Business Toolkit
Self-Assess
Self-Assessment
As an entrepreneur, you will be expected to wear many hats; accountant, manager, sales representative, marketer, etc. Of course, nobody is an expert in all of these elements, but understanding which areas present the greatest challenge can help offset these areas by recruiting knowledgeable individuals to be part of your advisory team or by proactively hiring outside professionals where necessary. Some common challenges faced by first-time business owners that you may want to consider in advance are highlighted below.
In addition to practical knowledge considerations, individual personality traits can influence how you perceive your businesses success and challenges. Several self-assessment surveys are available at the following links that provide factors for considerations and which will allow for greater reflection on individual strengths and weaknesses that can and should be addressed in your business plan. Keep in mind that there is no single ‘entrepreneur’ personality, but that different types of entrepreneurship require different skill sets, and will result in different management styles. Understanding your personal needs, objectives and goals can help set realistic expectations and establish a reasonable path for your specific business.
Here are some tools to help guide you through the process:
Self Assessment: http://wrdf.org/wp-content/uploads/Entrepreneur-Self-Assessment-Survey.pdf
Entrepreneurial Assessment: http://www.brcdixie.com/sbdc/selftest/
As an entrepreneur, you will be expected to wear many hats; accountant, manager, sales representative, marketer, etc. Of course, nobody is an expert in all of these elements, but understanding which areas present the greatest challenge can help offset these areas by recruiting knowledgeable individuals to be part of your advisory team or by proactively hiring outside professionals where necessary. Some common challenges faced by first-time business owners that you may want to consider in advance are highlighted below.
- Identify your goals for your business in the short and long term:
- Financially, do you need to break even? Replace your current salary? Achieve a specific revenue target?
- Personally, how will you define success and find motivation? Customer feedback? Industry networking? Meeting a specific identified market need? Serving a specific population?
- Identify areas of expertise that you will need to cultivate:
- What skills do you need to acquire or hire? Who do you know that has these skills?
- What type of support system do you have? Are there other entrepreneurs in your circle that you can turn to for advice or support?
- How will you make the decision to sell or close your business, if necessary? What concessions or changes to your business model are you willing to make to be successful?
- Many entrepreneurs fail to recognize when it may be necessary to walk away from a specific property, customer or product line when they have invested time and effort in these efforts. Similarly, recognizing when an initial business vision may not be viable and being willing to adapt or change can be difficult for passionate business owners.
In addition to practical knowledge considerations, individual personality traits can influence how you perceive your businesses success and challenges. Several self-assessment surveys are available at the following links that provide factors for considerations and which will allow for greater reflection on individual strengths and weaknesses that can and should be addressed in your business plan. Keep in mind that there is no single ‘entrepreneur’ personality, but that different types of entrepreneurship require different skill sets, and will result in different management styles. Understanding your personal needs, objectives and goals can help set realistic expectations and establish a reasonable path for your specific business.
Here are some tools to help guide you through the process:
Self Assessment: http://wrdf.org/wp-content/uploads/Entrepreneur-Self-Assessment-Survey.pdf
Entrepreneurial Assessment: http://www.brcdixie.com/sbdc/selftest/