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Evaluating Your Entrepreneurial Potential

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Evaluating Your Entrepreneurial Potential. Should I Be An Entrepreneur?. Is starting a business the best way to achieve my goals? Will the demands of starting a business take time away from, rather than add to, the other commitments in my life?

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Presentation Transcript
should i be an entrepreneur
Should I Be An Entrepreneur?
  • Is starting a business the best way to achieve my goals?
  • Will the demands of starting a business take time away from, rather than add to, the other commitments in my life?
  • Do I have the personal resources of money, time and talent to start and run my own business?
  • Do I have the physical and emotional stamina required?
  • Are my skills in this particular area balanced by general business know-how and management savvy?
  • How will my business affect the other aspects of my life?
personal considerations
Personal Considerations

Answer the following questions Yes or No:

  • Do family & friends approve of and support your decision?
  • Are you willing to work 12 to 16 hours a day, six days a week, even on holidays, to get your business off the ground?
personal considerations cont d
Personal Considerations – cont’d.
  • Do you have the physical stamina to work these hours?
  • Are you prepared to lose your financial investment?
  • Will the business generate enough income to meet your financial goals?
personal considerations cont d5
Personal Considerations – cont’d.
  • Are you prepared to lower your standard of living for several months, or even years, until your business is a success?
  • Do you know which skills are critical to making your business succeed?
  • Do you possess these skills?
personal considerations cont d6
Personal Considerations – cont’d.
  • Does your business idea effectively utilize your personal strengths?
  • Can you find and afford personnel to provide the skills you lack?
  • Will your business fulfill your career goals?
  • Can you tolerate the loneliness of working alone while building your business?
management ability
Management Ability
  • Do you like to make your own decisions?
  • Do you like competition?
  • Are you self-disciplined?
  • Are you an effective planner?
  • Are you well organized?
  • Do you get things done on time?
management ability cont d
Management Ability – cont’d.
  • Can you take advice from others?
  • Are you adaptable to changing conditions?
  • Can you delegate responsibility?
  • Could you fire an ineffective employee?
financial considerations
Financial Considerations
  • Do I know how much of an investment it will take to get my business off the ground?
  • Can I support my personal obligations without an income for three months to a year, or longer, if necessary?
  • Do I have a good personal credit history?
  • Can I borrow money from friends or family?
financial considerations cont d
Financial Considerations – cont’d.
  • Am I willing to assume debt to start my business?
  • Will my spouse support the acquisition of debt tied to our jointly held assets?
  • Am I willing to take on equity partners to fund the business start-up or growth?
slide11

Financial Considerations – cont’d.

  • Do I know the average rate of return on investment for a business of the type I am starting or for the type of growth I plan?
  • Is it sufficient to support my personal income goals?
  • Is it sufficient to support the goals of my investors?
success seekers
Success Seekers

A snapshot of who starts a business – and why

new business owners
New Business Owners

70%

of all new businesses are started by a sole entrepreneur

age of new business owner

32.9%

25.4%

24.9%

12.6%

4.2%

Under

30

30-39

40-49

50-59

60 &

over

Age of New Business Owner
personality types
PersonalityTypes

40%

34

Manager – enjoys operations side of the business

Hero – puts the interests of customers first

Rainmaker – thrives on obtaining new business

Artist – passionate about creating the product

Maverick – takes business risks for the adventure

30%

27

20%

16

11

8

10%

4

Manager

Hero

Rainmaker

Artist

Maverick

Other

why a business is started
Why a Business is Started

No Answer

4.2%

Carry Over

Until Job Found

4.6%

Grow to be a

Large Business

28.6%

Supplement

Income

27.1%

Provide a

Decent Living

35.5%

business survival rate

100%

82%

66%

57%

50%

1

2

3

4

0

Years in Business

Business Survival Rate
top 10 reasons businesses fail
Top 10 Reasons Businesses Fail

50% of all small businesses fail within the first four years, due to:

  • Procrastination
  • Ignoring the competition
  • Incompetent employees
  • Lack of versatility
  • Poor location
  • Cash flow problems
  • A closed mind
  • Sloppy or ineffective marketing
  • Ignoring customers’ needs
  • Inadequate planning
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