Questions to ask yourself when selecting a business

With the 2010 FIFA World Cup approaching, have you jumped on the bandwagon to capitalise on the wealth of business this event will be bringing to our country? If you haven’t done so yet, are you thinking about it, but not sure how to go about it, here are a few issues to consider.

Choosing a business? Ask yourself the following questions:

Can you afford to start your own business?

Will the business yield adequate income?

Does it suit your personality and lifestyle?

Do you have the necessary skills and experience

Your qualifications or prior work experience should be considered. It is wise to capitalise on existing experience and skill, rather than to diversify into something completely different.

Are the hours satisfactory?

Depending on the type of business, you may have to work long hours for years.

Does it coincide with your morals and values

Successful entrepreneurs align their personal and professional values. It is therefore advised to consider cultural and moral values.

Do you have the support of your family?

Go into a business where you will be able to share and enjoy your profits with your family. In general, aim to run a business that is profitable – but that you will enjoy. Seek synergy in terms of what you have to offer the business and what it can offer you.