Want to start a business? 20 questions to ask yourself first.

[Shabrina Akter]

Why do I want to start a business? What are the three primary factors influencing this decision?

Specifically what kind of business do I want to start?

Am I interested in selling products or services?

What are my key personal strengths--what am I better at than anyone else?

What could I see myself actually enjoying doing every day and can I form a business around it?

Am I a better leader or do I need a partner who I can rely on to help blaze a path for me?

Am I ready to devote the necessary time, resources and capital to be successful in business?

Am I in a good place physically, mentally and emotionally to dedicate a lot of time and energy into starting a new business?

Do I have personal and financial support of family and friends to accomplish my goals?

How will I balance family and business?

Do I possess the necessary skills and abilities to start and control the day-to-day operations of a business?

Do I have up-to-date working knowledge of technology necessary for efficient operation in order to keep pace in the business world? If not, where would I get it?

Am I open to meeting new people and listening to a variety of new ideas?

Is my past education and experience relevant to the industry I'm looking at? Is my education and/or certifications sufficient to do what I want to do?

What sacrifices and risks am I willing to take to be successful?

What are my financial goals, both personally and for the business?

Have I made proper provisions for income and insurance (health and life) while waiting to achieve business success?

Why do I believe I can make this business work?

Is my business concept unique? Do I have an advantage to beat out similar competing businesses? How?

Why do I believe this type of business is sustainable?

Source: https://www.mbda.gov/news/blog/2010/07/want-start-business-20-questions-ask-yourself-first