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Business Readiness Assessment

Before You Start - Take A Quick Quiz – See How Prepared You Are!

Business ownership requires research and careful planning to avoid pitfalls, reach your business goals and build a profitable, successful business.  Below you will find 20 key questions designed to help you understand and identify entrepreneurial traits, business success factors and the importance of start-up capital in building a new venture.  Complete the short quiz and check your business readiness.

  

About You

1. Do you know why you want to start your own business?
Yes No
2. Have you identified your strengths and weaknesses?
Yes No
3. Do you have  knowledge and experience in your industry?
Yes No
4. Do you have the necessary business skills to run a business?
Yes No
5. Can you meet your living expense without taking money from the business?
Yes No

About Your Business

1. Do you have a profitable product or service you can sell?
Yes No
2. Can you sell enough products to enough customers to make a living at it?
Yes No
3. Have you determined a good location for your business?
Yes No
4. Do you know how many customers are in your target market?
Yes No
5. Do you know how many competitors you have?
Yes No
6. Can you estimate your sales for your first year in business?
Yes No
7. Can you estimate your business expenses for your first year in business?
Yes No
8. Do you know how many employees you will need?
Yes No
9. Have you considered how you will promote your business?
Yes No
10. Do you have a business plan?
Yes No

About Financing Your Business

1. Do you know how much money you will need to start your business?
Yes No
2. Can you provide at least 20-30% of that amount (equity injection)?
Yes No
3. Do you know what you will purchase? (Inventory, equipment, etc.)
Yes No
4. Do you know how much money you will need to stay in business?
Yes No
5. Do you have a recent (within the past 90 days) copy of your credit report and FICO scores from each of the three credit bureaus?
Yes No