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Business Management Module 1: Small Business Readiness Assessment ToolAre you ready to start a business? This assessment tool is designed to help you better understand yourreadiness for starting a small business. It will prompt you with questions and assist you in evaluating yourskills, characteristics, and experience as they relate to your preparedness for starting a business. Thisassessment is taken from the SBA’s website at http://app1.sba.gov/sbat/index.cfm?Tool=4
General Do you think you are ready to start a business? Y N Have you ever worked in a business similar to what you are planning to start? Y N Would people that know you say you are well suited to be self-employed? Y N Do you have support for your business from family and friends? Y N Have you ever taken a course or seminar designed to teach you how to start and manage Y N a small business? Have you discussed your business idea, business plan, or proposed business with a business coach or counselor such as a faculty advisor, SCORE counselor, Small Business Y N Development Center counselor or other economic development advisor? Do you have a family member or relative who owns a business? Y N Personal Characteristics Do you consider yourself a leader and self-starter? Y N Would other people consider you a leader? Y N Are you willing to invest a significant portion of your savings or net worth to get your Y N business started? Do you have enough confidence in yourself and your abilities to sustain yourself in Y N business, if or when things get tough? Do you like to make your own decisions? Y N Are you prepared, if needed, to temporarily lower your standard of living until your Y N business is firmly established? Do others turn to you for help in making decisions? Y N Are you willing to commit to long hours to make your business work? Y N Would others consider you a team-player? Y N Skills, Experience & TrainingDiverseag.org Business Management Module 1: Small Business Readiness Assessment Tool Do you have a business plan for the business you are planning to start? Y N Do you know and understand the components of a business plan? Y N Do you know what form of legal ownership (sole proprietor, partnership or corporation) is Y N best for your business? Do you know why some consider business planning to be the most important factor Y N determining business success? Do you know if your business will require a special license or permit and how to obtain it? Y N Do you know where to find demographic data and information about your customers? Y N Do you know how to compute the financial “break-even point” for your business? Y N Do you know how to compute the start-up costs for your business? Y N Do you know about the various loan programs that are available from banks in your area Y N and the SBA? Do you understand how a business loan can impact your credit? Y N Do you know how to prepare and/or interpret a balance sheet, income statement and Y N cash flow statement? Do you know why small business loans are considered more risky than loans made to Y N large businesses? Are you sure your planned business fills a specific market need? Y N Do you know your target market? Y N Do you understand the tax requirements associated with your business? Y N Do you know how to prepare a marketing strategy for your business? Y N Do you know how to learn about your business competitors? Y N Do you understand marketing trends in your business industry? Y N Do you feel comfortable using a computer or other technology to improve business Y N operations? Do you have a payroll process planned for your business? Y N Do you have a customer service strategy in mind or in place? Y N Do you know how to obtain an EIN (Employer Identification Number) for your business? Y N Do you know if your business should have some form of intellectual property protection? Y N Do you know where to obtain information about regulations and compliance Y N requirements that impact your business?Diverseag.org
Business Management Module 1: Small Business Readiness Assessment Tool Diverseag.org Are you ready to start a business? Th is assessment tool is designed to help you better …
Let’s kick things off by breaking down a small business management definition we can work with: Small business management is the process of overseeing and coordinating the day-to-day operations of a company (typically in the 0–99 employee range). Yep, it’s a big job.
If you want an immediate crash course in management, look no further than the library (or Amazon). To do even more homework, here are some small business management book recommendations that we’ve found interesting: The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It
• Criteria for Defining Smallness in Business 1. Small in size relative to larger competitors (fewer than 100 employees) 2. Localized business operations (except marketing) 3. Financing supplied by one person or small group 4. Has the potential to become more than a “one-person show” 1–6 © 2012 Cengage Learning. All Rights Reserved.
For example, there are platforms like Coursera that offer college-level coursework and materials from actual degree programs in business management. There are tons of learning opportunities out there that fit different schedules, budgets, and workloads. Look for ways to introduce your team (and yourself!) to new ideas and perspectives.