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These days, it seems as though everyone wants to start their own business. Seems easy enough doesn’t it? Come up with a good idea, and the money starts rolling in! Most people understand that running a business requires business know-how, but most successful business owners also possess some additional skills and qualities that help make running a business easier. This said, before you make that big decision, ask yourself these questions:

Image of a woman at work

Am I a self-starter?

When you have your own business, there’s no boss or manager to tell you what to do and when to do it. To get your business off and running you’ll have to motivate yourself to get things started.

Do I enjoy challenges?

Businesses provide constant challenges. If you enjoy a good challenge, it will energize you. If you don’t, you may end up feeling as though you’re engaged in a constant uphill battle.

Am I a creative problem solver? 

Creative problem solving is a key skill for business owners to possess. One way to hone your creative problem-solving skills is to challenge yourself to think “out of the box”. Don’t go for the obvious, think in a different direction than you’re used to, and inhibit standard responses.

What are my strengths and weaknesses?

The ability to do this is also invaluable for the business owner. Recognizing what you’re good at and what you’re not will help you decide how to use your time, when to delegate, and when to call in experts or outside professionals for help when needed.

Do I really have a money-making idea?

Not all great ideas make money. A good business idea addresses a problem, need or pain that a particular group of people or companies face that is significant enough to warrant spending money to solve or alleviate. Large companies spend a lot of time and money evaluating ideas, prices, markets, and packaging, etc. before bringing a new product or service to market. So test market your ideas and make sure they’re profitable before you get started.

Who is my competition?

Learn everything you can about the others in your field who provide similar products or services to the same ideal customer. This information will be invaluable in learning how to “position” your own business.

What financial risks are involved? 

Whether you’re raising capital or running a bare-bones operation from home, there are always financial risks involved in a business. Make sure you analyze the risks you face before jumping in. Take a long hard look at these questions and the answers you give to them. Then ask yourself.

By Damilola Faustino

Read also: Benefits Of Innovation in Business

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