Before diving into entrepreneurship in the food and beverage industry, it is recommended to do some self-reflection to determine whether it is a good fit for your personality, skills, resources, lifestyle, and preparedness. This 12-question self-assessment will help you understand how you may perform in an entrepreneurship scenario and how this change would affect your life. Take a few minutes to learn more about being your own boss and what it takes to succeed.
- What are the main reasons I want to start a food business?
- What are the pros and cons of starting a food business?
- Do I have the personal and business skills and knowledge to take on the challenges and opportunities that becoming an entrepreneur will require – and if not, am I willing to seek out the necessary advice and skills?
- Does my personality suit the entrepreneur lifestyle that often includes waiting several years to see a return on investment?
- If necessary, am I prepared to lower my standard of living to start the business?
- Is this the right time to start a new business based on my lifestyle?
- Am I prepared to work long hours and weekends?
- Do I have adequate financial resources to support the development, start-up, and operation of a food and beverage business? If not, where am I going to source or generate the necessary funds?
- What is my risk tolerance for starting a new business?
- Have I discussed my business idea and business plan with an advisor and considered any advice?
- Do my family and/or friends support my business idea, and will they support me in becoming an entrepreneur?
- Have I conducted a thorough market and industry research to improve the chances that my business idea is successful and profitable? Have I market tested my product or idea?
If you’ve been honest with yourself, and entrepreneurship still seems like a good fit, you are probably ready to start your own food or beverage business. For more information check out the new OMAFRA infosheet “Is Entrepreneurship Right for You? Think you are ready to run a Food and Beverage Business?” This is one of a series of resources to support the starting, operating and growth of food and beverage manufacturing businesses available on the OMAFRA website.