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Financial planning: Are you ready?
 The
right time to ask yourself the tough questions is before you start
the business, not when you're already in it up to your knees. The
following questions are designed to stimulate thought. There are
no right answers here.
Why do you want to do this?
- Freedom?
- Control?
- Money?
- To combat boredom?
What kind of personality do you have?
- Are you a leader? Only self-starters need apply
for small business ownership.
- Are you a decision-maker? Being in business means
making decisions, sometimes rapidly and usually on your own.
- Are you competitive? Keep up or get left behind
... you will have to know what the others in your field are doing.
- Are you compatible? You'll be in almost daily contact
with customers, vendors, professional and legal people. It's important
to be able to get along.
- Are you a planner? There is a lot to organize when
starting up and running a business, from inventory to staff to
choice of letterhead.
What kind of condition are you in physically, emotionally
and financially?
- Running a business may require working long days
and weekends. Check your endurance level.
- Burnout happens easily when you're making all the
decisions. Check your motivation level.
- Starting a small business means making sacrifices
in standard of living and personal time. Check your family's adaptability.
Source: Adapted from the "Checklist for Going
into Business," by the U.S. Small Business Administration, Office
of Development, and the Service Corps of Retired Executives
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