Personal Issues

Personal issue considerations are those that involve looking at you. Are you prepared for the emotional, physical and financial strains of starting a business? Are you a risk-taker? These are just a few things to think about. The link below contains additional questions to ask yourself, along with a personal assessment worksheet you can download, fill out, and discuss with your SBDC consultant.

Questions & Worksheet 

Questions & Worksheet

General Considerations

The first seven questions ask you to do a little introspection. Are your personality characteristics such that you can both adapt to and enjoy small business ownership/management?

The next series of questions stress the physical, emotional, and financial strains of a new business.

1. Do you understand that owning your own business may entail working 12 to 16 hours a day, probably six days a week, and maybe on holidays?
2. Do you have the physical stamina to handle a business?
3. Do you have the emotional strength to withstand the strain?
4. Are you prepared to lower your standard of living for several months or years?
5. Are you prepared to lose your savings?

Specific Considerations

1. Do you know which skills and areas of expertise are critical to the success of your project?
2. Do you have these skills?
3. Does your idea effectively utilize your own skills and abilities?
4. Can you find personnel that have the expertise you lack?
5. Do you know why you are considering this project?
6. Will your project effectively meet your career aspirations?
   

The next three questions emphasize the point that very few people can claim expertise in all phases of a feasibility study. You should realize your personal limitations and seek appropriate assistance where necessary (i.e., marketing, legal, financial).

1. Do you have the ability to perform the feasibility study?
2. Do you have the time to perform the feasibility study?
3. Do you have the money to pay to have the feasibility study done?