Questions to be answered before starting up a business

Before anyone starts their own business , they should honestly attempt to answer a couple of questions and think again about their business plans.

One group of questions concerns personal qualities i.e. to what extent do these match the requirements of self-employment and running a business :

Am I really sure I want to start up a business even though it may take up most of my free time, I may not be able to devote my time to my family, and it will cost a lot of time, effort and anxiety?
Do I have good nerves to take certain risks and put up with the relative insecurity?
Am I a careless or impetuous kind of person, taking actions which have not been well thought-out, and which could lead me into trouble?
Am I able to rigorously follow my goals, not easily discouraged by the first sign of difficulty? Or am I the type of person who gets carried away easily by ideas, but seldom follows anything through?
Do I have both my feet planted firmly on the ground, or is this another pie in the sky?
Can I manage my time or am I always behind schedule? Do I have problems meeting deadlines, am I often late?
When I am doing something, am I able to organise my work? Or is my style of work chaotic?
Can I deal with people?

Another group of questions concerns the planned business itself:

Am I clear about my planned business, that is, what products or services I want to offer?
Do I have good reasons to think that there will be sufficient demand for those products or services? Aren't they already supplied by established companies, perhaps in better quality than I could manage?
Is my idea realistic? Have I thought out all possible difficulties that may occur?
How sound are my plans financially? Have I at least roughly calculated the necessary costs ( and remembered to keep a reserve for possible contingencies)? Will the price of my product bring a reasonable return on the investment? Or will I lose money in the end?
Is my price competitive? Aren't others selling the same product or service cheaper?
Am I the right person to carry out this plan? Do I have the specialized knowledge and skills it may require? If I do not have these, am I able to hire or employ (and pay) a person who knows the job?