Business Start-up Quiz

Each week I feature an article specific to women’s Financial Freedom challenges.  Quite frankly most financial issues are gender independent – we just address them from different perspectives.  I found this Business Start-up quiz at Woman Owned . com It appears to be a good resource.  The questions below are questions that men and women should address before taking the plunge.

  1. Can you handle not knowing where your next paycheck is coming from? Is Job Security important to you?
  2. Do you have the cash reserves to pay your (personal) bills for the next 2 years without any salary taken from your business?
  3. In 5 years how much do you want to be making a year from your business (personal salary)? 
  4. What type of personal lifestyle do you want? Will your business allow for the hours and personal rewards that are important to you?
  5. Have you been in the “power position” before? Are you a better leader or follower?
  6. How does your age affect your business decision? The younger you are the better you may be able to handle risk, but how will a business failure or success affect the rest of your life plans?
  7. Do you have the physical stamina to handle the stress and demands that a business venture will place on you? Business owners tend to need a lot of energy, do you have the reserves?
  8. Do you love (or at least like) your current physical location? As a business owner, you will become part of the community for years to come. Is this where you want to be?
  9. How much are you willing to risk financially? Most entrepreneurs put it all on the line (savings, credit, home) and many will lose it all. What can you lose? Are you willing to lose it?
  10. List the top 5 reasons why you want to start this business. Then take a look at your personal life goals. What conflicts do you see? Can you make changes so that your personal and professional goals are closer to each other?

Complete Quiz

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