Tag Archives: small business assessment tool

Guide to Starting and Operating a Small Business

guide to starting a small business

We have just received a PDF copy of the 2011 Guide to starting and operating a small business from the Michigan Economic Development Corp. & the Michigan Small Business & Technology Development Center. If you’re thinking of starting a small business or need a bit of guidance on an existing business; this guide has all the important information that you’ll need to know. Download it below and checkout the “Are You Ready to Start a Business? – A short personal assessment tool”
2011 Guide to Starting and Operating a Small Business

Are You Ready to Start a Business? – A short personal assessment tool.

Being your own boss is wonderfully exciting, but isn’t for everyone. Anyone considering starting a business needs first to consider if they are suited for it, personally and professionally. There is no right or wrong answer to each of these questions. This is a self-evaluation to help you think through critical aspects of your personal and business readiness to be self-employed. It is designed to help you assess your reasons and qualifications for going into business, to help you set personal and business goals, consider if this is the right time to start a business, if you have the freedom, flexibility and resources to start a business, to consider your health and stamina, and how you will balance family and business. Suggestion: Bring a completed version of this self-assessment to your first MI-SBTDC counseling session. It will provide a profile of you and your readiness and help your counselor become acquainted with you. To self-assess, ask yourself the following questions and answer as honestly and in as much detail as possible.

SELF ASSESSMENT: Are You Ready To Be In Business?

  1. Why do I want to start a business? OR Why am I in business?
  2. Specifically, what kind of business do I want to start (or am I in)?
  3. Why do I believe I can make this type of business work?
  4. Why do I believe this type of business is sustainable?
  5. What education, skill or experience do I have in this industry?
  6. What is my true purpose and/or the goal I hope to accomplish with this business?
  7. What is the financial goal I am seeking to achieve?
  8. If I will need financing, do I have the resources and credit worthiness necessary to be eligible? [High credit score plus assets, collateral and good financial history.]
  9. What are my strengths?
  10. What are my weaknesses?
  11. What is my physical, mental and emotional health and stamina?
  12. What knowledge and skills do I have to start and control the day-to-day operations of a
    business?
  13. Do I know and understand the technology necessary to be competitive in this business?
  14. Do I have good judgment in people and ideas?
  15. What sacrifices and risks am I willing to take to be successful?
  16. What will it take for me to balance personal life and business demands?