Entrepreneurs: Where Do You And Your Business Stand?
Entrepreneurs: Where Do You And Your Business Stand?
1. How long have I been in business for? (days, weeks, months, years)
2. I began my business because (choose only ONE response that applies to you):a. I was unable to find a job after being laid off.b. I didn’t want to work for the company who employed me.c. I wasn’t paid fairly for my work contribution.d. I didn’t feel I received enough recognition for the work I performed.e. Job security concerned me.f. I felt unchallenged.g. There were no opportunities for advancement.h. My job was boring.i. I’ve always wanted to own my own successful business.j. I planned to become an entrepreneur for years, and then finally once I was ready, started the process.k. I took over the family business.l. Most of my social circle or family members are/were self-employed.m. Other:_______________________________________
3. I decided on this specific type of business because (choose only ONE response that applies to you):a. I worked in the same area for more than five years.b. My technical skills in this field were stellar.c. I wanted the challenge and it appealed to my personal strengths.d. It provided me with a business that required less than $10,000 in start up funds.e. I could work from home.f. A friend, something on TV or in the news, and/or a colleague mentioned the opportunity and it interested me, or I saw a need.g. After creating the business proposal, I determined that income would be almost immediate, so I jumped right in.h. It was a dream to own a business just like the one I have today.i. I felt I would learn the ins and outs of running my own business quickly and easily, especially one of this type.j. A previous business I owned led me to this one.
4. Before beginning this business, I did the following (write down all that apply to you):a. Spoke with an accountant and consulted with them regarding my business idea.b. Spoke with a lawyer and consulted with them regarding my business idea.c. Reviewed the current market conditions and any future concerns.d. Took a peek at the competition to see where they were at, if there even was any, and what their challenges were.e. Researched the product or service at length.f. Wrote out a complete business plan.g. Created cash-flow projections for at least two years.h. Checked with the local governing offices for ordinances, laws and any applicable legal issues before beginning.i. Had six months of income set aside for operating and living expenses.j. Wrote down all of my short and long term goals and business growth plans.k. Created a marketing plan.
5. The funds for my business came from (choose only ONE response):a. Personal funds.b. Me and my family.c. Partially from the bank and the rest from me and/or my family.d. Family.e. Money from my retirement savings plan.f. Small business loan.g. Personal funds plus d or e.h. Personal funds plus a line of credit.i. Line of credit.j. Credit cards.k. Something creative with my mortgage.l. A high-interest loan, not from a bank or credit card company.m. Other very creative and somewhat risky means.
6. I am currently having business problems in the following areas (choose all that apply to you):a. Selling enough products or services to pay the bills.b. Finding my market, or knowing how to connect with them.c. Determining which advertising methods would work best.d. Using publicity methods.e. Sales-related tasks.f. Figuring out how to do any legal, governmental or regulatory paperwork.g. Bookkeeping and/or accounting.h. Dealing with all of the paperwork my business creates, or keeping a system in place that maintains the load of paperwork.i. Self-motivation.j. Not enough balance in my business and personal life.k. Staying positive.l. Attracting customers from the competition.m. Finding an attractive price point while still staying profitable.n. Accounts payable (i.e. if your clients are paying you on time).o. Accounts receivable (i.e. paying your bills on time).p. Locating or keeping employees.q. Inventory turnover.r. Inventory management.
7. I know all of the details about the following aspects of my business (write down all that apply):a. Yearly, monthly and seasonal sales trends.b. Average monthly gross sales.c. Average monthly gross profit.d. Monthly break-even point.e. The amounts each client owes me, both individually and all together.f. The amounts I owe my suppliers, both individually and all together.g. Where I stand with my business taxes.h. How much I should make in the next six months.i. What I will safely be able to draw from the business coffers as my income.j. Where my marketing plan stands for the next three months.
8. This is how I currently feel about my business (choose only ONE):a. I am excited about the future of my business.b. I am looking ahead to plan and innovate.c. I love my business and am extremely happy with being an entrepreneur.d. I only see great potential for my business.e. I am unsure about my businesses’ future.f. I can’t tell if I made the right decision starting this business.g. Being an entrepreneur is not at all what I expected it would be.h. Being an entrepreneur is hard work and I’m not thrilled with it anymore.i. I’m tired and am having issues with motivation.j. The money isn’t coming in, so I am depressed about my business.k. I wonder if I was meant to be an entrepreneur after all.l. I’d rather be an employee after having this experience.m. If I could, I’d close the doors right now and walk away.
