You may know Lillian Katz better by the name Lillian Vernon. She is the founder of the $258 million direct-marketing company Lillian Vernon Corporation. Below are 10 questions Vernon thinks you should ask yourself before you attempt to start your own business.

 

1. Do you have the necessary commitment?

To succeed, you must feel passionate about the work you have chosen. Lukewarm enthusiasm will not sustain you through the challenges you will face in a start-up business.

 

2. Are you prepared to work extremely hard?

Launching your own business demands long hours of labor. Are you sure you want to give up a good part of your social life: your weekends, golf games and vacations? For your developing business to succeed, you will need to focus all your energies on it.

3. Do you have the mental stamina and concentration to meet the demands your project will impose on you?

If your attention flags, you may jeopardize your venture.

 

4. Do you: Accept new ides easily? Treat other people’s ideas with respect? Make decisions right away?

An entrepreneur must be open-minded, flexible and able to respond to new ideas.

 

5. Are you prepared to spend time analyzing a problem and finding a solution?

 No matter how carefully you plan, you are bound to run into an unforeseen problem now and then. Be prepared to cope with such a situation.

 

6. Are you ready to commit to the long term?

A company’s success is never an overnight miracle. That is one reason you must be absolutely certain that you love your work—there will be a lot of it.

 

7. Do you have adequate backup resources?

Banks and other financial institutions seldom lend money to start-up businesses. Will family members or friends invest in your company or tide you over during a rough patch?

 

8. Are you good at concentrating on detail?

 Often, no one but you will be able to take care of small items. An entrepreneur’s life is not one of ideas alone.

 

9. Are you ready to sit down and write a careful analysis of your business prospects?

Without a best-case/worst-case scenario to guide you through the first years, you may be in for an unpleasant surprise or two. Be aware and be prepared.

10. Are you an optimist by nature?

 Mistakes and setbacks are bound to occur. Can you learn from your mistakes without getting derailed or discouraged?