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Subject: Starting your own Business..Are you an Entrepreneur

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yoda Posts:164

11/19/2008 12:46 AM	Alert
Getting Started - Self Assessment Starting your own business is an exciting endeavour which can be highly satisfying in many respects. However, you have to be prepared and be well acquainted with the basics of business. There are many rich sources of information on starting up in which most entrepreneur will usually undergo to make his business concept a reality. This section provides some of those simple guides and, although it is by no means a prescription for success, hopefully it will give you a good start. An Entrepreneur Profile Checklist Understanding Your Key Abilities Business Idea Evaluation 1. An Entrepreneur Personal Profile Checklist Think about some personality traits of entrepreneurs and reflect on it. Start understanding your personal qualities better by going through this simple checklist to help you assess your abilities, motivations and willingness. Your Background & Personal Experiences Family background, history (e.g.: Do you have a family business, your parents' profession, etc) Your own past, your childhood, your overseas studying experience? Key/significant achievements? Your hobbies? Activities you enjoy for recreation, at school/work or any other social dealings. Your Personality Do you tend to be a leader or follower, an introvert or extrovert, a suggestor or implementer, etc? Are you an initiator or do you prefer to be given instructions on a task? Are you vocal, reserved, energetic, calm, patient, etc? Do you enjoy solving problems? Are you an effective communicator? Your Potential What are some of the things you feel you are best at? What do you hope or aspire to do and achieve? Do you have the skills to manage a business? Your Motivation What drives you in your day to day life? Where do you derive satisfaction from? (e.g. helping others, leading a project team, etc) Do you thrive on challenges? What are your options if the business fails? 2. Understanding Your Key Abilities No one's perfect. Each of us have own strengths and weaknesses. Identify those abilities to understand yourselves better. Only then can you have a better picture on how well you can work with others and turn differences into complementary fit with the people around you. You can rate yourself from a scale of 1 to 5; and you can also ask people who know you to share their views. Key Competence Risk appetite (Willing to take calculated risk) Communication skills (Ability to effectively get your points across to different audiences to understand) Leadership Qualities (Ability and confidence to lead others) Takes Initiative (Pro-active in most situations) Willing to work hard and meticulous Able to think and act positively Works well in a team and able to tolerate differences Resourceful in finding information, ideas and solution Practical and realistic in making effective decisions Don't forget to think about what you can do to improve your weaknesses too! 3. Business Idea Evaluation Business ideas and sources of new ventures come in aplenty of ways. By reading extensively, observing, hearing and talking, you would be amazed what these seemingly ordinary actions can do to your imagination. Business ideas of the world did not emerge overnight. They come from inventions or innovations, changes in demographics and consumer perception, changes in market structure and industry as well as the need to fill an unmet gap in the market. These are but some ways in which opportunities were created to turn it into viable businesses. Here are 10 questions you can ask yourself when evaluating your business idea: What is my business idea about? Is my intended product or service offering classified as a necessity, a luxury or an unmet need? Who are my customers? E.g. Businesses (B2B) or direct end users/consumers? What is the unique value proposition of my product or service? What is the market potential for the service or product? Are there willing buyers or ready consumers? What is the level of competition (direct and indirect) like in the marketplace? Is there any ways I can attempt a test or pilot trial my business idea to target consumers? Have I done sufficient ground work, research and analysis? What are the financial risks involved? Do I have the capital to start-up? What kinds of resources do I need to run the business and can I afford them? Making an Informed Decision Starting a business is a challenge and will have great impact on yourself and your family. It involves a certain amount of risk and a great deal of commitment in terms of time and effort. Do you think you're ready to move on? After you have gone through your personal profile checklist, understanding your key abilities and evaluated your business idea, the next step, which is a very simple yet effective approach to help you answer your own question and make your own decision, is to note down two separate records: The advantages/benefits and, The disadvantages/drawbacks Perhaps, after trying out the above simple tasks, it might give you a better indication of your readiness level and the skills you would need to have to set up the intended venture. All the best! Advantages/Benefits Disadvantages/Drawbacks

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