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Evaluating Your Entrepreneurial Potential

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Evaluating Your Entrepreneurial Potential. About SCORE. A not-for-profit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide: Founded 1964 SBA is a resource partner Over 10,500 Volunteers 389 Staffed Chapters Each year: - PowerPoint PPT Presentation

Text of Evaluating Your Entrepreneurial Potential

PowerPoint PresentationFounded 1964
Over 10,500 Volunteers
389 Staffed Chapters
Over 1.0 million Free Counseling/Office Hours
Over 400,000 Services Provided (100,000 by Email)
National Web site – www.score.org
Don’t read the slide!!!
Describe what SCORE stands for – Service Corps of Retired Executives with the emphasis on SERVICE – for example – over 12,500 volunteers provide over 1.3 million counseling hours every YEAR!
www.seacoast.score.org Seacoast Chapter 185
Provides Email Business Counseling
Don’t read the slide!!!
Describe how we provide free counseling – one hour appointments at two locations. We are prepared to help over 2000 businesses every year.
www.seacoast.score.org Seacoast Chapter 185
Should I Be An Entrepreneur?
Is starting a business the best way to achieve my goals?
Will the demands of starting a business take time away from, rather than add to, the other commitments in my life?
Do I have the personal resources of money, time and talent to start and run my own business?
Do I have the physical and emotional stamina required?
Are my skills in this particular area balanced by general business know-how and management savvy?
How will my business affect the other aspects of my life?
www.seacoast.score.org Seacoast Chapter 185
Do family & friends approve of and support your decision?
Are you willing to work 12 to 16 hours a day, six days a week, even on holidays, to get your business off the ground?
www.seacoast.score.org Seacoast Chapter 185
Personal Considerations – cont’d.
Do you have the physical stamina to work these hours?
Are you prepared to lose your financial investment?
Will the business generate enough income to meet your financial goals?
www.seacoast.score.org Seacoast Chapter 185
Personal Considerations – cont’d.
Are you prepared to lower your standard of living for several months, or even years, until your business is a success?
Do you know which skills are critical to making your business succeed?
Do you possess these skills?
www.seacoast.score.org Seacoast Chapter 185
Personal Considerations – cont’d.
Does your business idea effectively utilize your personal strengths?
Can you find and afford personnel to provide the skills you lack?
Will your business fulfill your career goals?
Can you tolerate the loneliness of working alone while building your business?
www.seacoast.score.org Seacoast Chapter 185
Do you like competition?
Are you well organized?
www.seacoast.score.org Seacoast Chapter 185
Management Ability – cont’d.
Can you delegate responsibility?
www.seacoast.score.org Seacoast Chapter 185
Financial Considerations
Do I know how much of an investment it will take to get my business off the ground?
Can I support my personal obligations without an income for three months to a year, or longer, if necessary?
Do I have a good personal credit history?
Can I borrow money from friends or family?
www.seacoast.score.org Seacoast Chapter 185
Financial Considerations – cont’d.
Am I willing to assume debt to start my business?
Will my spouse support the acquisition of debt tied to our jointly held assets?
Am I willing to take on equity partners to fund the business start-up or growth?
www.seacoast.score.org Seacoast Chapter 185
Do I know the average rate of return on investment for a business of the type I am starting or for the type of growth I plan?
Is it sufficient to support my personal income goals?
Is it sufficient to support the goals of my investors?
Financial Considerations – cont’d.
www.seacoast.score.org Seacoast Chapter 185
www.seacoast.score.org Seacoast Chapter 185
of all new businesses are started by a sole entrepreneur
70%
Women
35%
65%
Men
25.4%
32.9%
24.9%
12.6%
4.2%
Under
30
30-39
40-49
50-59
60 &
over
Rainmaker – thrives on obtaining new business
Artist – passionate about creating the product
Maverick – takes business risks for the adventure
www.seacoast.score.org Seacoast Chapter 185
Grow to be a
Top 10 Reasons Businesses Fail
50% of all small businesses fail within the first four years, due to:
Procrastination
Portsmouth, NH 03801