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Do you have a great idea and wonder what it takes to turn it into a business? Do you think you have what it takes to be an entrepreneur? Are you committed to starting a business and just do not know where to start? While no tool can accurately predict your success as an entrepreneur, they can be quite valuable in helping you understand the strengths and weaknesses you bring into a new business, particularly if this is your first time.
The following series of questions adapted from the Northeast Ohio Incubator Collaborative should give you an idea of the minimum level of effort required.
1. Have you developed a detailed Business Plan that includes financial projections? Yes No
2. Do you plan to launch a new business within the next year? Yes No
3. Have you registered your business with the state or filed an Assumed Name Certificate with the County Clerk? Yes No
4. Do you have a Federal Tax ID Number? Yes No
5. Are you free to start a company without violating any agreements you may have signed with your current or previous employer? Yes No
6. Do you understand the risks that come with entrepreneurship? Yes No
7. Have you identified and secured necessary licenses, liability insurance or any other required registrations? Yes No
8. Do you have the full support of your family? Yes No
9. Are you aware that receiving capital from friends or family can potentially cause problems down the road? Yes No
10. Do you have access to the necessary capital to start and maintain your business for at least one full year? Yes No
If you answered yes to three or less questions, you may want to spend more time evaluating your business plan, developing a checklist, and working towards being able to answer yes to six or more questions. If you answered yes to four to six questions, you are well on your way. Keep in mind critical areas such as family support, employment agreements, and capital requirements, and work towards answering yes to all ten questions.
If you answered yes to seven or more questions, you are ready to truly dig in and focus on getting your business off the ground. Keep in mind you will have a considerable amount of work beyond the areas discussed in this questionnaire.
You may want to apply for the WTIN FASTTRAC® Entrepreneur Training Program which provides instruction in all the major components of starting and successfully growing your business. To find out more about available class times, please visit our microsite at: http://wtin.affiliate.fasttrac.org
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