Do I Have What It Takes To Own My Own Business?

How to Assess Your Own Strengths When It Comes To Buying A Business

In the style of Vermeer a cat with an old fashioned bar bell lifting weightsIt might seem intuitive that in order to buy a business you should know your own strengths, but it is amazing how many people try to buy businesses they could easily end up hating because they focused only on the cash flow and not their own strengths. Assessing your own personal strengths is an important step in preparing to buy a business. Here are some steps you can take to assess your personal strengths:

Identify your skills and expertise:

Make a list of your skills, experiences, and expertise. Think about your work history, education, and any other relevant experiences that could be applied to running a business. This will help you identify the areas where you excel and the areas where you may need to improve.

Conduct a personal SWOT analysis:

Conduct a personal SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to evaluate your personal strengths and weaknesses in relation to the business you want to buy. This will help you identify potential areas of strength that can be leveraged to support the business, as well as areas that may need improvement.

Seek feedback from others:

Ask friends, family members, and colleagues for feedback on your strengths and weaknesses. This can help you gain an outside perspective on your personal strengths and areas for improvement.

Consider your personality traits:

 Consider your personality traits, such as your communication style, leadership style, and problem-solving abilities. These traits can play a significant role in how you manage a business, and can help you identify areas where you may need to develop new skills or seek additional support.

Reflect on your values:

Consider your personal values and how they align with the values of the business you want to buy. This can help you determine whether the business is a good fit for you and whether you are likely to succeed in running it.

By taking these steps, you can gain a better understanding of your personal strengths and weaknesses, and identify areas where you may need to improve in order to successfully buy and run a business. The best time to do this is before you begin your search.  The second best time to do it is as soon as you suspect the business is going to require skills that you don’t have or have but hate to do. 

Most banks will not even lend to people who are trying to buy a business that doesn’t play to their strengths.  Money can be a good thing because of all the good it can do.  However, don’t buy yourself a job that you end up hating.  Do your self-introspection now.  Your future self and business will thank you.  If you want help in deciding which type of business to consider, call us today!


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