Financial Times

Say yes before you leap
By Nilooka Dissanayake
Are you ready for business? This is the question to which you need to say YES before you leap. Whether you are employed and crossing that important milestone of 40, a professional woman thinking of staying at home to raise your family, a housewife thinking of earning a little something extra to supplement your family income, a student contemplating entrepreneurship or an early retiree thinking of getting into business, that YES matters a lot to the eventual result.

But of course, if you really try to say YES, you will find that there are some areas you are comfortable with and other areas you know nothing about. This is where the following questions will come to your aid.

They are divided into eight important areas you should pay attention to before jumping right into the world of entrepreneurship. Simply answer "Yes" or "No" depending on whether you agree or disagree with each statement.

That way, you can find out for yourself the areas that you need to pay special attention to before that important leap of faith into the world of business.

It will also show you the areas you need to work on and your strengths. It is divided into eight categories of eight statements each.

A. Business Skills, Attitude and Experience
This section will help you assess your understanding of what the life of a small business owner is like and whether you have the skills, attitude, and experience to be successful:

* I have previously been involved in a small business. I have learned about running a business from close relatives or friends who were, in business for themselves. * The goals I set for my new business will be realistic and achievable. * From small days I have been conscious of the need for making money. * My work experience will help me in my new business. * I understand the basics of business, including financing, record keeping, sales and marketing. * I have personal and business contacts I can turn to for advice. * I am well organized and I manage my time well.

B. Overall Health and Stress Management
Starting and operating a small business is a tremendous personal responsibility.
This section will help you determine if you are physically and psychologically suited to handle the rigors, stress, the triumphs and the disappointments of entrepreneurship:

* I have a lot of energy and drive. * I rarely get uptight in stressful situations. * I see mistakes more as an opportunity than as a failure; and I do not worry unduly about the consequences of my decisions. * I can work long hours for extended periods of time. * I am in good health and I take care of myself. * I thrive on pressure. I do not see problems; I see challenges. * I can manage several projects at one time. * I do not panic easily. I am in control in a crisis situation.

C. Confidence, Optimism and Self-reliance
Small business operators need to be confident and self-reliant enough to stand on their own.
They need optimism and the will to succeed. This section will help you determine if you have these characteristics:
* I believe in myself and feel that my performance will determine whether I will succeed or fail. * I like being independent, and I can count on myself to get things done. * I enjoy making decisions and solving tough problems. * The future holds great promise.

I am a positive thinker and I can envision my business succeeding. * What I think of myself is more important to me than what others think of me. * I have the courage to try new things. * I see myself as strong and in control, and I do not hesitate to express my ideas. * I believe that asking questions shows confidence and intelligence.

D. People Skills
A small business owner needs to interact with other people to be successful.
He or she needs to be comfortable in selling the idea of the business to others as well as its products or services.
Ability to lead others too is important for the success of a small business. This section will help you determine if you have the skills to effectively manage, led, persuade, and communicate with others:

* I got along with all kinds of people. * I like to get people's feedback on how I am doing and I do not hesitate to ask for help. * I communicate well with people and they believe what I am saying. * I get people talking, thinking and relating. * I can manage people, including hiring, firing and supervising them. * I can delegate tasks and responsibilities to others. * I am a good judge of people's character. * I am a good listener.

How are you doing so far? There are four more sets of questions in the list. We will publish these in the Business@Home column next week. Until then, keep those thinking caps on.
We welcome your comments. You can reach us on ft@sundaytimes.wnl.lk or call on 5-552524.

The writer is the Managing Editor of Athwela Vyaparika Sangarawa (Athwela Business Journal), the only Sinhala management monthly targeting the small and medium sized business operators, and Small Business International magazine.

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