YOUR
ENTREPRENEURIAL EVALUATION
(From Business for Beginners,
3rd edition)
Answer
the following questions to determine
which business qualities you already
have and which ones you need to
develop. Ideally you should be able
to answer "yes" to at
least 25 of these questions. You
need a variety of skills so you
can control a multifaceted operation
by yourself. If you answered "no"
to any questions, ask yourself how
you could improve in these areas.
Submit this questionnaire and you will receive an automatic score and some comments on your results. If you need some help and have a question you’d like to ask, use the Free On-Line Help and e-mail me your question. I’ll answer it as quickly as I can. In return, I ask that you take a minute to provide some feedback about the site by completing the short, anonymous questionnaire below the quiz.
TRY THE SELF-SCORING QUIZ #2: WHERE AM I NOW?
(From: Big Ideas for Growing Your
Small Business)
You may have been in business only
a few weeks and are still very confused.
You may have been operating several
months or a few years, but your
business expectations are not being
met. Perhaps you are experiencing
rapid growth and feel out of control.
You may want to grow but don't know
how.
Now is a good time to seriously
address where you stand with your
business and bring to your attention
situations that you may not have
previously noticed – or ignored.
Admitting that there may be a few
problems is a giant first step in
the right direction. Writing the
problems down makes you face reality.
Read the questionnaire below, think
carefully about your answers download
the questionnaire and answer it
honestly, circling the letters as
instructed for each question. Then
check your score at the end of the
questionnaire.
1.
I have been in business for:
a)
weeks
b)
months
c)
years
2.
I started because:
a) I was laid off and couldn't
find work
Click
only one item
b) I no longer wanted to work
for my employer
c) I was not getting recognition
or enough pay for my work
d) I was worried about job security
e) my work was boring and posed
no challenges
f) my goal has always been to
own my own business
g) I have planned this for years,
and now I am ready
h) my family owns its own business
i) all my friends seem to be
self-employed
j) owning my own business seemed
like an attractive idea
3.
I chose this business because:
a) I have worked in this field
for more than five years
Click
only one item
b) I have excellent technical
skills in this area
c) it was a challenge that drew
on my strengths
d) it required start-up capital
of less than $10,000
e) I could work from home
f) I saw an advertisement which
really appealed to me
g) the business proposal promised
an immediate income
h) I always wanted to own a
business like this one
i) I thought I could learn how
to operate it quickly
j) I have had a business before
and this appeared a profitable
concern.
4. Before making the decision
to start this business, I:
a) consulted an accountant or
consultant with my idea
Click
each applicable item
b) researched the current and
future market
c) researched the competition
d) researched the product or
service
e) prepared a business plan
f) prepared projections and
cash-flow sheets for two years
g) had an accountant review
my business plan
h) had a lawyer review contracts
and leases
i) checked local government
bylaws and licensing agencies
j) had enough money on hand
to operate for a minimum of
six months
k) set short-term and long-term
goals.
5.
I financed the business with:
a) my own capital
Click one applicable item
b) my partner's and my own capital
c ) a small business loan from
the bank and over 1/3 capital
d) money from my family
e) cashing in some retirement
savings
f) a small business loan and
little capital
g) my own capital plus
from above
h) my own capital plus
from below
i) a line of credit
j) mainly through credit cards
k) extending my home mortgage
l) a higher-interest loan, not
from a bank.
6.
I am experiencing difficulties
with my business in:
a) making enough profitable
sales to pay the bills
Click
each applicable item
b) knowing how to reach my market
c) finding effective methods
of advertising
d) selling, and closing potential
sales
e) understanding the paper work
necessary
f) understanding bookkeeping
and accounting requirements
g) keeping on top of the paperwork
h) motivating myself to work
i) keeping organized
j) not having enough recreation
or family time
k) keeping a positive attitude
l) drawing business away from
the competitors
m) keeping my prices competitive
but profitable
n) getting my clients to pay
me on time
o) finding the right employees
p) keeping inventory turning
over quickly
q) knowing how to manage my
inventory.
7.
At this time, I know the following
about my business:
a) the seasonal sales trends
Click
each applicable item
b) my average gross sales each
month
c) my average monthly gross
profit
d) my monthly break-even point
e) how much my clients owe me
f) how much I owe to suppliers
and tax departments
g) my approximate personal tax
situation for year-end
h) the correct balance in my
bank account
i) my estimated sales in the
next six months
j) how much I can safely draw
from my business each month
k) how I am going to market
in the next three months.
8. My current state of mind
in relationship to the business
is:
a) I am still very excited about
the future
Click
only one item
b) I am always planning ahead
and thinking of innovative ideas
c) I love what I am doing and
am very content
d) I can foresee great potential
for the future
e) I am uncertain about the
future
f) I am not sure if I made the
right decision
g) this was not what I expected
it to be
h) it's hard work and the glamour
has worn off
i) I get tired and have trouble
motivating myself
j) I am depressed because I
don't earn enough money
k) I don't think I am an entrepreneur
after all
l) I think I'd prefer to be
an employee again
m) I could close the doors tomorrow
and walk away.
9. At this time, my future plans
for the business are:
a) to learn everything I can
and work on making it succeed
Choose one item which best
describes your future plans.
b) to locate my problem areas
and try to resolve them
c) to be profitable, to diversify
and grow
d) to build this business to
help support my retirement
e) to build the goodwill and
sell within the next few years
f) to seriously analyze where
I stand before I go much further
g) I don't have any future plans
as yet
h) I'm having enough trouble
surviving day-to-day, never
mind the future
i) to sell it for what I can
and get out.
Scoring: Question 2: 1 point
for a to e; 5 points for f to g;
2 points for h to j Question 3: 5 points
for a to c; 3 points for d to e;
2 points for f to j Question 4:15 points
for all items circled; 7 points
for 7 to 9 circled; 5 points for
4 to 6 circled; 1 point for 1 to
3 circled; Question 5: 5 points
for a to c: 4 points for d to g;
3 points for h to i, 0 for j to
l Question 6: Deduct
1 point for all items circled in
this question Bonus:
add 10 points if no items are circled Question 7: Add
one point for each item circled
Bonus: add 5 points
if all items circled Question 8: Add
5 points for a to d; deduct 1 point
for e to f; deduct 3 points for
g to j; deduct 5 points for k to
m Question 9: Add
10 points for a to e; 3 points for
f; no points for g to i
Score analysis 71: You are obviously
an excellent entrepreneur who is
doing everything right. Congratulations!
Keep on doing what you are doing.
60 to 70: Well
done and bravo! You have made a
successful start and have pinpointed
a few areas where you know you need
to improve. Work on these areas
with proper guidance, and you will
definitely build or improve on a
fine business.
30 to 59: There
are some important areas you should
address. For the most part, you
have made a valiant effort to "do
it right." Don't ignore problems
or shortcomings as they can likely
be overcome.
10 to 29: The warning
bells are sounding. You have to
evaluate what you are doing wrong
or not doing at all. It's not too
late to work on the areas of concern,
but it requires your dedicated commitment.
(-) to 9: Perhaps
you should consider letting the
business go before you get deeper
in debt and more depressed. Entrepreneurship
is not for everyone. Some of the
most successful people have quit
or failed multiple times before
eventually succeeding. If you are
willing to accept professional guidance,
you could get your business back
on track. If it is the wrong business
or you have lost interest, let it
go.
Try
