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Self Evaluation

Self Evaluation

Are you ready to be in business?

Use this self-evaluation to your advantage. It can help you better understand your readiness for starting a small business by prompting you with questions to assist you in evaluating your characteristics, skills, and experience. Select the answer that best reflects your current situation. There are no wrong answers. You might be solid in some areas and need help in others – and that’s OK. We’re here to help.

Step 1: Validate Personal Characteristics
Do you consider yourself to be a leader?*
- Yes
- No
- Not Sure
Do you like to make decisions on your own?*
- Yes
- No
- Not Sure
Do you find it hard to manage people?*
- Yes
- No
- Not Sure
Step 2: Select a Business Idea
Do you consider your business idea viable?*
- Yes
- No
- Not Sure
Can you identify your product or service as a pain killer (solves an existing problem) or a vitamin (a faster/better/cheaper solution to an existing problem)?*
- Yes
- No
- Not Sure
Step 3: Market Research
Is your target market niche a speciality that makes it a competitive advantage for you?*
- Yes
- No
- Not Sure
Is your product/service more mainstream and of interest to a large company?*
- Yes
- No
- Not Sure
Can you compete with a large company?*
- Yes
- No
- Not Sure
Do you know your potential competitors?*
- Yes
- No
- Not Sure
Does your product/service provide a better value for your target customers?*
- Yes
- No
- Not Sure
Step 4: Financials
Do you know how much money do you need to start your business?*
- Yes
- No
- Not Sure
Do you know where to get money to start your business??*
- Yes
- No
- Not Sure
Do you know the basic accounting terms?*
- Yes
- No
- Not Sure
Will you hire a bookkeeper?*
- Yes
- No
- Not Sure
Do you know when you will make your venture profitable?*
- Yes
- No
- Not Sure
Have you created a cash requirements plan and timeline with an appropriate contingency plan?*
- Yes
- No
- Not Sure
Will you create a cash flow projection?*
- Yes
- No
- Not Sure
Do you know how to get a small business loan?*
- Yes
- No
- Not Sure
Are you prepared to present your company to a bank/lending institution?*
- Yes
- No
- Not Sure
Do you have "back of envelope calculations" to determine the viability of your business idea?*
- Yes
- No
- Not Sure
Step 5: Business Plan
Do you consider preparation of a business plan optional for some small businesses?*
- Yes
- No
- Not Sure
Do you think the primary reason to prepare a business plan before you begin is to deal with investors and financing resources?*
- Yes
- No
- Not Sure
Step 6: Develop Business Management Team
Do you know what kind of employees might help in your area?*
- Yes
- No
- Not Sure
Do you have right people on board and know how to train them?*
- Yes
- No
- Not Sure
Do you have agreements/documents with your employees, contractors or collaborators, and customers?*
- Yes
- No
- Not Sure
Step 7: Complete Startup Checklist
Do you have a checklist to form and finalize the business entity ?*
- Yes
- No
- Not Sure

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