Are you cut out to run your own business?
Many people dream of leaving their job to run a business and the reasons are compelling:
- Being the ‘ master of your own destiny’
- Freedom to work how, when and where you choose
- Doing something you love and being paid for it
- Financial independence – not needing to worry about possible redundancy or work place changes over which you have no control
But perceptions about small business failure rates and the reality of working hard often put people off. The huge learning curve and need for certainty, keep us sadly slogging away on the employee treadmill.
Maybe you have years of professional experience in a particular field and know you could do it better than the company you work for. Perhaps you’d like to ‘give it a go’ rather than die wondering whether you could have made it on your own successfully. You may have lots or even just one great new business idea!
If you harbor a dream to run your own business but are held back by fear, take this quick quiz and see if you are cut out to make the ’employee to boss’ leap.
Could I Run a Successful Business?
DO YOU AGREE WITH THESE STATEMENTS?
I’m clear about what I want to achieve and why I want to run my own business
Clarity is king and while you may not have all the answers, you are clear about the ultimate purpose of your business and what it will enable
|I’m comfortable with uncertainty.Business owners rarely have all the answers and there are no guarantees|
|I’m curious, resourceful and not afraid to try new things Technology changes very quickly and it’s wise to stay on top of new ways to find out what you need to know and do what you do more effectively.|
|I know what I can/can’t do and what I don’t know and am willing and able to ask for helpEven in a solo business, the quickest way to go broke is to go it alone. You can’t and never will be able to know and do everything.|
|It’s OK to fail as long as I learn Reality check – you will fail and often, particularly in the early years! Be prepared to learn from mistakes and willing to do things differently to get a different result.|
|I have a strong desire to help othersEvery business exists to serve others, solve a problem, meet a need and make things better somehow. The key is to know who you’re serving, how and why.|
|Project management skills are one of my strengths From start-up to exit, every element of your business will need well run projects, big and small. Even the operational parts of your business will start as a project.|
|I’m a master planner, highly focused and well organized‘Failing to plan is planning to fail’! Nowhere is this truer than in running a business. Being easily distracted and disorganized can be fatal.|
|I’d describe myself as flexible and a ‘lateral thinker’ Not everything that works for you as an employee will work in business. Even your language (the words you use) will need to change somewhat and if something doesn’t work out quite right, you need to change course.|
|I’m knowledgeable in the industry or field I’d like to run my business in. While not essential, expertise, knowledge and established relationships will give your business a strong foundation. Without it, be prepared for a long change-over period.|
|I’m comfortable making decisions and taking calculated risks The success or failure of a business relies on the ability of its owner to make quick, informed decisions and not being 100% certain about how it will work out.|
|I believe ‘selling’ is actually problem solving Many people shy away from running a business because they hate the idea of selling. Build trusted relationships, understand your customers’ key pain points and provide a high quality product or service and the sales will take care of themselves.|
|I’m commercially savvy and know the business needs to make money If your business provides something you’re passionate about, without commercial acumen, it’s likely to remain an expensive hobby.|
|I’m known for my high integrity, honesty and trustworthiness The cornerstone of business ownership! If people don’t know you, like you and trust you, they won’t buy from you. Do what you say, when you say you will, to the best of your ability and you’ll soon build a band of loyal customers.|
|I have a ‘can do’ attitude and the right mix of ‘glass half full’ skepticism!If you believe that every problem has an answer and anything is possible, you’ll find innovative ways to grow your business|
|I’m a natural multi-tasker In the early days, it’s likely you’ll be doing everything from marketing, answering the phone, bookkeeping to delivering the products or services you offer. Surround yourself with others who thrive on variety.|
|I can see the ‘big picture’ and dive into the detail As a small business owner, you need to be clear on the purpose, vision and direction your business is heading in, as well as crunching the numbers to know what works.|
|I have strong self belief and high self awareness Fears, self doubts, negative self talk and sabotaging behaviours (eg. procrastination) are often the biggest killers of new businesses. Recognising these natural and common saboteurs and knowing how to manage them is vital.|
|I know the importance of creating balance One of the biggest traps of business ownership is becoming consumed by it. There are always new ideas and more to do – the ability to shut the door, switch off and connect often with your non-business life is critical|
|I love a challenge!Running a business is not for the faint hearted. However, like any big, meaty challenge, the rewards and benefits will be worth it, if you get it right.|
Total how many No, Maybe, Yes answers you have.
What your score means
Mostly No – While you may not be ready to run your own business now, it may be something worth considering in the future, or not! Regardless, it’s good to know, explore your beliefs and perceptions and be comfortable with how you feel. Far better to find out now, than to head off in the wrong direction. If business ownership isn’t for you, what is?
Mostly Maybe – Running your own business is a possibility, if that’s what you truly want. Take time to explore your fears and concerns and gather the information you need to create certainty, one way or another. What questions would you need to ask yourself to know for sure, if business ownership is something you could and should pursue?
Mostly Yes – What are you waiting for? You could well be cut out to run your own, very successful business! Now’s the time to decide what your ideal business would do and look like. Once you’ve decided what type of business you’d be ideally suited to run, work out where you are now, what you have and what you’ll need to build a plan to get your business up and running. Start by asking yourself, what’s the real difference I want to make? What am I most passionate, knowledgeable and skilled at and what am I committed to?
If not a business, then what? If you’re unsure, how will you know for certain? If you don’t know how to make the ’employee to boss’ leap, ask for help. Regardless of whether you are cut out to run a business, or not, it’s important to work out what action you’ll take now.
Contact Possibility to Reality today to clarify where you’re at, know for sure what you want and decide which path to take.