Test Your Entrepreneurial Readiness

May 24, 2011

40% of small businesses fail in the first year and of those that survive, 80% fail within 5 years.  Based on my experience of working alongside early entrepreneurs, I have created the following questions to consider when determining your own entrepreneurial readiness.  As a result you will begin to understand the long-term commitment that you are getting involved with by starting your own business.  Please begin by considering these questions and then sending your responses (at least 5 sentences each) to me at Katie@LegacyBuilderCoaching.com, prior to your complimentary consultation:

1)    Please provide three specific examples that prove that you are a highly motivated person who has pursued and attained your goals independently in the past.

2)    Please explain how you are you going to set and manage your own goals and projects for your business.

3)    Please explain the process that you will use to hold yourself accountable to reaching your goals.

4)    Part of running a small business means having to work with unreasonable and unlikable clients, vendors and partners. Please explain how you effectively work with people who have very different personalities and styles than you?

5)    Please explain your decision-making process.

6)    Please explain how you will maintain the physical and emotional stamina to run your own business, in addition to maintaining your family and other responsibilities.

7)    Please provide examples of how you are an excellent planner, organizer and doer.

8)    Please explain how your business is going to impact your family, in both positive and negative ways and how you plan to deal with these changes.

9)    Please explain how you have overcome failures, rejection and chronic adversity in your previous personal and professional ventures.

10) Please explain how will avoid taking on too much yourself, thus avoiding burn out?