So you want to start a business Part 1

October 31, 10:50 AMMinneapolis Startup Business ExaminerThomas Deyo

Previous

Comment Print Email RSS Subscribe

Subscribe

Get alerts when there is a new article from the Minneapolis Startup Business Examiner. Read Examiner.com's terms of use.

Email Address   Include other special offers from Examiner.com Terms of Use

The United States Small Business Administration defines 10 steps that you need to consider if you would like to start your own business. This is the first of a series of articles that will look at the SBA Guidelines. First I would like to preface the SBA with some personal insights that I feel are very important before you even get to the SBA Guidelines. I am going to offer a series of 50 questions that you should take the time to answer sincerely and honestly. This list of questions is not all inclusive by any means, but is meant as a guide to get you thinking along the lines of things that you will face and need to decide to get your business up and running successfully.

1. Am I starting a business in a field that I am intensely interested in?
2. Am I a self starter?
3. Am I organized?
4. Am I comfortable working with no supervision?
5. Am I patient?
6. Am I thorough?
7. Am I Focused?
8. Am I a problem solver?
9. Am I good at handling money?
10. Can I see the big picture but not loose sight of the minute details?
11. Can I be happy working many hours a day?
12. Can I build a team that is excited to work toward a goal?
13. Can I delegate and then give people the space they need to accomplish or fail at a task?
14. Can I work on a budget?
15. Do I need to get this business up and running in a tight time frame?
16. Do I understand the market I will be entering?
17. Do I have the physical health to endure long hours and stressful days?
18. Does my doctor concur that I am healthy enough to get involved with a business venture?
19. Do I have the mental discipline to stay focused for long periods of time, but still react to emergencies as they come up?
20. Do I stick to projects until I am finished?
21. Do people respond favorably to me?
22. Do I work well with others, or prefer working alone?
23. Do i pay my bills on time?
24. Do I read contracts?
25. Do I understand legal language?
26. Do I understand financial statements?
27. Do I know how to market my business?
28. Do I know how to analyze costs of products or services?
29. Do I have an attorney or legal council?
30. How do I determine success for my business?
31. What is my vision for my business?
32. What is my personal;and business partners credit history?
33. What is the limit of sacrifices am I willing to make to make my business successful?
34. What skills will I need to hire or outsource to cover areas I am only marginally skilled?
35. What are the top 10 reasons I feel driven to own my own business?
36. What are the top 10 skills I have at an expert level to bring success to my business?
37. What are my top 10 strengths that I bring to owning a business?
38. What are the top 10 opportunities from the current business climate that will help my business?
39. What are my top 10 strengths in my family or personal situation to make the business a success?
40. What are the top 10 weaknesses  I will bring to owning a business?
41. What are the top 10 weaknesses in my family or personal situation that may undermine my success in this business?
42. What are the top 10 skills that I possess in the field that I will be working in?
43. What are the top 10 weaknesses in my skills that I will have to learn or  adjust for?
44. What are the top 10 opportunities that  my products or services will fulfill?
45. What are the top 10 ways that my products or services may not answer my customers needs?
46. What are the top 10 threats to my business from my personal or family situation?
47. What are the top 10 threats from the business climate that my hurt my business?
48. Who are my top 10 vendors and why should they do business with me?
49. Why shouldn't't vendors do business with me?
50. Will it be necessary for vendors to extend me credit? 

These 50 questions delve into the often neglected personal side of business ownership. Most business startup guides focus on the mechanics of owning a business, yet many business failures can be traced back to a failure of the business owner to understand the dynamics of the personal interactions that running a business requires.

I would like to make this an interactive forum, Questions can be forwarded to info@business-in-action.com