Ready to Start Your Own Business?

You’re excited, you can’t wait to make a list and do your research on the internet. But wait! You need to find out whether you are mentally and emotionally ready for your business. There are a few entrepreneurship qualities that you need to find in you. It’s called the “entrepreneur mindset checklist”. First and foremost, you will need to start thinking like an entrepreneur. It is a mindset nurtured in your desire for independence and a passionate interest in bringing a service or a product to market.

An entrepreneur is someone who:

• Uses home as a base to start a business.
• Organizes and operates a new venture based on an identified need.
• Takes an innovative approach to meet that need.
• Is not afraid of some risk in order to get reward.
• Is open to new ways of thinking and working.

Women Work, a nonprofit group describes an entrepreneur to have four key traits:

• Self-discipline – the ability to work long hours at something one is passionate about regardless of hardships, inconvenience and obstacles. It also means self-control, perseverance and endurance to avoid anything that can lead to negative consequences.
• Self-determination – trust in your own judgment and taking charge of your own destiny.
• Self-interest – the ability to act on your own behalf that will benefit the business. Self-interest will motivate people to act properly and is necessary for a business to survive and grow.
• Self-reward – regardless of others’ opinions, you pride yourself in a job well done.

Bear in mind you may not have all of these qualities, but there is a good chance you will see yourself somewhere in the descriptions. Think and dig deeper. Here is the checklist:

How strong is your motivation?

It will be up to you to manage your time, come up with ideas, and follow through on details. Some people burn out quickly from the burden of carrying out all the responsibility to ensure the success of their business. The fact is, running a business can wear you out, but it can also be rewarding. This is where motivation and enthusiasm come in.

Can You Make Good Decisions?

In the early stages of the business, there is a critically important decision to make. Good decision-making is essential for making wise choices that help move your business to another level. If you made a mistake, look at it as an opportunity to learn what did not work for your business and why. Many times a decision can be reversible and at this point, you can change your mind.

Are You in Good Health?

Because you will spend long, irregular hours to grow your business, good health is essential for every business owner. During the early years of your business, you will be catching meals on the fly and you will wonder how you ever had time for exercise, let alone a manicure. Strong mental and emotional health are the key to a healthy business.

Is Your Family Prepared?

Starting a business put a strain on your spouse and children. You are investing your time and money that all this time have been invested in your family. You may have to get used to a lower standard of living until your business makes a profit. It is best to sit down and discuss with them so they know exactly what to expect. Keep the communication channels open.

Do You Play Well with Others?

In order to succeed in your new business, it is important to establish successful working relationships with lots of people. Vendors, customers, employees, bankers, lawyers and accountants are the type of people you will be dealing with in your business. Cooperating with someone in your line of business is a great way to get to know people, learn ideas and help each other with areas that you are not familiar with.

Some people have always known what business they would go into if they could. Others need help finding their niche. Turning an idea, skill or hobby into a money-making proposition is a matter of knowing the question to ask, following wise counsel and ultimately going with your gut.

If you are not completely sure what kind of business you would like to start, ask yourself these questions:

• Do I want to offer a product or a service?
• If it is a product, what do I know how to make?
• If it is a service, what is my expertise and how will I set it apart from other similar offerings?
• Is there a demand in what I have to sell?
• How much money do I have to invest in this business?
• How much money must I earn to make the effort worthwhile?
• Do I have affordable help with the kids and maybe even the house during the startup period?
• Who can I connect with to learn a similar business?

Think about your daily life. What are you doing when you feel the happiest and most productive? When does time fly by because you are so engrossed in what you are doing? What do the people who know you best praise you for? The answer will help you focus.

In Thomas Stanley’s book The Millionaire Next Door, he makes the case that the most prosaic businesses are often the ones that make people the wealthiest, such as collecting garbage, or owning a series of public storage. Don’t worry if your idea is not unique. Competition is sometimes a good thing. That is because there is a market for what they are selling and the service, quality and pricing are good. One of a kind business is not a prerequisite for success.

One way to identify what type of business to start is by paying attention to things that people complain about. For example, when several neighbours mention they dislike walking their dogs each morning, you might want to start a dog-walking and pet-sitting business in your neighbourhood town. For busy professionals who don’t have the time to do chores in their home, you might make money doing a domestic cleaning service business. Spend time talking to people who are likely to become your clients. Find out what they are willing to pay for such services.