So you have a great business idea and you’re eager to get the ball rolling.
Business success or failure primarily depends on you, so before evaluating your business idea, take the time to consider if running a small business is right for you. Does it fit your personality, your skills, are you (and your family) ready for the entrepreneurship lifestyle?
You must enjoy a kind of lifestyle that is a far cry from the typical 9 to 5, a lifestyle that can be exciting, but also quite exhausting!
You must be able to embrace a multitude of roles. In many cases when you are just beginning you will be in charge of both managing and carrying out all business activities.
Do you have a great deal of independence and self-discipline? Self-confidence? Aptitude for decision making and problem solving? Flexibility and organizational skills? Perseverance? Self-control and tolerance? Public relations skills? Leadership skills? Optimism and enthusiasm? Can you adapt quickly to changing conditions?…………
Studies reveal that successful entrepreneurs are generalists. They have a general idea of everything around them. They know the importance of continual learning and continuously updating knowledge.
Here are some helpful links to ensure that you look carefully before leaping into a new business.
Evaluate yourself critically to see if you have what it takes to be a successful entrepreneur.
At some point you may be throwing up your hands and saying “Enough with all of this – just tell me if this can be a successful business!” This is a question that is impossible to answer with a simple yes or no. The question that needs to be asked is “Will this business work for me” not “Will the business work?” You are a vital part of the businesses success, and ultimately only you can answer that question.
- Common Characteristics of Successful Entrepreneurs – The Entrepreneur suggests that successful entrepreneurs share a number of common characteristics. Here you will find a list of these characteristics for your reference
- Entrepreneurial Self-Assessment – Take this quiz from Business Development Canada and find out if you have what it takes to be an entrepreneur
- Self-Assessment – Do you have what it takes? – This BizFilings site is designed to help you evaluate your strengths and weaknesses to make certain decisions before you start a new small business
Can my new venture idea make money?
Now that you have done your self-assessment it is time to look at your business idea.
Consider these points carefully:
- I have demonstrated that there is a need for my product/service.
- My product/service has a uniqueness that is not available through other competitors.
- I know the importance of defining my target market/markets and have identified why customers will purchase my product/service, and can describe characteristics in detail about them.
- I have identified geographically where my customers are located, and through research have estimated the number of potential customers in this area.
- I’ve identified my competitors and can describe their strengths and weaknesses.
- I’ve researched, priced and talked to the suppliers that I will be needing.
- I have researched and looked at several marketing avenues that I will use to reach my customers.
These are just a few points (not intended to be all inclusive) to consider before deciding the feasibility of your business. A full in depth study is recommended.
This worksheet will assist in assessing the feasibility of your business idea. It’s designed to help you screen out ideas that have limited opportunity, allowing you to invest your time, money and effort into ideas with a high potential for success.