Are you thinking about going into business for yourself? Perhaps you have a great idea for a new product or service? Maybe you’re considering starting your own consulting practice? Love the idea of being self-employed? If you answered yes to any of these, you may benefit from taking this quick Entrepreneurial Appraisal. It may help you evaluate whether or not you have the “entrepreneurial spirit and drive” that will be crucial to your success.

To launch a business, you need to have the necessary product, service, and/or industry experience. It is equally important that you be able to grow a company, sell your products and/or services, understand the finances, hire and train the people, make tough decisions, and solve problems. Ask yourself if you’re willing to commit to the demands of self-employment – demands that will impact your knowledge, time, relationships, and energy!

ENTREPRENEURIAL APPRAISAL

1. Have you clearly defined your expertise and your business concept? __Yes ___ No
2. Do you think deep down, that your proposed business venture will be successful? ___Yes ___No
3. Have you identified a specific market for your business products and/or services? ___Yes ___No
4. Do you know who your competition is, what they do, and what they charge? ___Yes ___No
5. Have you crafted a formal business plan? ___Yes ___No
6. Have you conveyed your business concept to others to obtain their feedback? ___Yes ___No
7. Do you have a marketing, advertising, or promotional plan in place? ___Yes ___No
8. Do you have budget, revenue, and income or other projections in place? ___Yes ___No
9. Have you consulted with an accountant or financial adviser? ___Yes ___No
10. Have you sought the advice from legal counsel? ___Yes ___No
11. Are you self-disciplined? ___Yes ___No
12. Do you have tenacity and persistence; the ability to roll with the punches? ___Yes ___No
13. Do you have a strong ambition that moves you to action? ___Yes ___No
14. Do you have a positive mindset nearly all the time? ___Yes ___No
15. Are you focused, diligent, and resolute? ___Yes ___No
16. Are you enthusiastic, personable, and engaging? ___Yes ___No
17. Do you have a boat-load of energy? ___Yes ___No
18. Are you intelligent? ___Yes ___No
19. Do you have high integrity and ethics? ___Yes ___No
20. Are you willing to work harder than you may have in your life? ___Yes ___No
21. Is your family supportive? ___Yes ___No
22. Can you accept constructive criticism without being defensive? ___Yes ___No
23. Can you think independently? ___Yes ___No
24. Can you make decisions? ___Yes ___No
25. Can you solve problems? ___Yes ___No
26. Do you thrive in challenging and fast-paced settings? ___Yes ___No
27. Can you handle the constant change and shifts that a new business requires? ___Yes ___No
28. Can you work autonomously without supervision? ___Yes ___No
29. Can you handle disappointment and then move forward? ___Yes ___No
30. Do you think you can always learn from others? ___Yes ___No
31. Are you well organized? ___Yes ___No
32. Are your written communication skills good? ___Yes ___No
33. Are your oral communication skills good? ___Yes ___No
34. Are you driven to succeed – hungry for it? ___Yes ___No
35. Can you charge on during difficult times? ___Yes ___No
36. Are you comfortable speaking in public? ___Yes ___No
37. Are you a creative, strategic, visionary, and even tactical thinker? ___Yes ___No
38. Are you adaptable and flexible? ___Yes ___No
39. Can you persevere through tough times? ___Yes ___No
40. Do you have the financial resources to support yourself during the startup phase? ___Yes ___No
41. Can you live comfortably in a high-risk employment situation? ___Yes ___No
42. Can your mind and body handle unusual amounts of high stress? ___Yes ___No
43. Do you understand that calculated risks can lead to fabulous opportunities? ___Yes ___No
44. Does a great deal of your self-image and self-worth come from your work? ___Yes ___No
45. Do you really hanker for success and self-satisfaction? ___Yes ___No
46. Are you ready now? ___Yes ___No

Although there is no one-size-fits-all, if you’ve answered “Yes” to more than 25 of these questions, you may be prime for being a successful entrepreneur. Take your time, plan well, and steadily move forward!

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