Part 1: How ready are you to start a business – Assessing your entrepreneurial potential.

In this first part of the series of our ‘Navigating the world of entrepreneurship – How ready are you to start a business?’, we look at assessing your entrepreneurial potential.

Before jumping onto your entrepreneurial journey and starting your new business venture, it is important to spend some time assessing your own personality traits and determine whether or not starting or running a business is a good option for you.

The process of ‘assessing your entrepreneurial potential’ will help you to determine your own entrepreneurial attributes as well as confirming whether starting your own business is the right thing for you.

You will need to ask yourself questions such as follows:

  • Is your reason for starting your own business to fulfil your lifestyle as well as to provide yourself with a certain level of money or an income?
  • Is your reason for starting your own business to be your own boss and have a work-life or family balance?
  • Have you got enough money to live on while you get your business off the ground?
  • Is your reason for starting your own business is to set up a business that can grow, scale nationally or globally with intentions of selling it within a short period of time?
  • Are you able to cope without the benefits provided by conventional employment?
  • Are you willing to put in a lot of energy and effort in the new business or would prefer buying a business that is already established and can start operating straight away?

These are some of the questions you will need to ask yourself and answer truthfully as they will help you determine whether entrepreneurship is the right route for you or whether you will require to find someone to get into business with.

The other important aspect to consider before starting your own business is assessing your own skill sets hence is it’s worth identifying some of the skills that you already have or your strengths; what skills you are lacking or weaknesses, what aspects of your skills you need to improve on and what aspects of your life might affect your success or that of your business.

We hope you found the above information enjoyable but most of all helpful!

If you’ve missed any of the series of our ’Navigating the world of entrepreneurship – How ready are you to start a business?’, discover them here.