It is important to evaluate your business idea as well as your personal ability to run a business and assume risk.
Below is a sample of a few of those questions that you should be asking yourself as you consider the feasibility of starting a business.
- Do you like to make your own decisions?
- Do you enjoy competition?
- Do you have will power and self-discipline?
- Do you understand that owning your own business may entail working 12 to 16 hours a day, probably 6 days a week, and maybe on holidays?
- Do you have the physical stamina to handle a business?
- Do you know which skills and areas of expertise are critical to the success of your project?
- Does the product/service/business serve a presently un-served need?
- Are there any causes (i.e. restrictions, monopolies, shortages) that make any of the required factors of production unavailable (i.e. unreasonable cost, scarce skills, energy, material, equipment, processes, technology, or personnel)?
To figure out if your business idea is feasible using our expanded checklist, please register for an upcoming Business Plan 101 class.