Starting a Business Quiz
| Starting a Business Quiz |
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| Tuesday, 30 October 2007 12:38 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 1. | Â | Can you handle not knowing where your next paycheck is coming from? Is regular income and benefits something that you can do without for a period of time?10 = I have other income from a spouse or part time job and I'm a person who handles risk very well - I won't go nuts over it. 5 = For 3 - 4 months, I'll be ok and then things will start to look bad. 1= I have people who depend on me and I can't risk losing the house or not having health insurance. I'll save and plan for a better time to start. ** More to Think About.<> ** |
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| 2. | Â | Do you have the cash reserves to pay your (personal) bills for the next 2 years without any salary taken from your business?10 = Really? I guess so - we can cut back on purchases and entertainment - maybe move to a less expensive area. 5 = I'm planning to live on money obtained from loans or friends / family and we'll get the business off the ground fast. 1= We live paycheck to paycheck right now and my credit is not good because of a divorce or other reason. ** More to Think About. ** |
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| 3. | Â | In 5 years how much do you want to be making a year from your business (personal salary)?10 = If I can make the salary I'm making now (before the business) in five years and have a profitable business, I'd be happy. 5 = I expect to be paid for my hard work and risk. I expect to make more than double what I make right now. 1= Show me the money, baby! Starting a business is the way to become a millionaire, and that's what I'm after. ** More to Think About. ** |
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| 4. | Â | What type of personal lifestyle do you want? Will your business allow for the hours and personal rewards that are important to you?10 = I want a more flexible lifestyle, but I know that a business can take 12 - 15 hour days during the first few years. 5 = I want to be there for my kids and expect to be home when they are out of school. My business goals are smaller because of this. 1= Employees will run my business and I'll be on the beach most of the year - right? ** More to Think About. ** |
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| 5. | Â | Have you been in the "power position" before? Are you a better leader or loner?10 = I have experience running a business before. It might not have been successful, but I learned a lot along the way. 5 = I've been in management roles in companies like the one I want to start before. I've been successful in those positions. 1= I've always wanted to be the leader, but it has never worked out. I'm more of a "loner" and like to work on my own. ** More to Think About. ** |
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| 6. | Â | How does your age affect your business decision? The younger you are the better you may be able to handle risk, but how will a business failure or success affect the rest of your life plans?
10 = I'm at a point in my life where major change and risk are OK. I'm ready for a major challenge and know that failure teaches many things. 5 = It's now or never for me. I've put this on hold long enough. 1= If this business fails, I'm ruined financially and personally. I've got all of my life savings on the line - failure is not an option. ** More to Think About. ** |
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| 7. | Â | Do you have the physical stamina to handle the stress and demands that a business venture will place on you? Business owners tend to need a lot of energy, do you have the reserves?10 = I am healthy and work to stay that way. Exercise and eating right give me solid energy each day. 5 = I don't have much time for exercise, but I know how to use coffee and soda to get me though the day. 1= I've been ill in the recently and my health is not good. My doctor has told me to "take it easy". ** More to Think About. ** |
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| 8. | Â | Do you love (or at least like) your current physical location? As a business owner, you will become part of the community for years to come. Is this where you want to be?10 = I am already involved with the community and my family is here. I love the area and have a lot of support. 5 = We just moved to this city and its been OK for us. My family is not nearby. 1= I don't like my location. There are few opportunities here and that is why I want to start a business, so I can make some money. ** More to Think About. ** |
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| 9. | Â | How much are you willing to risk financially? Most entrepreneurs put it all on the line (savings, credit, home) and many will lose it all. What can you lose? Are you willing to lose it?
10 = I can handle risking it all. I have support from my spouse / family and I know that I can recover if the business does not work out. 5 = I will not put my home on the line, but the rest of it is optional. Losing my savings and my credit would be hard, but I don't think that will happen. 1= I don't have anything to lose. My credit is bad, I don't have much in savings and I don't own a home. ** More to Think About. ** |
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| 10. | Â | List the top 5 reasons why you want to start this business. Then list your top 5 personal life goals. What conflicts do you see? How many are similar? Can you make changes so that your personal and professional goals are closer to each other?10 = I've done this exercise - it was easy - more than 3 were connected and the other ones were close. I think I'm on the right track! 5 = I thought about this and see that some are the same, but those that are not are very different. How can I make $500,000 in sales and still travel like I want? 1= I like to take life as it comes and I change my mind a lot. Coming up with that many goals didn't work out - planning is not a strength for me. **More to Think About.** |
Finished? Add up the number of points from the answer that you selected for each question. Based on your total, check the summary below to see the TheWeClub.com take on your chance for business survival.
100 - 80 Points - You are ready to start on your business as soon as possible. Your expectaions seem reasonable and you have an understanding of the process of getting a business started and what steps to take. You either have support from others already or you know where to find it. Help and support are not only helpful but manditory when it comes to your ultimate success in a small business. Knowing where to turn when things get ugly or a challenge you have not been faced with before will help you keep your composure and focus on your business.
60 - 79 Points - You may want to do some research on starting a small business and what it takes before you get started. Go to the Forum and ask a few questions to clarify those things you may not be clear on. Make sure to ask the hard questions that you need answered before you jump in with both feet. You may also consider starting part time and work into it at your own pace and comfort level. Make sure you have some capital set aside to help you through the slow times and build up and a strong support group that you can lean on like The We Club.
45 - 59 Points - Starting a Business may be a challenge for you. If you do it with your current mindset and resources you might not find the success you seek. Might we suggest that you find a partner or join a group like The Women Empowerment Club (The WE Club) where you can get to know some women who would be willing to help you along the way. You can get on the Forum and ask the questions or get the clarification you need to take the next step. For you to focus on business it is important that you have some financial resources and a support team around you. A strong credit rating is also helpful when starting a business. Take care of yourself, you may be working some long hours and eating right and walking around the block a couple of times a week could mean a world of difference to your success and outlook. If you have a big enough Why you can accomplish anything. this is not the time to give up. You are just getting started. We can do it together.
44 Points or Less - Business ownership will be a challenge for you. You need support and resources to make a business work. You need a big "why" or reason for working those hours and going through the frustration of getting your venture off the ground and profitable. You need the conviction that you are doing the right thing and that you must do what it takes to succeed. A strong belief in yourself and honesty about where your strengths are will help you along the way. Becasue of you lack of resources and support currently you will work harder and have more chellenges than those with those components. Consider finding a partner that will take you under their wing and show you the ropes. Start part time and work your way into it at a comfortable pace. Owning a business can be very rewarding and exciting, it is also a lot of hard work and long hours at first. you will experience quite a bit of change and the more flexable you are the better you will do. Stability is something you earn in business. You put in your blood, sweat and tears and just when it seems the darkest, on the other side of that is success. Stick with it no matter what and start slowly and you to have a chance at your dream.
Once you are done with this quiz, you need to develop your business plan. The business plan will be the roadmap that your business will follow to success. Visit our Business Plan Area.
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