In my previous post, Women in Business, I wrote that there is no perfect recipe or formula for small business success.  However, research and expertise have shown that if you consider and act upon certain basic factors of small business operation, then your chance of success will be greatly improved.

I then listed 7 key success factors and the first success factor is your suitability as a small business owner.

Not everyone is suited to having their own business and, a realistic and honest self-assessment of your personal suitability right from the start could help you to avoid the problems and costs associated with small business failure.

To help you assess your suitability you need to ask yourself four basic questions:-

• Compatible with Personal Objectives - Evaluate your personal goals and consider if they suit the lifestyle of a small business owner.
• Essential Personal Qualities - Do you have the energy and drive, commitment and involvement, confidence, decision making skills, communications, responsibility, initiative, patience etc?
• Basic Business Skills and Knowledge - What skills will you need for your business?  What skills do you not have?  What do you feel you need to brush up on?
• Accepting the Risks - What are the risks to your business?  Are there any natural hazards?

Entering into small business is similar to being place in a job.  Not everyone will be suited to a job because it will require a certain personality, knowledge, training and/or experience.  The same applies to small business.

What do you think are the basic business skills and knowledge?

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