Lifestyle LessonsLifestyle Lessons
Quiz Yourself:
Ready, Set, Start Your Own Business?
These days, it's more tempting than ever to go into business for yourself. But how do you know if you have what it takes to be a successful entrepreneur? Take our quick quiz, based on some of the personality traits and skills that many experienced entrepreneurs consider essential for success.
1. Which of the following most closely matches how you feel about selling and the sales process?
a. My first sales experience was a lemonade stand at age 7, and I haven't stopped since.
b. I can be a salesperson if I have to, but it doesn't come naturally.
c. I would rather not be the one in charge of sales.
What it means: If you answered c, you may want to consider that as a business owner, you'll need to continuously sell yourself and your expertise or products to potential customers, business partners and more.
2. I work best when:
a. I'm bouncing ideas off other people.
b. I can take an idea and run with it on my own.
c. I have external deadlines that push me to carry through on ideas.
What it means: Being an entrepreneur can mean relying only on yourself to make things happen. If you answered a or c, you'll need to determine how you'll accomplish goals without co-workers or someone to push you to meet deadlines.
3. My idea of an average work week is:
a. About 40 hours, then I'm off the clock.
b. I'm willing to put in two or three extra hours here and there.
c. I'm okay with long hours consistently, if it means I meet an important goal.
What it means: If you answered a or b, you may get frustrated with the long hours it takes to start a business. Studies have shown that most small business owners work an average of 52 hours per week.
4. Which of the following most closely matches your current financial skills?
a. I know the ins and outs of budgeting, cash flow, wages and inventory management.
b. I know my way around a balance sheet, and I'm willing to take classes or find a mentor to learn more.
c. What's a balance sheet?
What it means: If you answered a or b, the road ahead will be much easier than if you chose c. Solid financial management can be a make-or-break aspect of entrepreneurship, and even if you hire an accountant, you should understand more than the basics.
5. What type of market research have you done to gauge buyer interest?
a. I've talked with friends and family about my idea.
b. I've used online resources to see how my idea fits into the current marketplace.
c. I've researched competitors and completed a survey of potential customers.
What it means: If you answered b or c, you're on the right track. Market research is a critical early step. And unfortunately, friends and family are not the best sources for objective information.
So how did you do? Ready to move forward? A smart next step is to think about financial support. Even if yours will be a home-based business, you'll still need to consider start-up costs, including office essentials and marketing. Plus, you'll need enough resources to keep the bills paid while your business develops — about six months' worth, say many advisors.
For help with your small business dreams, visit First National Bank's Small Business Resource Center: Go to firstnational.com/bizcenter, where you'll find articles, interactive workshops, calculators and more. Or visit with a Business Banker at your local First National Bank branch or call 346-FNBO (3626) today.
Find it at firstnational.com...
- "How much do I need to start my business?" – visit our business calculators at firstnational.com/bizcenter.
