Here are five important questions that should be answered before beginning/buying a business. Set time aside where you won’t be interrupted and have an in-depth look at what you need to ask yourself. Be exceedingly honest.
1. Why do you want to buy a business? What is your motivation? Making money must be part of it – after all, a business has to make money. But, it takes more than making money to build excitement, energy and enthusiasm for a business. Does your focus and interest align with a particular business and direction? What are you excited about that will get other people excited to be employees, investors or customers of your business?
2. Do you understand the role you’re getting yourself into? The pluses are control, true freedom, prestige and a new level of community. Becoming a business owner and hopefully leader in your industry is an incredible lighter than air feeling. Owning a business requires you to be a leader of an organization. Are you comfortable leading? Do you like leading?
3. Being a business owner requires good decision making. Fast and confident. Business ownership is rejuvenating and will give you immense personal growth. On the flip side it can be very stressful. Can you cope with stress or do you get overwhelmed? Are you comfortable making decisions under pressure?
4. Do you know everything you need to know? If you answer yes, you’re wrong. No one (and I absolutely include myself here!) knows everything they need to know. The real question is, are you willing to accept the need to learn, and are you committed to learn?
5. Can you handle failures and mistakes? They will happen right along with success and rewards. Do you see them as learning steps or personal disasters? Are you ready to pick yourself up and keep going?
Beyond these questions – there are lots of questions about the individual business itself. Before you consider a particular business, spend time analyzing the above personality questions. The more you know your strengths and weaknesses, the better off you are and the better off your business will be. Good luck in your new business endeavor and having the guts to join the top 1%!
About the Author: Cum Laude graduate from Princeton in Mechanical and Aerospace Engineering with a Graduate degree in Business Administration from Stanford University. Peter Williamson’s keen intellect has earned him positions with Schlumberger Wireline in the Middle East, Syria, Kuwait and Egypt and Silicon Graphics in Silicon Valley. He has held executive titles such as Director of Strategy, Vice President of Operations, Senior Operations Consultant, Manufacturing Operations, Information Systems, Product Development, and list goes on from there. Peter Williamson’s current position is Master Licensee for ActionCOACH for California and Northern Nevada territories. His top goal is to build the #1 business coaching organization in California with the world’s #1 business coaching firm.
Peter Williamson at ActionCOACH can be reached at 775-284-3768.
Posted on March 8, 2010 | 
Email This Blog Post
|
Print This Blog Post
| All Contributions From Peter Williamson
Save This Page
Comments:
