Alright, so you have your business ideas, your business plans, your target audience, your niche, advertising campaigns worked out…it is all coming together. But before you invest your money and launch into a new business venture, there is one thing you may want to know for sure: does it have a chance of succeeding.

There is a common misconception – albeit an optimistic one – that if you have a good idea and a willingness to work hard your business will be a hit. This is the American way, combining innovation with good old fashion sweat. This may have been the case fifty years ago, but today’s market is very different, and there will be plenty of failed businesses to tally as 2009 comes to a close, with may more to follow in the years to come.

Luckily, there is a way around this. As long as you analyze your business idea in a structured and honest way, you will be able to avoid a pitfall that could be potentially hazardous. But you should take this a step even further and analyze yourself. If you are not the kind of person who can effectively run a small business you shouldn’t be attempting it. There are many check lists that can offer you assistance in this regard, and there are even consultant you can hire that will speak to you in depth about yourself, and your idea. But some questions are more common than others, and completely necessary to answer. Read more…