Planning a Business
Is Owning a Business Right for You?
Owning and operating a business successfully requires a lot of work and skills. Do you have what it takes?
If you can answer “yes” to the questions below, the more likely it is that you’re ready to start a business and keep it rolling. If you answer “no” to any question, that doesn’t mean you won’t be successful. But you should consider broadening your resources and improving your skills so that you’ll have the best chance at success.
Do you have a business plan?
Highly successful businesses start with a great idea—and then have a great plan. Your business plan should be formal and written. A written business plan not only guides your actions and decisions, but it can be given to investors and others so they will understand you’re serious about starting a business. Taking the time up front to think through your business plan now can make a huge difference later on. BOS partners can lead you through the steps you’ll need to establish a business plan.
How BOS Partners Can Help
For further information and support in determining if starting a business might be right for you, be sure to contact one or more of the BOS partners below – each has information and resources that can assist you in making this decision:
- AnewAmerica – San Jose
- Internal Revenue Service
- Renaissance Entrepreneurship Center
- San Jose Public Library
- Silicon Valley Black Chamber of Commerce
- Silicon Valley SCORE – Counselors to America’s Small Business
- Small Business Development Center
Can you start and follow through on projects without reminders from others?
For your own business, it will be up to you to manage your time, plan, and oversee projects. You’ll need to set deadlines and schedules for yourself—and possibly even for other employees. You’ll have to follow up with customers, suppliers, subcontractors, or others with whom you deal with.
Are you a good decision maker?
When you own a business, you’re responsible for making all the decisions. Some require a quick response, while others require reflection. Not only do you need decision-making skills in both areas, but also you need to be able to tell when a decision should be quick or reflective.
Do you have the personal resources needed to run a business?
“Resources” means more than money. You’ll also need drive, stamina, determination, and more. Running a business doesn’t usually occur only from 9 to 5—for many business owners; it’s more like 12 hours most days of the week. How will you cope with these demands along with the other responsibilities and activities in your life, such as family, friends, education, and other commitments? Can the people in your life provide the emotional support that can help make your business successful? Or are they likely to drain you of much-needed energy?
Additional Online Resources
- U.S. Small Business Administration Get Ready Business Readiness Assessment.
This guide is designed to help you better understand your readiness for starting a small business.