56 QUESTIONS YOU ABSOLUTELY MUST
ANSWER BEFORE STARTING A NEW
BUSINESS VENTURE
It is important to be very clear in your own mind of exactly what it is you want
to achieve in business. Have a definiteness of purpose and the motivation to
take action.

This questionnaire is designed to help you clarify your thinking and reduce
your risk of making too many mistakes in your new business venture.

The following questions deal with personal background, skills, attitude,
behavioral characteristics, personal initiative, self-discipline and
self-motivation. These questions are not intended to discourage you in any
way, but instead to encourage you to think about your strengths and
weaknesses. Select the response to each question, to most  accurately
reflect your attitude:
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Starting any new business venture can be
risky. Your chances of succeeding will
improve if you understand and fully
appreciate the implications of your own
personal strengths and weaknesses.

Reducing The Risk In Business
QUESTION
 DEFINITELY
YES
 PROBABLY
YES
 PROBABLY
NO
 DEFINITELY
NO
When you think of the future can you see
yourself running your own business?
        
Are you the kind of person who can get a
business started and ticking over?
        
Have you thought through how running a
business will affect your personal life
and/or family?
        
Do you enjoy doing things just to prove
you can?
        
Are you prepared to take some risks?
        
Are you decisive rather than someone
who prefers to sit on the fence?
        
Do you like being in charge and taking
control?
        
Do you get a kick out of making your own
decisions?
        
Do you prefer to be the one who makes
the final decisions?
        
Do you try to find the benefits in bad
situations?
        
Do you have personal drive?
        
Once you decide to do something, do you
persist allowing nothing to stop you?
        
Do you persist when others say it can’t be
done?
        
Do you want to have your own business
badly enough to work long hours, without
knowing how much money you will make?
        
Does personal satisfaction mean more
to you than having money to spend on
yourself?
        
Are you personally satisfied in knowing,
that the job you have done, has been well
done?
        
Do you try to do a better job than is
expected of you?
        
Can you concentrate on doing the same
thing for extended periods of time?
        
Do you have particular expertise, or have
you previously worked in a business like
the one you want to start?
        
Is it something you can do well?
        
Are you prepared to learn new skills?
        
Have you had any business or marketing
or accounting training?
        
Do you like to organize your tasks before
you get started?
        
Have you worked out how much of your
own money you can invest?
        
Do you know how much money it will take
to get up and running?
        
Can you get the money you need to start
and keep your new business running
without getting into cash flow problems?
        
Have you worked out a formal cash flow
plan for your new business venture?
        
Can you sell enough to return an
adequate profit in your new business?
        
Have you estimated the net annual
income you expect from the new
business?
        
Are you prepared to wait some time
before you make a profit in the new
business venture?
        
Are you prepared to take a pay cut and
live on less income if required to help the
new business venture grow?
        
Have you talked to an accountant or
banker about your new business
proposal?
        
Have you prepared a written business
plan for the project?
        
Are you usually able to come up with
more than one way to solve a problem?
        
Do you need a partner or investor or
advisor with money or know-how you do
not have?
        
Do you have someone in
mind...someone you can get along with?
        
Do you know the good and bad points of
going it alone as opposed to having a
partner?
        
Have you talked to a legal expert about it?
        
Have you worked for someone else in a
leadership or management role?
        
Can you accept failure without admitting
defeat and giving up?
        
Do you learn from past mistakes?
        
When you begin a task, do you set
yourself clear goals and objectives?
        
Do you have written goals?
        
Do you find yourself constantly thinking
up new ideas?
        
Do you have a BIG idea for your new
business venture to hang its hat on?
        
Have you done any research to see if
there is a market for your product or
service?
        
Do you know how big the market is?
        
Have you identified the characteristics of
your target market (potential customer
profiles)?
        
Do you know how to find your particular
niche in the market?
        
Are you offering some unique benefit that
can become the focus for your marketing
efforts?
        
Do you know the strengths and
weaknesses of each competitor?
        
Have you considered other new business
ventures?
        
Do you have the marketing skills to make
sales?
        
Have you thought through and written
down a marketing strategy for your new
business venture?
        
Are most businesses in your target area,
region, state or country doing well?
        
Are most businesses in your proposed
field of endeavor doing well?
        
Now, be honest and take a good look at your answers.

Your PROBABLY YES and PROBABLY NO answers may be an indicator of
'fuzzy vision.'  Are you really sure you have given the right answers?

Pay particular attention to your NO answers, because they may indicate your
areas of weakness. Don’t be too discouraged if you scored several NO
answers. It’s better to be aware now, rather than find out when it’s too late.

THE BIG QUESTION

NO answers into YESof the NO


Starting any new business can be risky. Your chances of succeeding will       
improve if you understand and fully appreciate the implications of your own
personal strengths and weaknesses.

It is important to be very clear in your own mind of exactly what it is you
want to achieve. Have a definiteness of purpose and the motivation to
take action.

If you have done your homework… and the thing you want to do is right...
And, you believe in it... And, you believe in your ability to make it happen…
Then go ahead and do it! The state of mind must be belief, not just hope or
wish. Remember, it is best to work through as many problems as you can,
before risking all. Remember too, your new business venture will have a
greater chance of success, if you target a 'hungry' market, that wants what
you have to sell. Marketing is king!
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By Small Business Entrepreneur Noel Peebles ©