Home Biz Pop Quiz

By: BB Lee

Are you serious about starting or managing your own home based business?

Consider this: most successful business owners exhibit very similar traits which helped pave the way to their success.

Think of any successful business leader you admire. What characteristics do they exhibit?

Are they ruthless, focused, self assured, dynamic, real go getters, highly motivated, intelligent, very organized, have a unique vision, very detailed oriented, very aggressive, people oriented, loners, self-starters, good business sense, well educated, hard workers.

Are any of these character traits part of your personality!

Take this quiz now to see how you measure up!

Answer True or False to the following questions.

1. I've personal experience in the business I wish to start.

2. I am very organized.

3. I always sweat the details.

4. I know how to price my product to sell plus make a profit.

5. I am highly motivated to be successful.

6. I enjoy this type of work. I'd even do it for free.

7. My family supports my business idea.

8. I have enough money saved to see me through the first few years.

9. Every home based biz venture needs a business plan.

10. I am willing to work alone for long periods.

11. I'm in good enough health to endure long hours.

12. I've researched my targeted market.

13. People consider me a ball of energy!

14. I enjoy planning and then carrying out the plan.

15. I have a mentor or a friend who I query for advice.

16. I've discovered a niche inside this business market.

17. I accept working long hours with little or no compensation.

18. I have enough space in my home to operate a business.

19. I know zoning and licensing laws in my community and how they might affect my business.

20. I am aware of business legal structures. (sole proprietorship, corporations, etc.,).

21. I know how to maintain business records.

22. I know what insurance coverage, if any, my business must maintain.

23. I am aware of what equipment/supplies I will need and the cost.

24. I have a pay schedule set to compensate myself for all my work.

25. Being in control and responsible for my own business sounds great to me.

Well...no big surprise here! All the answers to the questions were True! If you answered True to most of the questions then you have a reasonably good chance to be a success considering all other factors, such as time, money, motivation, effort. If you answered "False" to any of the questions, this is a warning sign that this area needs to be studied closely to see what means needs to be implemented to strengthen this vital area. This could be easily accomplished through self study, extensive reading, research online, workshops, returning to school, getting good business advice from a professional in the field.

by BB Lee (C)2004

Business and Finance
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