The Hard Questions: 10 Questions You Need to Ask Yourself When Starting Off

A lot of people want to become self employed. It is by far one of the hardest tasks one can attempt in their life (besides mountain climbing or marriage). Many however do not really grasp how hard it is and what it will take (much like mountain climbing and marriage). I know I didn’t when I started. So, to make life easier for everyone and inevitably make more competition for myself, I have compiled a list here of the most vital questions to ask yourself when starting out.

1. Am I man enough? Forgive the masculine reference because this can apply to women too but is necessary to ask. Do you have the stones to do what is necessary? You need to be prepared to face a constant challenge on a day by day basis that can only be related to climbing a figurative Everest. No matter how prepared you are, you must realize you have no idea what your getting into until you man up and do it.

2. What will I do? This is of course the number one question to ask (even though I posted it as number 2). You cannot say you are going into business to make money. You need a foundation for your venture. You need a meaning. A reason for you business being there. 

3. Do I have the right training? Many assume they can leave their cushy office and be off running but you need to know the basic skills to get things going. Being good at your service (or making your product) is not enough. Especially in the beginning you have to wear many hats. This means you have to know how to account, manage, market, problem solve, and whatever else is necessary in your particular endevor.

I say training because this does not mean a college degree or anything like that. There are many ways to learn how to do what is necessary. I have personally learned more sitting in a Borders Bookstore than I ever did at school.

4. Do I have the cash or can I get it? For most ventures, slightly less for the internet, you need major amounts of startup capital to get you anywhere near off the ground. In other words you need your own Wright Brothers to help build your flying machine. This could mean banks, loans, venture capitalists, angel investors, or your own personal wealth. Be weary of all of these methods because  each has very serious repercussions.

5. Is it worth the risk? This is one of the most important questions to ask. You need to know if what you are trying to accomplish is worth it. If it is not, think of something else or don’t do it at all. The risk will be huge, guaranteed.

6. What will the reward be? Money, of course is a principle reward for making a business grow. But that is not enough. You need to feel more fulfillment than pocket deep. You need to feel the reward inside you, in your heart and mind. If you do not think what you will do will give you this reward then you need to rethink your venture. Money is something but not nearly everything. 

7. How will it effect my personal life? Long hours, stress, insomnia. These are the signs of a new Entrepreneur. It is part of the game. You cannot get to the four hour work week over night. It takes a great amount of time and hard work. You have to understand this means less time with friends, family, kids if you have them, and most off it means less time with yourself.

8. How will I do it? Simple question, complex answer. You have to plan it down to a key. This means knowing what kind of company you are going to be. A lone wolf? Will you have a team? Proprietor, partner or corporation? Will you work at home or have an office? Where? Do you need employees or can you outsource? There are a million questions needed to be answered within this one question. It is a vital starting point.

9. What do I need? Computer equipment, software, factories, machinery, whatever. You need to know what you will need to have. Myself, I build websites. I couldn’t do this without my Computer, Dreamweaver, Photoshop, and an FTP program.

10. Can I handle the FEAR? You need to have full confidence in your venture. If any part of you feels it is not worth it than you are going to have trouble. Fear consumes exponentially like a fire. If you cannot handle the heat you are going to burn. It is a harsh statement but a true one.

You need to go into your venture, whether it be selling art or making cookies, as a stone that cannot be broken. Fear, dought, lack of confidence can all effect your efforts in a very negative way. You need to be able to take out the Fear and go right in with a sword drawn.

Update: Skellie over at Skelliewag.org wrote a similar article called 5 Hard Questions You Should Answer Before Starting a New Project that tackles five other important questions to think about.