Confidence
Do you believe in yourself? When others ask, “Why?” Do you ask, “Why not?”

 

Goal-Setting
Do you know how to set goals for an objective and persevere until you achieve them, even if you make mistakes along the way?

 

Organizational Skills
Are you well-organized? Can you juggle new projects simultaneously?

 

Knowledge Base
Do you have experience and knowledge in the business you are pursuing? If not, are you willing to take the time to learn the needed skills?

 

Expert Support
Do you know where you can get professional help in running your business?

 

Previous Self-Employment Experience
Were you, or one of your parents, ever self-employed before? (Many people have a fear of starting their own business. Those who have grown up with self-employed family members usually understand what it means to run a business.

 

Growth Management
Are you a good manager? Are you willing to start small and expand as you go along, instead of overextending your business before you become established?

 

People Skills
Do you have good people skills? Even though you work by yourself, you may be in the business of satisfying other people’s needs. Do you have the ability to understand, communicate and deliver what each customer wants?

 

Adaptability
Are you flexible and adaptable with your business goals? Many entrepreneurs start out in one direction with their business, only to go in another unexpected direction later. Successful business owners are wise enough to recognize a promising trend and follow it.

 

Patience and Stamina
Do you have the energy, drive and patience to make your business work? The US Small Business Administration estimates that the average small business takes one to two years to show a profit. Most likely you will  have to make time for your business while trying to maintain your other activities (another job, family matters, etc.). You probably will end up working many hours over the “normal” 40 hours-a-week job!

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Courtesy of the Small Business Center at Catawba Valley Community College