5 Key Questions to Ask Yourself When Deciding on a Business.

As I continue to work on developing my Internet consulting business there are things that I will share with you so that you can see what processes I am going through in order to work towards the final hard copy of my business plan. This is one of those activities that I think is vital to you as a burgeoning entrepreneur as you begin to test the waters. So open up a Word doc, Google Doc or grab a pen and paper whatever works for you and write these questions out and then take some time to sit down and answer them a little at a time.

1. Do I have the "passion" to carry out the tasks necessary for the business to be successful? Yes I definitely have the passion for all things Internet related. I want to show other people the power of the Internet and how they can use it to make their business better and more accessible. Back in the late 90's I really didn't grasp the importance of the Internet just yet and now ten years later there are still others out there just like I was who need guidance and teaching on how to maneuver the Web 2.0 landscape in all of it's complexities.
2. Have I clearly defined a high integrity set of governing operating values that will support the delivery of quality products and services to my customers? I need to sit down and put together a "best practices" or set of policies for my company and make sure they are available to the public both online and by request offline. This also needs to be included in my business plan. Will I be able to promise a lot and deliver more? I am one to go above and beyond the call of duty when and where possible customers who deal with me will be satisfied to know that they have someone who is willing to go the extra mile for them.
3. Do I have adequate funding in place, not just promised, to make sure that the business can make it through the first year without having to deal with financial crunches? No, this is another thing I need to sit down and work on. I need to put together a financial plan so I can see what expenses I will have and how much I will need to create a cushion for that time when I do get to go brick and mortar.
   
4. Do I have the necessary leadership and managerial skills to implement a complete written business plan that serves as my working guidelines? I answered yes to this but now that I have been doing some research among the top five consulting firms in the world I have come to realize that I need the educational credentials to help me really learn from others in the business community. So I am going to be going for my BA in Business and Technology.
5. Do I know how to attract, select, and hire only the best staff members? At this point this does not apply to me but as my business grows I will have to take on additional partners so I will be keeping an eye out for what other top companies in my field are doing to find and retain the best staff for their company.

These questions will really help you to see exactly where you are as you begin the process of running your own company as you can tell by my answers I did a fair job in assessing my strengths and weaknesses and how I plan to overcome those weaknesses.