Self-Evaluation Exercises

Here’s a question to ponder: Are you the right person for your business? Because running a business is a very demanding endeavor that can take most of your time and energy, your business probably will suffer if you’re unhappy. Your business can become an albatross around your neck if you don’t have the skills and temperament to run it. Simply put, I’ve learned that no business, whether or not it has sound financial backing, is likely to succeed unless you, as the prospective owner, make two decisions correctly:

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• You must honestly evaluate yourself to decide whether you possess the skills and personality needed to succeed in a small business.

• You must choose the right business.

A small business is a very personal endeavor. It will honestly reflect your opinions and attitudes, whether or not you design it that way. Think of it this way: The shadow your business casts will be your shadow. If you are sloppy, rude, or naively trusting, your business will mirror these attributes. If your personal characteristics are more positive than those, your business will be more positive, too. To put this concretely, suppose you go out for the Sunday paper and are met by a store clerk who is groggy from a hangover and badmouths his girlfriend in front of you. Chances are that next Sunday will find you at a different newsstand.

I’m not saying you need to be psychologically perfect to run a small business. But to succeed, you must ask people for their money every day and convince a substantial number of them to give it to you. While providing your goods or services, you will create intimate personal relationships with a number of people. It makes no difference whether you refer to people who give you money as clients, customers, patients, members, students, or disciples. It makes a great deal of difference to your chances of ultimate success if you understand that these people are exchanging their money for the conviction that you are giving them their money’s worth.

The following self-evaluation exercises will help you assess whether you have what it takes to successfully run a small business. Take out a blank sheet of paper or open a computer fi le.

How to Write a Business Plan:Your Legal Companion

“Nine to five ain’t takin’ me where I’m bound.” —Neil Diamond, from “Thank the Lord for the Nighttime” “You’ve got to be careful if you don’t know where you’re going because you might not get there.” —Yogi Berra A re you concerned about whether you can put together a first-rate business plan and loan application? Don’t worry. How to Write a Business Plan contains detailed forms and step-by-step instructions designed to help you prepare a well thought-out, well-organized plan. Coupled with your positive energy and will to succeed, you’ll be able to design a business plan and loan package that you will be proud to show to the loan officer at your bank, the Small Business Administration, or your Uncle Harry. After working with hundreds of business owners, I have observed an almost universal truth about business planning: Writing a plan is a journey through the mind of one person. Even in partnerships and corporations, usually, one person has the vision an...

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