Reitenbach-Kissinger Institute Business-Entrepreneurship Readiness Assessment
Becoming an entrepreneur is not for everyone. In business, there are no guarantees. There is simply no way to eliminate all of the risks. It takes a special person with a strong commitment and specific skills to be successful as an entrepreneur. Are you ready to start your own business?
Use the Readiness Assessment Guide to better understand how prepared you are.
Readiness Assessment Guide
This guide is designed to help you better understand your readiness for starting a small business. It is not a scientific assessment tool. Rather, it is a tool that will prompt you with questions and assist you in evaluating your skills, characteristics, and experience — as they relate to your readiness for starting a business. The Assessment Guide has twenty-five questions. You will evaluate your responses at completion of the assessment.
Scoring your answers!
Each “Yes” is worth 1 point. Add up your yes answers and use the rubric below as a guide to judge your entrepreneurial readiness.
You’re ready! Your answers suggest that you are well on your way to being an entrepreneur. You are ready to take the next step.
Your answers suggest that there is room to grow before you consider starting a business. Take sufficient time to plan and prepare for your success as an entrepreneur. Gaining more business experience and building your skills, before starting a business, will pay big dividends in the future.
It is time to re-evaluate. Your answers suggest that you may need some additional research and perhaps some one-on-one counseling before you start a small business. Take sufficient time to plan and prepare for your success as an entrepreneur. Gaining more business experience and building your skills, before starting a business, will pay big dividends in the future.
Starting a business is a challenging endeavor. Your answers suggest that you may need to invest some time to enhance some critical skills that will be needed as you consider starting a business. Follow your interests, build your skills, and continue to educate yourself. In the future, you may decide to re-evaluate your interest in entrepreneurship.
Let’s take the assessment! And remember, whatever your score, Reitenbach-Kissinger Institute is here to help.
Respondent Information: Please provide information.
Home Phone and/or Cell Phone:
Personal or Work Email
1. Do you think you are ready to start a business?
2. Do you have support for your business from family and friends?
3. Have you ever worked in a business similar to what you are starting?
4. Would people that know you say you are entrepreneurial?
5. Have you ever taken a small business course or seminar? Personal
6. Are you a leader?
7. Do you like to make your own decisions?
8. Do others turn to you for help in making decisions?
9. Do you enjoy competition?
10. Do you have will power and self-discipline?
11. Do you plan ahead?
12. Do you like people?
13. Do you get along with others?
14. Would people that know you say you are outgoing?
15. Are you aware that running your own business may require working more than 12 hours a day, six days a week and maybe Sundays and holidays?
16. Do you have the physical stamina to handle a “self-employed” workload and schedule?
17. Do you have the emotional strength to deal effectively with pressure?
18. Are you prepared, if needed, to temporarily lower your standard of living until your business is firmly established?
19. Are you prepared to lose a portion of your savings?
Skills and Experience.
20. Do you know what basic skills you will need in order to have a successful business?
21. Do you possess those skills?
22. Do you feel comfortable using a computer?
23. Have you ever worked in a managerial or supervisory capacity?
24. Do you think you can be comfortable hiring, disciplining, and delegating tasks to employees.
25. If you discover you do not have the basic skills needed for your business, will you be willing to delay your plans until you have acquired the necessary skills?
Check Yourself #1
Rank yourself on the following: supplement your areas of weakness with additional education, training, or outside assistance. “Yes” = 2 “Maybe” = 1 “No” =
0 1. I have previous business ownership experience: _______
2. I have previous business management experience: _______
3. I have college or advanced education or training in business: _______
4. I have specific industry experience as the basis for building my business: _______
5. I have identified one or more partners who have the expertise, experience, or education I am lacking: _______
6. I have identified one or more potential employees who have the expertise, experience, education I am lacking: _______
7. I am willing to seek additional education, training, or outside assistance: ____
Check Yourself #2
Are market conditions favorable for business success?
Rank yourself on the following: supplement the areas of weakness with additional investigation and research. “Yes” = 2 “Maybe” = 1 “No” = 0
1. I have determined one or more potential markets for my business: _______
2. I know who my potential customers are within each market: _______
3. I know why potential customers would be interested in my product or service: _______
4. I have matched the features and benefits of my products to my potential customers’ needs, wants and desires: _______
5. I have evaluated the competition and have identified reasons why someone would buy my product or service versus my competitors: _______
6. I have defined the geographic location for each market: _______
7. I have calculated a price point that makes my product or service competitive and provides an acceptable profit margin
Check Yourself #3
Do sufficient financial resources exist for business success?
Rank yourself on the following: supplement the areas of weakness with additional investigation, research, education, training, or outside assistance. “Yes” = 2 “Maybe” = 1 “No” = 0
1. I will continue working as I start my business: _______
2. I own my own home and am willing to use it to secure financing: _______
3. I have reviewed my credit report and know my credit score: _______
4. I have savings, investments, and other resources necessary to cover personal expenses for three months minimum: _______
5. I have savings, investments, etc. necessary to cover projected business expenses for three months minimum: _______
6. I have explored loans and other forms of financing and have been told that I pre-qualify: _______
7. I have outside investors who will provide cash and capital to support my business for three months minimum:
Rank yourself on the following: “Yes” = 2 “Maybe” = 1 “No” = 0
Are you a self-starter? ________
Do you get along well with other personalities? ________
Can you take responsibility? ________
Are you a good organizer? ________
Are you good at making decisions? ________
Can people trust you? ________
Can you stick with it? ________
Are you in good health? ________
Do you have the physical and emotional stamina to run a business? ________
Are you confident? ________
Are you self-disciplined? ________
Are you a good planner? ________
Are you flexible? ________
Do you possess computer skills? ________
Are you willing to work long hours? ________
Can you live with reduced personal income for a time? ________
Is your immediate family supportive? ________
Have you hired and fired people before? ________
Do you understand business financing and cash-flow management? ________
Are you aware of the record keeping requirements for a small business? ________
Can you prepare a detailed, credible business plan for the first three years?
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