Session 1: Self-Assessment

1. Self-Assessment
2. Business Idea
3. Cost & Income
4. Business Proposal
5. Monitor Progress
Graduation!

Session 1: Self-Assessment

So you think you might want to be in business for your self.

For many people, this is a personally rewarding and financially profitable journey. For others, the challenges associated with identifying a viable business idea, developing a market strategy, and managing a profitable operation over time may be too overwhelming. By following the self-assessment process presented here, these and other issues associated with undertaking your own venture will be productively addressed.

There are five parts to this step. The first four worksheets set the stage for you to self-evaluate against different benchmarks that have proven to be important for business success. The last part links to a scored self-assessment quiz. While none of these activities will give you an absolute answer about whether or not you should start your own business, they do provide very useful insights, and so represent a valuable way to get started.

First, look at the pros and cons of being in business. The pros are outlined in the 10 Great Reasons to Be In Business for Yourself. The cons are outlined in the 10 Great Reasons Not to Be In Business for Yourself. The best way to do this is to copy or print out both of the exercises and place them side-by-side, then look at the differences and determine which are most important to you.

Once you have reviewed these pros and cons, take a look at the characteristics of people who have succeeded as entrepreneurs, and think about how you stack-up against this list.

There is a list of common mistakes that often lead to business failure. Look at this list and try to determine what you can do to avoid these same problems.

Now, take the Self Assessment/Risk Assessment Exercises. It is essential that you are as honest as possible here - your future security and happiness depends on you making the best decisions possible. You will receive a numerical score for the exercises that will help indicate your own suitability for the demands that lie ahead, or show areas you will need to compensate for that could prove to be limitations further on.

If it turns out that you are not suited for running your own business, better that you learn it now, than through the business failure that will most likely follow.

Now - on to 1a: 10 Great Reasons To Be In Business

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