Start Your Own Business Read Free

successful in business. Everyone has strong suits and weak points. What’s important is to understand your strengths and weaknesses. To do this, you need to evaluate the major achievements in your personal and professional life and the skills you used to accomplish them. The following steps can help:
    • Create a personal resume. Compose a resume that lists your professional and personal experiences as well as your expertise. For each job, describe the duties you were responsible for and the degree of your success. Include professional skills, educational background, hobbies and accomplishments that required expertise or special knowledge.
    When complete, this resume will give you a better idea of the kind of business that best suits your interests and experience.
    • Analyze your personal attributes. Are you friendly and selfmotivated? Are you a hard worker? Do you have common sense? Are you well-organized? Evaluating your personal attributes reveals your likes and dislikes as well as strengths and weaknesses. If you don’t feel comfortable around other people, then a business that requires a lot of customer interaction might not be right for you. Or you may want to hire a “people person” to handle customer service, while you concentrate on the tasks you do best.
    FROM THE HORSE’S MOUTH
     
    O ne of the best ways to determine if now is the best time to start a business is to meet with other entrepreneurs and see what they do and how they do it. Looking at their life and talking about entrepreneurship can help you figure out if you’re ready.
    Often when you talk to someone who’s done it, they’ll tell you all the negative things about owning a business, like the time they had to work a 24-hour day or when the power went out right as they were trying to meet a huge deadline. But those are the things you need to hear about before you get started.
    In addition to meeting with successful entrepreneurs, you might want to talk to a few who weren’t so successful. Find out what went wrong with their ventures so you can avoid these problems.
    Did they fail to conduct market research before forging ahead? Were they unwilling to work long hours? Were they undercapitalized? Did they have misconceptions about what it really takes to be an entrepreneur?
    Many potential business owners find it useful to attend entrepreneurial seminars or classes. You can often find such courses at community colleges, continuing education programs near you or online. Others seek assistance from consulting firms that specialize in helping small businesses get off the ground. There are associations and organizations, both private and public (like SCORE or the Small Business Development Centers) that are eager to assist you. Don’t hesitate to ask for assistance. These people want to help you succeed.
     
    • Analyze your professional attributes. Small-business owners wear many different hats, but that doesn’t mean you have to be a jackof-all-trades. Just be aware of the areas where you’re competent and the areas where you need help, such as sales, marketing, advertising and administration. Next to each function, record your competency level—excellent, good, fair or poor.

Go For the Goal
     
    In addition to evaluating your strengths and weaknesses, it’s important to define your business goals. For some people, the goal is the freedom to do what they want when they want, without anyone telling them otherwise. For others, the goal is financial security.
    Setting goals is an integral part of choosing the business that’s right for you. After all, if your business doesn’t meet your personal goals, you probably won’t be happy waking up each morning and trying to make the business a success. Sooner or later, you’ll stop putting forth the effort needed to make the concept work. When setting goals, aim for the following qualities:
    • Specificity. You have a better chance of achieving a goal if it is specific. “Raising capital”