Is it possible to avoid business failure?
Diane Shawe
CEO at NAHM Specialist Salons Franchise Ltd | Transforming Lives with Hair Solutions
How answering 77 questions could help you avoid business failure
“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.” –Steve Jobs, co-founder of Apple
Like you I Never Thought I Could answer 77 questions that would help me avoid business failure – But I Finally Discovered The Secret! Here’s How…
Are you the right person for your business idea?
In business, there are no guarantees. There is simply no way to eliminate all the risks associated with starting a small business – but you can improve your chances of success with good planning, preparation, and insight. Start by evaluating your strengths and weaknesses as a potential owner and manager of a small business. Carefully consider each of the following questions.
- Are you a self-starter? It will be entirely up to you to develop projects, organise your time, and follow through on details.
- How well do you get along with different personalities? Business owners need to develop working relationships with a variety of people including customers, vendors, staff, bankers, and professionals such as lawyers, accountants or consultants. Can you deal with a demanding client, an unreliable vendor, or a cranky receptionist if your business interests demand it?
- How good are you at making decisions? Small business owners are required to make decisions constantly – often quickly, independently, and under pressure.
- Do you have the physical and emotional stamina to run a business? Business ownership can be exciting, but it’s also a lot of work. Can you face six, seven or a 12-hour work day every week?
- How well do you plan and organise? Research indicates that poor planning is responsible for most business failures. Good organisation of financials, inventory, schedules, and production can help you avoid many pitfalls.
- Is your drive strong enough? Running a business can wear you down emotionally. Some business owners burn out quickly from having to carry all the responsibility for the success of their business on their own shoulders. Strong motivation will help you survive slowdowns and periods of burnout.
- How will the business affect your family? The first few years of business startup can be hard on family life. It’s important for family members to know what to expect and for you to be able to trust that they will support you during this time. There also may be financial difficulties until the business becomes profitable, which could take months or years. You may have to adjust to a lower standard of living or put family assets at risk in the short-term.
I recommend you get a little notebook and start working on each question. For those you cannot answer, find the answer and make a note. This is also an invaluable exercise if you are already in business, it can help you clarify where you are today and help you plot where you need to get too and how to do it.
If you want to find out if you are right for your business, we have a special bonus link accessible inside this little ebook. All you have to do is Answer 10 questions and we will send you a full report which will also include your Personal Training Needs Analysis to develop your Entrepreneur skills.