Do a Self-Inventory Before Launching Your New Business

by Beth Rifkin

1 min read

Being your own boss comes with certain freedoms and a huge potential for success, but it also has some potential negatives. Before giving up the stability of a day job, do a self-inventory to decide if you have what it takes to run your own business. Evaluate your passion, knowledge, willingness to take risks, decision-making, and reasons for starting your own business before taking the leap into entrepreneurship. Start with your motivation. Are you starting your own business just because you hate your job or think running a business is easier than working for someone else? While dissatisfaction with your current job can be a good motivator, it takes much more to run a business. Make sure you have passion for the business and the services and products you plan to provide. Have you done market research for your new business venture? Understanding your target market is essential in starting an effective business. Your research helps you tailor your business to meet the needs of your target audience. If you haven’t taken time to fully research your business, do that before submitting your resignation. Do you have the personality traits of a successful entrepreneur? Running a business often means working long hours, but you also need the ability to keep a healthy work/life balance. You’re solely responsible for the success of your business, so you need the determination to push through even when things get difficult. You need a desire to take charge and be the boss, because no one else is there to tell you what to do. What are your work habits? Can you take decisive action without waffling on important decisions? Are you willing to handle all aspects of the business until you grow enough to hire employees? Do you have strong time management skills? Are you comfortable with marketing your business, handling customer service, and dealing with business finances? Assessing your skills, traits, experience, and motivation is an important step in deciding to become an entrepreneur. Working through these questions helps you address potential obstacles for a smoother transition from employee to business owner.

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