Benjamin Franklin is recognized as one the greatest thinkers and inventors in the United States, if not the world. He used a very simple method for decision making that many smart people use to this day. In its simplest form it includes three columns on one piece of paper. Column one is a description of an item that is either an advantage (plus) or a disadvantage (minus) with respect to the activity you are deciding to take action on. Column two are the advantages and column three are the disadvantages. If the pluses outweigh the minuses then your decision favors going ahead with your action. If the minuses outweigh the pluses than you should not go ahead with the action. 

    I have been through two start-ups and have seen the good, the bad and the ugly when it comes to start-ups. I have taken Benjamin Franklin's simple decision making strategy and come up with a checklist to help you determine whether or not you should embark on your new start-up (your action). Use the following template to help you in your decision. 
                                                                                                                                                                                                       YES            NO        N/A

1. IS YOUR SPOUSE 100% BEHIND YOUR START-UP VENTURE? (YOUR SPOUSE ANSWERS THIS)
2. IS YOUR MARRIAGE VERY STRONG? (BOTH SPOUSES MUST ANSWER THIS)
3. HAVE YOU EVER STARTED UP A BUSINESS EXACTLY LIKE THIS BEFORE?
4. HAVE YOU EVER RUN A BUSINESS EXACTLY LIKE THIS BEFORE?
5. HAVE YOU WORKED IN THIS SPECIFIC INDUSTRY FOR 3 YEARS OR MORE?
6. DO YOU UNDERSTAND THAT YOU WILL BE Sacrificing SIGNIFICANT FAMILY TIME?
7. CAN YOU GO WITHOUT A SALARY FOR SIX MONTHS TO ONE YEAR IF NECESSARY?
8. WILL YOUR ROLE INVOLVE YOUR CURRENT SPECIFIC EXPERTISE?
9. DOES YOUR BUSINESS HAVE ENOUGH WORKING CAPITAL TO COVER EXPENSES FOR 2 YEARS?
10. IF SALES = 1/3 OF EXPECTATIONS WILL YOUR BUSINESS SURVIVE?
11. IF YOUR EXPENSES = 2 TIMES YOUR EXPECTATIONS WILL YOUR BUSINESS SURVIVE?
12. DO YOU HAVE A SPECIFIC EXIT STRATEGY IF THINGS GO BADLY?
13. ARE YOU WILLING TO WORK 12-14 HOURS PER DAY?
14. HAVE YOU CREATED A BUSINESS PLAN?
15. HAS YOUR BUSINESS PLAN BEEN THROUGHLY VETTED BY YOUR CPA?
16. DOES YOUR CPA AGREE WITH THE VARIABLE ASSUMPTIONS IN YOUR BUSINESS PLAN?
17. DO YOU HAVE A CREDIT SCORE OF 660 OR ABOVE?
18. DO YOU KNOW WHO YOUR COMPETITION IS?
19. DO YOU HAVE A GOOD BANKING RELATIONSHIP?
20. DO YOU HAVE A PROFESSION OR TRADE TO FALL BACK ON?
21. DOES YOUR SPOUSE'S INCOME COVER 100% OF YOUR HOUSEHOLD EXPENSES?
22. ARE YOU GOOD AT HANDLING STRESS?
23. DO YOU HAVE AN EXISTING PERSONAL LINE OF CREDIT OR HOME EQUITY LINE OF CREDIT?
24. CAN YOU START-UP THIS BUSINESS ON A PART-TIME BASIS?

If there are more Yes answers than No answers than you should go ahead with your decision to start-up a business. If you have partners, then each partner should complete this checklist and each partner must have more in the Yes column than in the No column. If they don't, then do not take them on as partners in your new start-up.