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You may be asking yourself this very question. However, instead of trying to answer this broad question, I suggest instead you ask yourself the following list of 12 more specific questions.

By answering these questions you will more easily and decisively be able to answer the broader question of “Should I Start a Business.” Furthermore, if you do decide to start a business, answering these questions will give you more confidence and strength in your choice of moving ahead.

After you ask yourself these questions, I highly recommend you check out our guide presenting how to start your own business in 5 steps.

questions to ask when starting a business“Should I Start a Business?” is not the only question you should be asking yourself.

The human mind likes simple binary choices such as that, an evolution of the basic “fight or flight” syndrome man faced centuries ago. However, considering only one simple question like that in starting a business could lead you to a decision that you may regret.

It should also be noted that part of the answer to the question: “Should I start a business” depends on your business idea. Small business ideas are not created equal and some of them – Restaurants for example – have a higher likelihood to fail.

Ask Yourself These Questions Instead

Instead, I would suggest that you probe deeper by asking yourself additional questions relating to whether or not you should start a business.

Here is a 12-question list that I put together:

How much cash will I have at risk?

How much time will it consume?

How much energy will it take?

Do I currently have other obligations that will prevent me from giving the business 100 percent?

Would there be a much better time for me to start a business other than now?

What are my alternatives if I don’t start a business now?

What are the chances of success?

Am I looking at starting a business from a position of relative strength – feeling good about myself and feeling I am relatively well off – or am I looking at starting a business from a position of relative weakness – recently laid off from a job and being behind on my bills?

Can I test-run the business part-time before quitting my job?

Should I choose between a higher-risk or lower-risk businesses?

Suppose my business provides less income than I expected. How long should I stick with it?

If the business doesn’t work out, how easily will I be able to pick myself up and move along to the next endeavor?

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3 years ago