Opening a New Law Firm

Activity

Self-awareness and self-knowledge are critical for entrepreneurs. As you start to plan your new law firm, you should look inwards, and think about who you are, what you want and how you’ll get there. Ask yourself:

• Are you an entrepreneur? And what does being an entrepreneur look like to you?
• Are you willing to take a risk? And conversely, do you have a back-up plan to help mitigate the risk of starting a new law firm?
• Have you considered what it will take to run your own firm by thinking about your budget, equipment, marketing and operating costs?
• Can you balance a bank account and deal with demands on your available funds?
• Do you see yourself as a self-starter, comfortable with managing competing demands, multiple deadlines and potentially doing it all yourself?
• Or are you more social, feeding off the energy of others and most effective where you have a team approach to various tasks?
• Do you have the support you need to help you when times are tough? Try to identify a friend or a mentor who can provide you with advice or support.
• Finally, do you have the tools and resources you need to stay healthy, both physically and mentally? If not, think about healthy strategies for dealing with the inevitable stresses or legal practice and running a business. 

Resources

If you are looking for a more formal assessment, consider taking the Entrepreneurial Potential Self-Assessment, which is a free questionnaire available on the Business Development Bank of Canada website.

You can also find a plethora of resources, activities and tools for understanding and increasing your self-awareness on the Positive Psychology website.

But you don’t have to do it alone. While we often overlook aspects of ourselves, others may see us more clearly. Ask a friend, family member, mentor or someone else you trust about how they see you, your strengths and weaknesses, where you struggle and what skills you possess that could help you succeed. Just note that it can be challenging to hear about our weaknesses from someone we respect. Be humble and embrace a growth mindset: acknowledging and embracing our imperfections is the first step to personal and professional development.