Deciding to break out on your own and start a small business is a bold move. So bold, in fact, that some people think all you need in order to do it is the appropriate amount of gumption. In our current culture, there is a certain amount of glamour assigned to the entrepreneur – from eccentric celebs to startup success stories, there’s no shortage of encouragement out there. But when it comes down to brass tacks, the business of self-employment should not be taken lightly.
Sure, the rising popularity of things like startup incubators and angel investors have definitely brought down the barriers to entry for small businesses. But there is still a lot to consider before making the decision. The flowchart below, created by freelance illustrator Alex Westgate, aims to help entrepreneurs take an honest look at whether or not they are ready for everything that starting a small business entails. It asks the tough questions, like:
- Do you have significant capital available?
- Are you prepared to lower your standard of living to make it happen?
- Do you know the target market you will go after?
- Are you sure your planned business fills a need that exists in the market?
Take the test for yourself, and who knows – maybe you’re finally ready to start that small business after all! If so, tell us about your plans in the comments below.