Financial Times

(Continued from Last week)
Say yes before you leap part (II)
By Nilooka Dissanayake
So you want to go into business. That much you would know for sure. (Or are you doubting that also, like so many others?) How do you go on from there? What do you do next? Whether you are sure or not, here's a way to go forward.

Last week we looked at some of the areas which you need to look at before taking that final leap into the world of business. The questions in the last week's article under Business@Home helped you understand how well (or little) you are equipped to face the rigorous life of a small or home business in respect of the following areas.

A) Business Skills, Attitude and Experience
B) Overall Health and Stress Management
C) Confidence, Optimism and Self-reliance
D) People Skills

Today we look at four other areas which we feel will help you in realising the dream of starting your own business. As you did last week, simply answer "Yes" or "No" depending on whether you agree or disagree with each statement. It will show you the areas you need to work on and your strengths.

E.) Determination, Dedication and perseverance
Successful entrepreneurs are not easily discouraged. They do not give up easily. They do not say no and do not take no from others. When things get tough, they tend to work even harder. This section will help you assess if you have the determination and the perseverance to succeed.

* I am a doer more than a planner. I like to make things happen. * I am willing to put my work before socializing with family and friends. * I am willing to take a drop in income to launch my new business. * I work on things until they are done or solved. I am not a quitter. * I believe in working hard to get ahead. * If I do not have the answer, I go out and get it. * I set goals, including long-term goals, and I am not satisfied until I meet them. * I do not try to avoid difficult problems or situations; I tackle them head on.

F.) Creativity and innovation
Small business owners are problem solvers and innovators. Tough challenges bring out their creative best. They are not scared to rewrite the rules or explore new ideas. This section will help you assess your creative potential.

* I am a problem solver, always looking for new and innovative ways of doing things. * I am at my best when facing a challenge that requires me to use all of my personal resources. * I can usually find creative solutions when others cannot. * I get bored when I am not challenged and when I am doing the same thing over and over. * I like to continually learn new things. * Change does not frighten me. I look at changes as an opportunity to try new things. * I am not satisfied with doing something a certain way just because that is the way it has always been done. * I can usually find more than one solution to a problem.

G) Lifestyle, Family and Personal Finances
Starting a small business is not just a business decision. It is also a lifestyle decision that will impact on all aspects of your life. This section will help you determine if you have your personal house in order.
* My family supports my plan to start a small business.

* My family accepts that the business will encroach on family space.
* My family accepts that I will be working hard and long and hours to launch my new business, taking time away from them. * My family understands and accepts that, at least in the short term, it may be likely that I will not be bringing home a regular income. * I will be able to maintain a personal and family life, as well as run a business. * My family life is stable enough to withstand even a business failure. * I am realistic about family finances and living expenses and have alternative incomes or savings for living expenses until my new business is established. * My business goals are compatible with my family and lifestyle goals.

H.) Reality and Risks
Successful entrepreneurs are dreamers with common sense. They are not just risk takers; they set realistic business goals. Their risks are calculated risks. This section will help you decide if you can successfully balance risks with reality.

* I set realistic goals and work to achieve them. * I am a realistic thinker and planner. * I balance enthusiasm with caution. * I am constantly re-evaluating and adjusting my goals. * I seek out and am open to sound advice and assistance. * I am not a gambler. I will take moderate, acceptable risks to help my business succeed. * When I make a mistake, I admit it and make the appropriate changes. * I understand my own strengths and weaknesses. Assessing yourself

Once you complete the questionnaire, you will be in a position to see where your strengths and weaknesses lie. Pay particular attention to the 'No' answers. These will be the areas that you need to work on if you wish to seriously consider entering the world of business.

Then what do you do? We will discuss that in future articles. We welcome your comments. You can reach us on ft@sundaytimes.wnl.lk or call on 5-552524.

The writer is the Managing Editor of Athwela Vyaparika Sangarawa (Athwela Business Journal), the only Sinhala management monthly targeting the small and medium sized business operators and Small Business International magazine.

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