In starting a small business what’s the very first thing to do? Ask more questions.

Central Maine SCORE mentor Ralph Tuttle says, “That may seem like a rather flip response, but it is true. Success in small business hinges on gathering as much information as possible in order to make sound, informed decisions. That includes understanding your target market, your resources and — perhaps more importantly — yourself.”

Entrepreneurship has many rewards, but also many responsibilities. And if you’re not prepared to handle them, those dreams of being your own boss will almost certainly become real-life nightmares.

So before drafting a business plan, brainstorming catchy company names or pricing office space, pose a few hard questions to the person who literally will make or break your business — you.

Here are some of those questions.

— Is it the right time for me? The personal factors that affect the timing of a startup can change frequently. Your finances need to be in order, your responsibilities should be consistent with the ability to invest time and capital, and you should have the appropriate experience under your belt.

— Can you handle the business cycle? Good and bad financial times are sometimes hard to predict. Tuttle cautions, “You need to get used to variable income versus having a regular paycheck. Have you taken a hard look at your industry, market and competition, and revised any of your ideas accordingly? You must have the flexibility to change.”

— Is your personality well-suited for entrepreneurship? That requires taking risks, being proactive and riding out the ups and downs. If you are great at execution but are more comfortable receiving direction on what to do next, you may be better suited working for someone than having your own business.

If your responses to your questions have you second-guessing your small-business plans, don’t automatically give up. Personal traits may be difficult to alter, but skills can be developed, changed, enhanced and even supplemented.

For more help in small business skill-building, contact Central Maine SCORE at 782-3708, [email protected], or the Auburn Public Library for an appointment with a volunteer mentor. In Oxford Hills call 743-0499; in Rumford-Mexico call 364-3123, or contact SCORE online at www.SCOREmaine.org.

This column is provided by the Central Maine SCORE chapter.