Entrepreneurial Self-Assessment: 15 Questions Every
Would-Be Entrepreneur Should Ask
These assessments are intentionally not scored -- there are no “right”
or “wrong” answers, however, some are followed by a brief note about
why the question is important. These assessments are intended to guide
you through a series of thought-provoking questions as you consider
your important journey into self-employment.
The
Entrepreneurial Self-Assessment was developed to give you a
sense of the attributes and behaviors that successful entrepreneurs
share, and to allow you to assess yourself in those areas.
Entrepreneurial
Self-Assessment: 15 Questions Every Would-Be Entrepreneur Should Ask
1. Why do you want to go into business for yourself? List your top
three reasons. Are they compatible with your
personal life goals?
2. What type of personal lifestyle do you want? Will your business
allow for the hours and personal
rewards that are important to you?
3. Are you reasonably confident that you can succeed? What is your
confidence based on?
Your own confidence in your ability to
succeed is key! Successful entrepreneurs have a great deal of
self-confidence. They compete with themselves as well as others and
believe that success or failure lies within their personal control or
influence.
4. Have you ever been in business before? If so, list why you feel you
succeeded or failed. What did you
learn that will help you this time around? How is
this situation different from the other(s)?
5. Do you want to work alone, or would you prefer to have a partner,
associates, or employees? Are you
gregarious, a "people person”?
Most VAs work alone in their businesses.
You may have the company of their child/ren or a pet, but is that
enough for you? Are you gregarious and social and, if so, can you
manage without frequent interaction with others? It is possible to have
“contact” through email lists and online communities of other VAs. We
encourage you to network with other VAs as well as being attentive to
your social needs in other ways. If you are not careful, solitude can
start to feel like “solitary confinement” all too quickly.
6. Do you have a mentor, or do you know where to find
one?
If you feel like you’d like the guidance
of someone who have “been in the trenches” of self-employment, you may
want to find a mentor. You may find that person while participating in
any of the various email lists and groups that are available to VAs. A
word of caution – respect the fact that your mentor is also in
business and don’t expect him or her to be at your disposal whenever
you need them.
7. How do you want to spend your time each day? Does this fit with the
requirements of the business you
have in mind?
Some aspiring VAs track everything they do
for a week to help them get a “snapshot” of what their days really look
like. While this exercise may seem like a lot of work, it can be an
excellent means of determining where you can make room in your day for
your business.
8. What are the financial risks of the business you are planning?
9. What are the start-up costs? (At minimum, you must budget for a
phone, fax, and high-end computer with quick
Internet access.) Do you have practical ideas about how you
can finance your business? List them.
A worksheet for estimating startup costs
is included in a later chapter.
10.Can you get along without a salary for an extended time? Three
months? Six months? How much will you need for
your
total monthly expenses pre-launch? Post-launch?
11. Ask yourself how you really feel about risk. Are you willing to
take calculated but substantial
chances?
Are you a little scared? You should be!
Starting a business is a bit like diving from the high board. Go to the
local pool or swimming hole in the summer and, if there’s a high diving
board or cliff, you’ll almost certainly see a band of kids gathered
around it. Among them will be the “reckless risk taker” – the one who
charges off the edge without looking down first to see what he or she
is heading toward. Then there’s the “moderate risk taker” – the one who
looks over the edge to see if the first diver survived, surveys the
water for hazards, then dives in. And finally, there’s the “risk
averse” – the one who watches everyone else dive and, in spite of
wishing they could muster up the courage, descends the ladder and wades
into the water from a safer place.
It is the “moderate risk taker” who has
the greatest likelihood of succeeding in his or her business.
12 If you launch a business, will you have the support of your family
and others close to you?
13. Where would you want the business to be located? Is this feasible?
14. Are you able to set long-term goals? Can you stick to them despite
adversity and discouragement, and in the
absence of early rewards or
success?
How many unfinished projects do you have
tucked away in a closet? Half sewn quilts, needlepoint projects that
you grew bored with… Long-term goals can change along the way, but
should not disappear altogether. Treat yourself like the client – you’d
move Heaven and Earth to help them achieve their long-term goals their
paying you for. Do the same for yourself and you will achieve so much
more!
15. Your services will not sell themselves. Are you confident of your
ability to market your skills? How
do you feel about initiating contact
with strangers, “pushing” your services, and “blowing your own
horn”?
Marketing is, without a doubt, the hardest
part of running any business. As a VA, you will need to find a degree
of comfort with “blowing your own horn.” Do only what you are
extraordinary at and you will never have to question your right to brag.
