Time to Start Your Own Business?

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If you've been daydreaming about starting your own company, perhaps now's the right time.

ReadWriteWeb has a couple of packages to help you figure out if you're up to the task: whether you have the passion, tenacity and other qualities needed to succeed as an entrepreneur. In one, Bernard Lunn ticks off 10 Things to Be Clear About Before You Start a Company:

- Is this your first venture?

- Are you really an entrepreneur? (see next list)

- Does your venture involve something you understand really well?

- Can your mother understand the value proposition?

- Can you see the right wave?

- What does your startup want to be when it grows up?

- Starting a company is hard and uncertain.

- Get a partner or fly solo?

-Would you refuse a well-paying job to do this?

- Can you raise appropriate financing?

Next, ask yourself, Are You Really an Entrepreneur? Again, Lunn distills the top 10 traits you're probably going to need:

- You're always looking for opportunities.

- Are you prepared to work long hours, every day, for an indefinite period of time?

- Good health.

- Do you have a unique service or product?

- Are you willing to make short-term sacrifices for long-term success?

- Honesty and integrity.

- You're dreaming miles ahead while focused on what you're doing right now.

- Are you self-confident?

- Discipline.

- You're prepared to say, "I don't know, but I'll figure it out."

If you've been laid off and find yourself mulling over that long-held idea, or you're just ready to stop dreaming and start doing, now may be the time. But before you do anything, make sure you answer these questions honestly.

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