Starting your own business can be exciting and rewarding. It’s a big decision that could also affect your lifestyle and your family. Use this checklist to decide whether you have the skills, attitudes, and characteristics to run a business.

If you have never run a small business before, you are probably wondering if you have what it takes to be a successful small business person. We've talked to plenty of small business owners and come up with 12 key characteristics, skills and attitudes you will require to make it all work. Try to be as honest and realistic with yourself when you answer these questions - you are making a big decision and you want to be sure it is the right one. Don't be upset if you have to answer "no" to some of them. It will help you understand your weaknesses and you will then be one step further towards doing something to rectify them.

   1.  I thrive on challenges. Yes/No?
   2.  I enjoy making, and being responsible for, my own decisions. Yes/No?
   3.  I am prepared to work long hours without the security of a steady paycheck. Yes/No?
   4.  I accept my standard of living will be lowered for a while until my business starts to make a profit. (This may take several years). Yes/No?
   5.  I have sufficient savings or alternative income to live off during the start up period. Yes/No?
   6.  I accept the business may not be successful. In which case I may not receive any income from it and may lose all the money I have invested in it. Yes/No?
   7.  I recognise I do not have all the skills required to run a business and am prepared to take some training in order to up-skill myself. Yes/No?
   8.  I am happy to ask for, and act on, other people's advice when I need it. Yes/No?
   9.  I realise it will be difficult to do everything on my own so am prepared to hire staff or engage professional help and delegate responsibilities to them. Yes/No?
  10. I have good leadership, motivation, and communication skills. Yes/No?
  11. I understand this decision will affect my whole family. They are right behind it and will support me unconditionally. Yes/No?
  12. I have at least several years experience in this industry. Yes/No?
  13. I understand most small businesses fail through inexperience, poor management, inadequate planning and lack of capital. Yes/No?