Personal Analysis
Create this chart:
Column 1: Skills and Knowledge Needed to Run This Kind of Business Successfully
Column 2: Skills and Knowledge That I Have
Column 2: Skills and Knowledge Needed, Which I Don't Have, So I'm Going to Go Out and Hire Someone Who Has Them
(Source: 'What color is my parachute', by Richard Bolles)
Alternative method:
a. Make a list of 5 things you are good at.
b. Then make a second list of 5 things you love to do.
c. Then make a third list of where the first two lists overlap.
d. Read that list. Ask yourself, 'Will anyone pay me to do these things?'
(Source: Daniel Pink)
Also:
Your 'Risk' rating: Are you really a risk taker? Or, does debt keep you awake at night? Do I always see the downsides, ignoring the upsides? Do I fear competition from bigger players, or am I confident I can weave a path of success through the gaps of these heavy-footed players?
Every entrepreneur has doubts, second thoughts and fear. Your're not alone.
2. Have a Plan B (and C)
The saying goes like this, 'The Best battle plans go kaput when the first bullet is fired.' (paraphrased)