Business Briefs

What Business Should I Go Into?

Tired of working for someone else? Current statistics tell us the answer is YES! More and more people would like to go into business for themselves. The problem is that many "would be" entrepreneurs don't know what type of business to go into --- they just know that they want to do something --- maybe even on a part time basis until it gets going. Advice: DON'T QUIT YOUR DAY JOB UNTIL YOUR NIGHT JOB CAN PAY YOUR DAY BILLS!

For some individuals, choosing a business is easy --- they already have a marketable skill or a hobby that has profit-making potential. Generally businesses are either product-oriented or service-oriented --- or a combination of both product and service.

Product-oriented businesses fall into two categories:

  • selling products made by you, family members, and/or employees
  • selling products manufactured by others and either purchased by you for resale or sold on an order basis

Service-oriented businesses may involve the performance of a service at the place of business (examples: word processing, tutoring, child care) or performing a service at another location (examples: house painting, carpet cleaning, consulting).

BEFORE leaping into business ownership, the first step in deciding whether to go into business is self-assessment. Do you have the personal characteristics it takes to be a business owner? Are you really ready to start a business ---- or not???

Answer each of the following questions HONESTLY:

Are you a self starter?
_____I do things on my own. No one has to tell me to get going.
_____If someone gets me started, I keep going.
_____Easy does it. I don't put myself out until I have to.

How do you feel about other people?
_____I like people. I can get along with most anyone.
_____I have plenty of friends --- I don't need anyone else.
_____Most people irritate me.

Can you lead others?
_____I can get most people to go along with me without much difficulty.
_____I can get most people to go along if I push them.
_____I let someone else get things moving.

Can you take responsibility?
_____I like to take charge of things and see them through.
_____I'll take over if I have to, but I'd rather let some one else be responsible.
_____There's always some eager beaver around wanting to show how smart he/she is. I say let him/her.

How good of an organizer are you?
_____I like to have a plan before I start. I'm usually the one to get things lined up.
_____I do all right unless things get too confused. Then I quit.
_____I just take things as they come.

How good of a worker are you?
_____I can keep going as long as necessary. I don't mind working hard.
_____I'll work hard for awhile, but when I've had enough, that's it!
_____I can't see that hard work gets you anywhere.

Can you make decisions?
_____I can make up my mind in a hurry if necessary and my decision usually turns out okay, too.
_____I can if I have plenty of time. If I have to make up my mind in a hurry, I usually regret it.
_____I don't like to be the one who decides things.

Can people trust what you say?
_____Yes, they can. I don't say things I don't mean.
_____I try to be on the level most of the time, but sometimes I just say what is easiest.
_____Why bother if the other person does not know the difference.

Can you stick with it?
_____If I make up my mind to do something, I don't let anything stop me.
_____I usually finish what I start --- if all goes well.
_____If it does not go well right away, I quit. Why beat your brains out?

How good is your health?
_____I never run down!
_____I have enough energy for most of the things I want to do.
_____I run out of energy sooner than most of my friends do.

Now, count the checks you made. Make sure your answers are truthful and not a result of wishful thinking! If most of your checks are beside the first answers, you probably have the personal characteristics it takes to run a business. If your checks are mostly by the second answer, carefully examine your weaknesses to see if they can be overcome. If many checks are beside the third answer, it may be in your best interest not to start a business at this time.

Are you really ready to go into business for yourself? Do you have what it takes? Only YOU can honestly answer those questions!

Click here for a list of business ideas.

Source of questionnaire: "Are You Ready To Start A Business" - Ann Lastovica, Virginia State University

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