Do you have an entrepreneurial spirit? Is it so strong you can feel it in your bones? Then your small business is off to a good start, because what you’re feeling is passion, and it’s the magic ingredient that distinguishes a here-today, gone-tomorrow enterprise from a business that thrives for decades.

But even the passionate can stumble, and ultimately fail. And while failing is often a valuable teaching tool, it can also waste a lot of time. Wouldn’t you rather be successful sooner rather than later – or not at all?

I want to help you do the smart thing with your start-up. That’s why I encourage you to read through the following self-evaluation and think hard about the answer to each question. Before you start that small business, take the time to evaluate your strengths and weaknesses as a potential business owner and manager.

There are no right or wrong answers – just answer honestly. And keep in mind, this evaluation isn’t meant to scare you away from entrepreneurship. On the contrary, it’s meant to put you in the strongest, most well-informed position for success.

Small Business Starter Self-Evaluation

1. Are you a “self-starter”? Will you be motivated to do everything that needs to be done – becoming a jack-of-all-trades at times – without someone telling you to do it?

2. How well do you get along with different personality types? When you’re in business for yourself, you’re forced to interact with lots of people. Customers, vendors, employees, bankers, professionals, consultants. You’ll encounter all kinds of personalities, and you need to be able to relate and get along with all of them. Does that sound like you? If not, consider how it might impact your success.

3. How good are you at making decisions? Small business owners must make decisions – constantly, and sometimes on the spur of the moment. Those decisions must often be made independently, and sometimes under great pressure.

4. Do you have the physical and emotional stamina to run a business? Business ownership can be fun and exciting. But it’s also extremely challenging. Frankly, it’s a lot of work – especially in the early years of your small business. Ask yourself: are you up for 12-hour work days, maybe even six or seven days a week?

5. How well do you plan and organize? Are you a natural-born “planner”? Research indicates that many small businesses fail because of poor planning. What’s heart-breaking about this is that bad planning is totally avoidable. You can side-step many potential pitfalls by organizing your financials, inventory, schedules and production.

6. Is your drive strong enough to maintain your motivation? Stress. It’s inevitable in a small business. How well do you respond to it? Business ownership and operation can take an emotional, as well as physical toll. Are you prepared?

7. How will the business affect your family? The first few years of a small business start-up can be hard on family life. Consider the impact on your spouse, on your children. And what about the impact on your personal finances? Profitability often takes years to achieve. Are you (and your significant others) prepared to decrease your standard of living until the business becomes profitable?

By taking the time to think through these critical issues, you’ll put your start-up small business ahead of the pack, right from the start. If you’re a natural born entrepreneur, then this exercise will give you an added edge. Play on your strengths, and be prepared to bolster your weaknesses. You’ll be unstoppable!

Salim Omar, author of \”Straight Talk About Small Business Success In New Jersey\”, specializes in providing accounting, bookkeeping and tax services to small business owners and professional practices in NJ. Learn how Salim can help you drastically reduce your taxes at http://www.OmarGroupCPA.com

Salim Omar, author of \”Straight Talk About Small Business Success In New Jersey\”, specializes in providing accounting, bookkeeping and tax services to small business owners and professional practices in NJ. Learn how Salim can help you drastically reduce your taxes at http://www.OmarGroupCPA.com

Author Bio: Salim Omar, author of \”Straight Talk About Small Business Success In New Jersey\”, specializes in providing accounting, bookkeeping and tax services to small business owners and professional practices in NJ. Learn how Salim can help you drastically reduce your taxes at http://www.OmarGroupCPA.com

Category: Business
Keywords: New Jersey small business, New Jersey accounting, New Jersey accountant, New Jersey CPA