9. My current business plans for the future are (choose only ONE):a. Learn as much as possible to ensure a successful business.b. Determine where my business problems lie and to solve them.c. Create a profit, diversify my business and grow.d. Build this business enough so that it’ll support me during my retirement.e. Create a successful business and then sell it within the next few years.f. Take a cold, hard look at the business and choose if I should move forward.g. No plans as of yet.h. Struggles with the day-to-day management of my business have taken over; I am unable to plan for the future at this time.i. Sell the business as soon as possible.
Using the following calculations, score this questionnaire:
Question 2: 1 point for questions a-e, 5 points for f-g, 2 for h to the end.
Question 3: 5 points for questions a-c, 3 for d and e, and 2 for f to the end.
Question 4: 15 points for all questions chosen, 7 for more than 8, 5 for more than 6, 1 for more than 3.
Question 5: 5 points for questions a-c, 4 for d-g, 3 for h and I, and 1 for the rest.
Question 6: Take away one point for each item chosen. Add TEN points if none at all were circled.
Question 7: Add one point for each item chosen. Add another FIVE points if all were chosen.
Question 8: 5 points for questions a-d, take away one point for questions e and f, three points for questions g-j and five for the remainder.
Question 9: Ten points for questions a-e, 3 for question f and none for the rest.
More than SEVENTY-ONE: You are obviously doing very well as an entrepreneur and probably already know it. Kudos! Keep up the good work.
SIXTY – SEVENTY: Kudos! You and your business are doing well. You know where you need to work, and what is going well. Focus on those weak areas to get everything in tip-top condition.
THIRTY-FIFTY-NINE: There are some areas that require taking care of quickly, but all hope is not lost. Read more for our suggestions on how to get your business back on track. Don’t ignore what’s going on to move forward – the time you take now will take shape and affect your bottom line positively soon!
TEN – TWENTY-NINE: You already know there are some pretty serious concerns with your business, so I don’t need to harp on it at all. Sit down with your professional advisors (or get some!) and evaluate what needs to be done to get back on track. Some time and attention will pull you out of this slump fairly quickly, unless you decide otherwise.
UNDER NINE: Perhaps being a small business owner just isn’t in the cards for you. Or maybe it is? If you still feel strongly that you want to move forward, sit down and look at each of your answers closely. Where are the issues? How will you solve them? Brainstorm, review this website, and ask lots of questions. If you’ve lost interest or really don’t want to pursue this business anymore, now is the time to let go.
Entrepreneurs Where Do You And Your Business Stand - To learn more about this author, visit Bonny Albo's Website.
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It takes a lot to start your own business. Determining where you are, right now, will assist in any future growth and improvement opportunities. Take this test whenever you feel the need, or if you’ve been guided here by another article to take the next step in your businesses’ level of success.
1. How long have I been in business for? (days, weeks, months, years)
2. I began my business because (choose only ONE response that applies to you):a. I was unable to find a job after being laid off.b. I didn’t want to work for the company who employed me.c. I wasn’t paid fairly for my work contribution.d. I didn’t feel I received enough recognition for the work I performed.e. Job security concerned me.f. I felt unchallenged.g. There were no opportunities for advancement.h. My job was boring.i. I’ve always wanted to own my own successful business.j. I planned to become an entrepreneur for years, and then finally once I was ready, started the process.k. I took over the family business.l. Most of my social circle or family members are/were self-employed.m. Other:_______________________________________
3. I decided on this specific type of business because (choose only ONE response that applies to you):a. I worked in the same area for more than five years.b. My technical skills in this field were stellar.c. I wanted the challenge and it appealed to my personal strengths.d. It provided me with a business that required less than $10,000 in start up funds.e. I could work from home.f. A friend, something on TV or in the news, and/or a colleague mentioned the opportunity and it interested me, or I saw a need.g. After creating the business proposal, I determined that income would be almost immediate, so I jumped right in.h. It was a dream to own a business just like the one I have today.i. I felt I would learn the ins and outs of running my own business quickly and easily, especially one of this type.j. A previous business I owned led me to this one.
4. Before beginning this business, I did the following (write down all that apply to you):a. Spoke with an accountant and consulted with them regarding my business idea.b. Spoke with a lawyer and consulted with them regarding my business idea.c. Reviewed the current market conditions and any future concerns.d. Took a peek at the competition to see where they were at, if there even was any, and what their challenges were.e. Researched the product or service at length.f. Wrote out a complete business plan.g. Created cash-flow projections for at least two years.h. Checked with the local governing offices for ordinances, laws and any applicable legal issues before beginning.i. Had six months of income set aside for operating and living expenses.j. Wrote down all of my short and long term goals and business growth plans.k. Created a marketing plan.
5. The funds for my business came from (choose only ONE response):a. Personal funds.b. Me and my family.c. Partially from the bank and the rest from me and/or my family.d. Family.e. Money from my retirement savings plan.f. Small business loan.g. Personal funds plus d or e.h. Personal funds plus a line of credit.i. Line of credit.j. Credit cards.k. Something creative with my mortgage.l. A high-interest loan, not from a bank or credit card company.m. Other very creative and somewhat risky means.
