Being your own boss is an exciting idea, but the process can seem a bit complex. If you’re thinking about starting a business, you’ll want to consider whether you’re suited for it, both personally and professionally.
This self-evaluation below is designed to help you think through your personal, professional, and financial readiness for self-employment. It will help you:
- Assess your reasons and qualifications for going into business
- Set personal and business goals
- Consider if this is the right time to start a business
- Determine if you have the freedom, flexibility, and resources to start a business
- Evaluate your health and stamina Plan how you will balance family and business obligations
There are no right or wrong answers to these questions. Bring the answers to this assessment to your Michigan SBDC consulting sessions. It will provide insights about you and your business readiness to help make the most of your time with us. To self-assess, ask yourself the following questions and answer as honestly and in as much detail as possible.
- Why do you want to start a business?
- What kind of business do you want to launch or expand?
- Why do you think you can make this type of business work?
- Why do you think this type of business is sustainable?
- Do you have the necessary education, skills, and experience to succeed in this industry?
- Are there additional qualifications you should obtain before you start your business, and how can you achieve them?
- What is the true purpose and/or goal you hope to accomplish with this business?
- What is the financial goal you are seeking to achieve?
- Will you need financing, and do you have the high credit score, assets, collateral and financial history to be eligible for financing?
- What are your personal and professional strengths?
- What are your personal and professional weaknesses?
- How would you describe your physical, mental, and emotional health and stamina?
- What knowledge and skills do you have to start and manage the day-to-day operations of a business?
- Do you know and understand the technology necessary to be competitive in this industry?
- Do you generally have good judgment in people and ideas?
- What sacrifices and risks are you willing to take to be successful?
- How will you balance your personal life and business demands?
Once you have completed a self-assessment, you have already completed the first step toward launching your business! Now, you may be wondering “what’s next?”
Here’s what’s next:
Learn more about how to get started owning your very own small business by checking out our Guide to Starting and Operating a Small Business.
Register for upcoming free business education webinars and trainings.
Register for free one-on-one business consulting to partner with a mentor that can help you wherever you’re at in your small business journey!