Entrepreneur Quiz Dr. Mohamed Riyazh Khan DoMS

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 Process The process through which a new venture is created by an entrepreneur 1.Identify and evaluate the opportunity 2.Develop the Business Plan 3.Resources required 4.Manage the enterprise

Identify and evaluate the opportunity Creation and length of opportunity Real and perceived value of opportunity Risk and returns of opportunity Opportunity versus personal skills and goals Competitive situation

Opportunity Analysis What 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 Page Table of Contents Executive summary 1.0 Description of Business 2.0 Description of Industry 3.0 Marketing Plan 4.0 Financial Plan 5.0 Production Plan 6.0 Organization Plan 7.0 Operational Plan 8.0 Summary

Resources required Existing resources of Entrepreneur Resource gaps and available supplies Access to needed resources

Manage the Enterprise Management Style Key variables for success Identification of problems and potential problems Implementation of control systems