6. I am currently having business problems in the following areas (choose all that apply to you):a. Selling enough products or services to pay the bills.b. Finding my market, or knowing how to connect with them.c. Determining which advertising methods would work best.d. Using publicity methods.e. Sales-related tasks.f. Figuring out how to do any legal, governmental or regulatory paperwork.g. Bookkeeping and/or accounting.h. Dealing with all of the paperwork my business creates, or keeping a system in place that maintains the load of paperwork.i. Self-motivation.j. Not enough balance in my business and personal life.k. Staying positive.l. Attracting customers from the competition.m. Finding an attractive price point while still staying profitable.n. Accounts payable (i.e. if your clients are paying you on time).o. Accounts receivable (i.e. paying your bills on time).p. Locating or keeping employees.q. Inventory turnover.r. Inventory management.
7. I know all of the details about the following aspects of my business (write down all that apply):a. Yearly, monthly and seasonal sales trends.b. Average monthly gross sales.c. Average monthly gross profit.d. Monthly break-even point.e. The amounts each client owes me, both individually and all together.f. The amounts I owe my suppliers, both individually and all together.g. Where I stand with my business taxes.h. How much I should make in the next six months.i. What I will safely be able to draw from the business coffers as my income.j. Where my marketing plan stands for the next three months.
8. This is how I currently feel about my business (choose only ONE):a. I am excited about the future of my business.b. I am looking ahead to plan and innovate.c. I love my business and am extremely happy with being an entrepreneur.d. I only see great potential for my business.e. I am unsure about my businesses’ future.f. I can’t tell if I made the right decision starting this business.g. Being an entrepreneur is not at all what I expected it would be.h. Being an entrepreneur is hard work and I’m not thrilled with it anymore.i. I’m tired and am having issues with motivation.j. The money isn’t coming in, so I am depressed about my business.k. I wonder if I was meant to be an entrepreneur after all.l. I’d rather be an employee after having this experience.m. If I could, I’d close the doors right now and walk away.
9. My current business plans for the future are (choose only ONE):a. Learn as much as possible to ensure a successful business.b. Determine where my business problems lie and to solve them.c. Create a profit, diversify my business and grow.d. Build this business enough so that it’ll support me during my retirement.e. Create a successful business and then sell it within the next few years.f. Take a cold, hard look at the business and choose if I should move forward.g. No plans as of yet.h. Struggles with the day-to-day management of my business have taken over; I am unable to plan for the future at this time.i. Sell the business as soon as possible.
Using the following calculations, score this questionnaire:
Question 2: 1 point for questions a-e, 5 points for f-g, 2 for h to the end.
Question 3: 5 points for questions a-c, 3 for d and e, and 2 for f to the end.
Question 4: 15 points for all questions chosen, 7 for more than 8, 5 for more than 6, 1 for more than 3.
Question 5: 5 points for questions a-c, 4 for d-g, 3 for h and I, and 1 for the rest.
Question 6: Take away one point for each item chosen. Add TEN points if none at all were circled.
Question 7: Add one point for each item chosen. Add another FIVE points if all were chosen.
Question 8: 5 points for questions a-d, take away one point for questions e and f, three points for questions g-j and five for the remainder.
Question 9: Ten points for questions a-e, 3 for question f and none for the rest.
More than SEVENTY-ONE: You are obviously doing very well as an entrepreneur and probably already know it. Kudos! Keep up the good work.
SIXTY – SEVENTY: Kudos! You and your business are doing well. You know where you need to work, and what is going well. Focus on those weak areas to get everything in tip-top condition.
THIRTY-FIFTY-NINE: There are some areas that require taking care of quickly, but all hope is not lost. Read more for our suggestions on how to get your business back on track. Don’t ignore what’s going on to move forward – the time you take now will take shape and affect your bottom line positively soon!
TEN – TWENTY-NINE: You already know there are some pretty serious concerns with your business, so I don’t need to harp on it at all. Sit down with your professional advisors (or get some!) and evaluate what needs to be done to get back on track. Some time and attention will pull you out of this slump fairly quickly, unless you decide otherwise.
UNDER NINE: Perhaps being a small business owner just isn’t in the cards for you. Or maybe it is? If you still feel strongly that you want to move forward, sit down and look at each of your answers closely. Where are the issues? How will you solve them? Brainstorm, review this website, and ask lots of questions. If you’ve lost interest or really don’t want to pursue this business anymore, now is the time to let go.
Entrepreneurs Where Do You And Your Business Stand - To learn more about this author, visit Bonny Albo's Website.
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