Is starting up your own business for you? 20 questions you need to ask yourself:

Deciding to start your own business is one of the biggest decisions you will ever make. This checklist adapted from the Small Business Guide reveals the questions you need to ask yourself before you take the plunge.

Underline the word in each answer which best describes how you fit each question. You can also ask friends, colleagues or relatives to fill in the checklist about you, so that you can obtain an external view of your character and fitness for self-employment.

1. Do regularly work long hours in your current job?
(a) Always (b) Regularly (c) Occasionally (d) Never

2. Would you view the business as important as, for example, leisure or family?
(a) Much more (b) As important (c) Not as important (d) Much less important

3. If the business struggled for the first few years, would you keep going?
(a) Definitely (b) Yes, fairly easily (c) Possibly (d) No

4. Is financial success your main guide to what you have achieved?
(a) Completely (b) Mainly (c) Partially (d) Not at all

5. Are you thought of as a go-getter?
(a) Always (b) Usually (c) Occasionally (d) Never

6. Do you keep going until a task is completed?
(a) Always (b) Usually (c) Sometimes (d) Occasionally

7. How do you view problems?
(a) Bring them on (b) Things to overcome (c) Annoying (d) Soul Destroying

8. Can you live with insecurity about job and income?
(a) Yes, definitely (b) Yes, fairly easily (c) Yes, with difficulty (d) No

9. Are you self-confident?
(a) Yes, always (b) Yes, usually (c) Sometimes lack confidence (d) No
10. How do you view failure?
(a) An opportunity to improve (b) A disappointment (c) A setback (d) A disaster

11. Can you take criticism?
(a) Always listen; (b) Always accept (c) Don’t like it (d) Always reject

12. How dependent are you on a regular income to support you and your family?
(1) Not as at (2) Not overly (3) To an extent (4) Totally

13. Do you ask for feedback on your performance so you can do better next time?
(a) Always (b) Usually (c) Sometimes (d) Rarely

14. Do you believe your success will be dependent on outside factors?
(a) Strongly disagree (b) Disagree (c) Agree sometimes (d) Agree always

15. Are you good at finding the right person or source to help you achieve what you want?
(a) Very good (b) Quite good (c) Not very good (d) Poor
16. Are you able to recognise when you need help?
(a) Always (b) Usually (c) Sometimes (d) Rarely

17. In the past, which sort of risks have you preferred taking?
(a) Calculated (b) High risks (c) Low risks (d) Seldom take risks

18. Can you identify which decisions are important and which not?
(a) Yes, always (b) Yes, usually (c) Yes, sometimes (d) No

19. Can you delegate to others?
(a) Yes, when appropriate (b) Yes, sometimes (c) With difficulty (d) No

20. How is your health?
(a) Very good (b) Good (c) Quite good (d) Poor
When you have completed the checklist, look at the pattern of underlined words. The more underlined answers which are a and b, the greater your probable success as a business owner. If more of your answers are c & d you may be better off staying in the more secure world of employment.

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