Entrepreneurship is not for the fainthearted in the current depressing economic times, and, in order to grow, small business owners should either ask themselves tough questions or should be prepared to face tough questions. And there are no two ways about it. This is the view of Professor Walter Baets, director of the UCT Graduate School of Business and Allan Gray chairperson in values based leadership.

He says business leaders who are prepared to ask the “annoying” questions may in fact find that these times can act as a spur for growth. “You need to be open to being challenged and interested in being challenged.”

Baets lists five key questions business leaders should ask of themselves and their organisations to sharpen their focus and hone their strategic advantage.

1. What would the world miss if we ceased to exist tomorrow?
2. What are our values and does everybody in the organisation know and share these?
3. Do we know what our limitations are?
4. Are we a learning organisation?
5. Are we really invested in change?