Are you ready to run a business?

Do you know what is important when it comes to running a business; in skill set, personal attributes, network of connections and professional knowledge? It may be helpful for you to use the table below as a guide to evaluate where you stand when it comes to running a business.

Running a business has its risks, and it’s important for you to be prepared for what is to come. You should consider that most new businesses fail in the first three years of operation, often because of poor planning, management and cash flow.

You may not have all the factors now, but it’s possible to start your business, seek development opportunities and improve in time. You may also decide that you are willing to ‘bring in’ some of the skills or expertise, through your staff, short or long-term contracts or other support.

You could also ask friends, family and others for feedback. An important factor in achieving success is to honestly assess yourself and your business.
 

My skills and traits


Not Applicable

1.
Strongly Disagree

2.
Disagree

3.
Don’t Know

4.
Agree

5.
Strongly Agree

1. I am skilled and experienced in my industry
2. I am disciplined to work long hard hours, especially when times are tough
3. I am comfortable with a lot of responsibility and decision making, especially under pressure
4. I am willing to make sacrifices and accept uncertainty, even failure
5. I can set realistic and attainable goals
6. I am good at finding opportunities
7. I am good at solving problems and delivering solutions
8. I am skilled at communicating, including listening, speaking, reading and writing
9. I am good at researching and developing plans
10. I can readily assess and re-prioritise when required
11. I am good at networking and promoting myself
12. I am good at negotiating and closing sales
13. I am good at making and managing money
14. I am good at managing my time and projects
15. I am good at keeping and reviewing records
16. I am good at delegating and managing
17. I am willing to learn, seek feedback and listen to advice
18. I can call on support from family and friends to manage tough times

If you've answered 'Strongly Disagree' through to ‘Don’t Know, it's useful to think about improving those areas, outsourcing them, or recruiting others to complement your strengths.

Planning templates

Use these free planning templates and guides to help you better plan, prepare, manage, and exit a business. Investing time into proper research and planning can help turn your ideas into reality, and prepare you for what’s to come.

Business plan

A business plan works as a guide when your business is operating; how you operate, planning the future and preparing for risks. It is also often a required document for finance applications.

Marketing plan

An effective marketing plan can help you set clear, realistic and measurable marketing objectives for your business. It can boost your customer base increasing your bottom line.

Emergency plan

Your business is critical to your financial wellbeing, so you’ll want to protect it as much as you can against emergencies and disasters.

Succession plan

Planning for the day you leave your business is a valuable investment.