So its funny to read my post from a year ago. Clearly - I didnt account for a worldwide pandemic with my optimism.
I got pushed into business like a bird pushed out of its nest and never regretted it. I've started 3 businesses. One flopped over way too long a time period, one made me enough to retire, the other I still run on a few hours a month and makes beer money.
Regret happens when you drag out failures. Fix the amount of money and time you have (e.g. 50k, 1 year).
The main personality traits you need are energy(work ethic, industriousness) and ruthlessness.
- If you can't start working on your biz in your off hours, you don't have the energy.
- If you aren't ruthless enough to focus on what your biz needs (not what you want), then it won't work (e.g. get customers at all costs, ditch your pretty stupid ideas if they are not working, fire employees fast).
What happened with your plan after all? If you're considering buying, if the CV lockdown continues and if the govt stops backstopping businesses (e.g. PPP), you might be able to get a good bargain.