After you’ve completed the four
self-evaluation lists, spend some time reading them over. Take a moment to
compare the skills needed in your business to the list of skills you have. Do
you have what it takes?
Show them to your family and, if you’re brave, to your
friends or anyone who knows you well and can be objective. Of course, before
showing the lists to anyone, you may choose to delete any private information
that isn’t critical to your business. If you show your lists to someone who
knows the tough realities of running a successful small business, so much the
better. You may want to find a former teacher, a fellow employee, or someone
else whose judgment you respect. What do they think? Do they point out any
obvious inconsistencies between your personality or skills and what you want to
accomplish? If so, pay attention. Treat this exercise seriously and you will
know yourself better. Oh, and don’t destroy your lists. Assuming you go ahead
with your business and write your business plan, the lists can serve as
background material or even become part of the final plan. You have
accomplished several things if you have followed these steps. You have looked
inside and asked yourself some basic questions about who you are and what you
are really qualified to do. As a result, you should now have a better
idea of whether you are willing to pay the price required to be successful as a
small businessperson. If you are still eager to have a business, you have said,
“Yes, I am willing to make short-term sacrifices to achieve long-term benefits
and to do whatever is necessary—no matter the inconvenience—to reach my goals.”
Reality Check: Banker’s Analysis
Banks and institutions that lend money have
a lot of knowledge about the success rate of small businesses. Bankers are
often overly cautious in making loans to small businesses. For that very reason, it makes sense to study their approach, even though it may seem discouraging at
first glance. Banks and institutions that lend money have a lot of knowledge
about the success rate of small businesses. Bankers are often overly cautious
in making loans to small businesses. For that very reason, it makes sense to
study their approach, even though it may seem discouraging at first glance.
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