Chalk up one more consequence to the global economic crisis: It's churned the waters of industry and commerce so much that a lot of new and seasoned entrepreneurs find themselves on the verge of launching or buying businesses, either as a way to cope with unexpected career disruptions, or to take advantage of unexpected opportunities.

Some people have found themselves unexpectedly propelled from what they had imagined was the relative coziness of a regular job toward the uncharted waters of small business ownership. Others have simply reached the point in life when they either have to make the transition now, or put it out of their minds forever.

Still others have come to realise that, even though they may have averted downsizing and lay-offs for now, if they want true job security in an uncertain world they need to take matters into their own hands.

For many if not most of them, the move into a life of entrepreneurship may be the culmination of a long-time dream, anyway.

Who hasn't given at least some thought to escaping the workaday world and striking out on one's own? Who hasn't run the numbers, at least in his or her head, and glimpsed a prosperous future? But not so fast!!!

Surprisingly, too many would-be business owners are so focused on the technical details of a potential purchase that they neglect to ask themselves the most important question of all: Is this the right business for me?

Let's start by looking at the common paths entrepreneurs take to zero in on an opportunity. Viable options for finding the business you will soon call your own include starting your own company or buying into an existing firm.

Whichever way you go, soon enough you will be immersed in financial data, technical details of your soon-to-be product or service, and the myriad matters you will need to decipher to assess the quality and prospects of the business.

It's reasonable to assume that a hard-nosed evaluation of all that information is your very first step toward your life as a small business owner.

In fact, you will have no shortage of business experts telling you to do just that. But there is a huge trap hidden in that approach, as far too many entrepreneurs have learned the hard way.

It is all too easy to get so distracted by the numbers that you forget that owning a business isn't merely about ensuring healthy balance sheets-it's a commitment to a way of life.

That's why past financial performance and future projections, as critical as they are, should never be your first or only consideration.

Maybe that business is solid gold and has the track record to prove it. But if you can't enjoy (or even abide!) the work you'll be called on to do day in and day out for years to come, you may find the price you are paying for a business that looks like a bargain on paper actually is enormous.

You may even start to miss your life as a cog in the corporate machine!

Fortunately, you don't have to buy blind.

Whether you are considering a ground-up business launch or buying an established concern, once you realise that the nitty-gritty facts and figures can wait, there are some simple steps to take to avoid becoming the proud owner of a business made for someone else.

• Take a good look at yourself. Know your likes and dislikes, and don't let your excitement about owning a business cause you to gloss over the pluses and minuses.

• Don't assume a hobby or pastime will still hold the same charms for you if it becomes your business for every working hour.

• Try it on for size. Whether an existing business, or a planned start-up, create an opportunity to shadow the people actually living the work life you would be taking on.

• Walk in their shoes for a week or two now, and it can save you a lot of painful missteps later.

After you do this, you will have not only managed to zero in on a business that fits your personality and preferences. You will have also gained a front-line perspective that will help you as you move to step two - evaluating the financial data and negotiating the purchase.

Asgill Post Ltd. provides assistance with Business Valuation, Financial Strategy and the Purchase and Sale of Companies. For comments or queries, contact Kumi Bradshaw MBA, CBA, BVAL via email at kumi@asgillpost.com or phone at 295-3301. Patterson Partners Ltd. provides cross-border tax, estate and investment planning services to dual citizens of the USA and Bermuda, their families and businesses. For more information, visit www.patterson-partners.com or contact Jennifer A. Patterson, CFP®(US), CIMA®, TEP via e-mail at info@patterson-partners.com or phone 296-3528.