Take a few minutes to do a personal inventory of your goals and resources. Think about what it is that really lights your fire. Passion is a driving force in our lives, and that’s never as true as in business ownership. If you have a passion for your work, it’ll carry you far.
If you need help assembling this personal evaluation information, sit down with a trusted friend, an advisor, your spouse or someone you know with business experience, and outline your resources, strengths and weaknesses, as well as your financial resources. Talk through the concept and listen carefully. You need a reality check here. Don’t necessarily accept what you hear, but take it into account.
- What type of business activities play to your strengths?
- Can your advisor see you pursuing a certain type of business?
- Would you be better suited for a business-to-business sales situation or a retail setup?
- Are you good with people, a good public speaker?
- Are you detail-oriented?
- Can you afford to run a business?
- Can you afford to fail?
- What’s your level of risk tolerance?
This information will be very helpful when you start to narrow your business search. By maintaining a clear focus on your fundamental interests, you won’t be pulled off-track by the distractions you encounter during your quest.
