8 questions to ask yourself before committing to a long-term relationship with your new venture. 

Remember your first love? Remember when you spent every waking minute thinking about him? Remember the butterflies and always wanting to be with him? Remember staying up late and dreaming up big plans for the future; plans that got you so excited you jumped out of bed in the morning? Remember the glow you got when you saw him; the glow everyone else noticed as well? 

Well, goose bumps and good times aren’t reserved only for your romantic relationships. Your relationship with your new business might have you experiencing many of the same things!  

And just like in a romantic relationship, your relationship with your new business will involve a certain amount of commitment, exhilaration, heart-ache and anxiety. So how do you know whether you’re ready to start one? 

Answer the following eight questions honestly to see whether you’ve got what it takes and have done enough prep work to start your business now! 

Are You Self-Aware? Ever notice in a romantic relationship how you often end up learning a lot more about yourself than about the person you are dating? Yes, maybe he brought home the wrong brand of crackers for the umpteenth time but maybe you’re too controlling and an infuriating perfectionist. Starting a new business will give you the same opportunity for self-learning. So are you ready to learn about yourself and your own habits and reactions? Do you have a basic level of emotional maturity so that you can identify your emotions but not be driven around by them? Without this, you are running your business with less than clear vision and risk putting the protection of your own ego above the growth of your business. 

Are You Using Your Skills? Have you ever dated someone who was bad at communication? It’s not a fun ride; guessing what he’s thinking, wishing he would open up rather than close down. A basic level of communication ability is something everyone on the dating circuit should possess. It saves everyone a lot of pain and heartache. The same goes for your business. You need to have adequate knowledge or experience to execute on your idea. If you want to make jewelry but don’t know how, then take a course and work in the industry before starting your business. Or partner with someone who can bring the capabilities you are lacking.  

Is Your Idea in Line With Your Passion? Are you passionate about your business? Do you have a great vision for your business that gets you excited? Does your idea align with your interests and values? If not, scrap it and find another one. You will enjoy working on your business more and have greater success if you find a business that matches who you are and what you’re passionate about. 

Are You Persistent? Every relationship comes with the good and the bad. The relationship you have with your business will be no different. There will be days when it exhilarates and thrills you and others when you think about walking away and finding something new. The key to success is being able to adapt to setbacks and keep moving forward in the face of difficulties.  

Do You Have a Financial Cushion? Do you have a reserve of funds available to invest into your business and support yourself until your business gets going? If not, can you start your business part-time or find a way to save some money before investing? 

Do You Have a Support Network? Even when you’re in a committed relationship you still need girlfriends and family to vent to when things get tough and gloat too when things get rosy. When you’re an entrepreneur committed to your new venture, it’s the same. Make sure you develop a support network of friends, family and other entrepreneurs to help you during the early days of your business.  

Do You Have a Business Plan? Have you completed a business plan or at least covered off the essential elements? Without a plan you won’t have a clear idea of what your business is about and you won’t be able to explain it to others. Spend some time addressing the following before starting up your venture: Who is your market (Industry Analysis)? How will you reach them (Marketing & Operations)? Why will they buy from you rather than the competition (Value Proposition) and can you make money at this venture (Financials)?  

Do You Have Enough Time? Have you ever dated someone who was a workaholic or had other priorities and little time to devote to your relationship? It’s frustrating and a recipe for failure. When you start a business, make sure that your vision for your business is in line with the time you have available to contribute to it.  

Take some time to address these eight questions first and you’ll take major steps towards increasing the success rate of your business. You’ll also get that entrepreneurial glow — the added confidence and zest for life that comes from doing something you’re passionate about!