Are You Ready for Business?

By Mike McLoughlin,
Youth With A Mission, Marketplace Mission
Visit the Scruples Small Business Forum at www.scruples.net for more information.

Please Circle

Yes or No.

 Questions:
1. YES NO

Is the primary reason why you want to have a business because you want to make money?
2. YES NO

Do you know what type of business you want to start?
3. YES NO

Have you ever worked in a similar type of business?
4. YES NO

Have you ever been in a position in which your were responsible for other people?
5. YES NO

Have you ever started something new?
6. YES NO

Have you ever taken a course in business training?
7. YES NO

Do you have the support of your family for your plans to start a business?
8. YES NO

Do you know people who could help you to start your business?
9. YES NO

Do you have relatives who have operated their own small business?
10. YES NO

Do you feel comfortable taking a risk?
11. YES NO

Do you have some money saved to start a business?
12. YES NO

Do you know about how much money you need to start it?
13. YES NO

Do you have friends or family who will help you with the money you need to start a business?
14. YES NO

Have you done any research about the business you are planning to start?
15. YES NO

Do you know who your customers will be?
16. YES NO

Have you talked to your potential customers about your plans to start a business?
17. YES NO

Do you know about how much money you will need from your business to provide for yourself and your family?
18. YES NO

Do you know who are your potential competitors in the marketplace where you will conduct business?
19. YES NO

Do you know the potential location of your business?
20. YES NO

Do you know what legal obligations you will need to meet in the start up of your business?
21. YES NO

Have you ever misused money entrusted to you?
22. YES NO

Have you ever borrowed money that you did not pay back?
23. YES NO

Do you have a written business plan for the start up or expansion of your business?
24. YES NO

Have you shared your business plan with other people for their input and counsel?
25. YES NO

Do you know a potential business partner?

 

Instructions After Completing Questions:

1. Please do not read this list before you complete the questions on above page

2. Completing above Page questions.

3. Match your answers with the following recommendations.

4. Mark with a check ü the recommendations that match your answers.

5. In the box beside each recommendation make a list of several things you can do to implement the recommendation. e.g. "I need to talk to my family about going into business."

6. Make a list on a separate piece of paper of the priority items for you to do so that YOU ARE READY FOR BUSINESS!
Know the reasons why you want to start your business and discover why God wants you in business.

For Answer: 1. YES

  
Decide what type of business you want to do and do some research on similar businesses and what it takes to operate such a business. Consider further training.

For Answers: 2. NO; 3. NO; 4. NO; 5. NO; 6. NO

  
Share your business plan with others for their input, especially your family members who will be most effected by your decision.

For Answers: 7. NO; 8. NO; 9. NO;

 
Decide how much money you need from your business to meet your personal and family needs. Be sure you are comfortable risking this amount of money. Think about the best sources for raising that money that involves the least amount of risk.

Estimate what the costs of starting your business will be & research where you will find the money to start.

Work for a while and save some money towards the start up of your business.

For Answers: 10. NO; 11. NO; 12. NO; 13. NO; 17.

  
Find out who your customers will be and talk to them about your potential business idea. Ask them if they would buy from you. Ask them what the best location for your business would be for their convenience. Ask them whether or not they would switch from a competitor to you.

For Answers: 14. NO; 15. NO; 16. NO; 18. No; 19. No.

  
Do some research into what legal obligations you will have to meet in business.

For Answers: 20. NO

  
Employ someone who is good in accounting to help you to manage your business income.

For Answers: 21. YES; 22. YES.

  
Develop a written business plan for your business.

Share your business plan with your family and/or close friends to gather their input.

For Answers: 23. NO; 24. NO.

  
Consider working with a partner who has some experience in business.

For Answers: 25. NO. AND 3. NO

 

 

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For More Information or to make your suggestions for the Scruples Web Site please contact:
Mike McLoughlin, Director, Youth With A Mission, Marketplace Mission
A Ministry of Youth With A Mission, (BC)  Society
Phone: (250) 763-3367 | Fax: (250) 763-1260| E Mail: mm@scruples.net  
Mail:  Post Office Box 5150, Kelowna, B.C. Canada, V1Y 8T9
 
For More Information about Youth With A Mission please visit the YWAM international Home Page at www.ywam.org
 
International Copyright © 1997-2005 Michael C. R.   McLoughlin