Sunday, August 1, 2010

10 Questions You Need to Ask Yourself Before Sailing On With Your Own Entreprise: Part 2 of Start a Small Business Now

Let me continue rewriting one of the most important issues of Entrepreneur Philippines magazine, my favorite business mentor. This part will discuss self assessment towards setting up your own business. Enjoy reading and continue asking yourself NOW!

Ian del Carmen, president of the Internet marketing firm Fireball Group of Companies, takes a more cautious tone. "I agree that any time is the perfect time to start a business BUT it is not right to say any person is the perfect person to start a business," he says. "Anyone can start any business in 2010 as long as he/she is emotionally, intellectually, financially, and most of all, strategically ready."

Here are 10 questions -- as advised by the entrepreneurs we interviewed -- you need to ask yourself before sailing on with your own enterprise:

1. Do you enjoy making decisions and being in charge?
2. Do you have the willingness to take initiative?
3. Do you have enough money saved up to start your business?
4. Do you have a good credit rating?
5. Do you have strong people skills?
6. Are you flexible, and can you adapt to changing circumstances?
7. Are you good at short-range and long-term planning?
8. Are you willing to take calculated risks?
9. Are you good at following through on your ideas, plans and projects?
10. You don't expect your household income to rise within a year of starting your business?

If you can answer "yes" to all of them, then you probably are ready to be an entrepreneur. But to learn about the other details of starting a business, turn to the next several pages. Your time is now.

Continue on Part 3 of Start a Small Business Now: GET OFF ON THE RIGHT FOOT

Rewrite from Entrepreneur Philippines
January – February 2010 issue. All rights reserved.

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