Project quality is of major importance, but before diving in head first, ensure you’re well prepared to succeed in the entrepreneurial adventure you’re embarking upon. Here are a few questions that should be answered before making the leap.
Do you have the traits of a successful entrepreneur?
Évidemment, on peut développer certaines de ces qualités avec le temps, mais il faut avouer qu’elles sont bien utiles au succès lorsqu’on se lance en affaires!
Ability to work under stress
Strong communication skills
Ability to adapt
Are you passionate about your project?
Over the coming months, you’ll work day and night to make your idea a reality. You’ll likely have to convince many people that your project is both feasible and profitable. Your business plan will be your bedtime reading…once you’ve written it!
What are your motivations?
Create a job for yourself
Create jobs for others
Be your own boss
Take up a new challenge
Have you considered acquiring an existing business?
An acquisition is often an attractive alternative. A proven business model already exists. Contacts, suppliers, clientele, employees and sub-contractors are already established. If the business has a history of profitability, you may find a willing lender even if the company does business in a saturated sector.
Is this option of interest to you? Many accountants and notaries can provide you with lists of businesses that are on the market. The Centre de transfert d’entreprise du Québec (Quebec business transfer centre) can also connect you with business owners in search of a buyer.