Entrepreneur Quiz

Dr. Mohamed Riyazh KhanDoMS

Entrepreneur Assessment Quiz

1.Can you start a project and see it through to completion in spite of a myriad of obstacles?2.Can you make a decision on a matter and then stick to the decision even when challenged?3.Do you like to be in charge and be responsible?4.Do other people you deal with respect and trust you?5.Are you in good physical health?6.Are you willing to work long hours with little immediate compensation?7.Do you like meeting and dealing with people?8.Can you communicate effectively and persuade people to go long with your dreams?9.Do others easily understand your concepts and ideas?10.Have you had extensive experience in the type of business you wish to start?

11.Do you know the mechanics and forms of running a business (tax records, payroll records, income statements, balance sheets)

12.Is there a need in your geographic area for the product or service you are intending to market?

13.Do you have skills in marketing or finance?14.Are other firms in your industrial classification doing well in your

geographic area?15.Do you have a location in mind for your business?16.Do you have enough financial backing for the first year of operation?17.Do you have enough money to fund the startup of your business or

have access to it through family or friends?18.Do you know the suppliers necessary for your business to succeed?19.Do you know individuals who have the talents and expertise you

lack?20.Do you really want to start this business more than anything else?

The Entrepreneurial ProcessThe process through which a new venture is created

by an entrepreneur1.Identify and evaluate the opportunity2.Develop the Business Plan3.Resources required4.Manage the enterprise

Identify and evaluate the opportunity

Creation and length of opportunityReal and perceived value of opportunityRisk and returns of opportunityOpportunity versus personal skills and goalsCompetitive situation

Opportunity AnalysisWhat market need does it fulfill?What personal observation have you experienced or

recorded with regard to that market need?What social condition underlies this market need?What market research data can be marshaled to describe

this market need?What patents might be available to fulfill this need?What competition exists in the market? How do describe

the behavior of this competition?What does the international market look like?What does the international competition look like?Where is the money to be made in this activity?

Develop the Business Plan

Title PageTable of ContentsExecutive summary1.0 Description of Business2.0 Description of Industry3.0 Marketing Plan4.0 Financial Plan5.0 Production Plan6.0 Organization Plan7.0 Operational Plan8.0 Summary

Resources required

Existing resources of EntrepreneurResource gaps and available suppliesAccess to needed resources

Manage the Enterprise

Management StyleKey variables for successIdentification of problems and potential

problemsImplementation of control systems