Do I have what it takes to run my own business?

Imagining your business idea coming to life is incredibly exciting, but also daunting as you acknowledge it won’t always be an easy ride. If you’re wondering whether you’re cut out to run your own gig, here are some actions you can take to inform your decision.

Build self-awareness

Knowing yourself inside-out is the foundation for making smart decisions in life. Successful businesses are aligned with your life-vision, values, strengths, interests and ideal lifestyle — so make sure you clarify these data points before you go any further. 

Elaborate your idea

Are you clear on who you want to help, how and why? Your answers to these questions will form the basis for defining your ideal target market and value proposition; and motivating yourself to bring your idea to life.

The more specific you are about who you want to work with (think demographics, interests, problems, dreams), the closer you will be to understanding your target market and providing them with value. Similarly, the more accurate you are about why you want to pursue your idea, the better you’ll be able to motivate yourself to follow through on the tasks required to get it up and running.

Get practical

Good time management skills, organisational systems and healthy habits are an important foundation for setting up a business — so make sure you get these in place as soon as possible.

You’ll also need to take stock of your current resources (the ones you can count on to propel you forward) and those you have yet to acquire (but which will be integral to your success). 

Enlist support

Sometimes, no matter how driven, smart and competent you are, you’ll run into a challenge that has you stumped. When this happens, it’s a simple case of seeking out the support you need. A coach is an excellent sounding board for considering whether you’re cut out to run your own business or not. You’ll have the opportunity to share your hopes and doubts, challenge your assumptions and consider a fresh perspective so you can move forward with confidence.