Many people find the idea of entrepreneurship glamorous and flashy. However, they soon discover the reality of the situation…
This is a list of questions I developed when I was teaching "Starting Your Own Business" with SPARK in Ann Arbor. The questions are designed to help people think through whether they truly want to become an entrepreneur and, if so, what their goals are.
- What is my true purpose and/or the goal I hope to accomplish with this business?
- Why am I doing this instead of being an employee?
- How will you know when you’ve been successful in your business?
- What is the financial goal I am seeking to achieve?
- What sacrifices and risks am I willing to take to be successful?
- Why do I want to start a business? OR Why am I in business?
- Why do I believe this type of business is sustainable?
- Do I have the necessary education, skill and experience to succeed in this industry? If not, can I obtain these qualifications before start-up; how?
- If I will need financing, do I have the resources and credit worthiness necessary to be eligible? [High credit score plus assets, collateral and good financial history.]
- What are my I unnaturally good at?
- What do I suck at?
- What is my physical, mental and emotional health and stamina?
- What knowledge and skills do I have to start and control the day-to-day operations of a business?
- Do I know and understand the technology necessary to be competitive in this business?
- Do I have good judgment in people and ideas?
- What will it take for me to balance personal life and business demands?