Take advantage of your skills and experience to start your own business. A Preliminary Business Selection Checklist allows you to rate your interests and compare them to various business possibilities. Once you’ve completed it, you should be well on your way to choosing the business that’s right for you and move on to the “Preliminary Feasibility & Breakeven Analysis”
Choose the business that’s right for you, follow the four simple steps below with this rating system: (0)-none, (1)-below average, (2)-average, and (3)-above average.
1. Business Ideas – List all the business ideas you’re considering.
2. Self Assessment:
A. Your knowledge (Theory) – How much do you know about the area?
B. Your experience (Application) – To what extent is hands-on experience crucial to the business?
C. Your skills – How difficult will it be to acquire them?
D. Ease of entry in term of costs- How is your capital?
E. Ease of Entry in term of competitive barriers – Is the field crowded, very difficult to enter?
F. Uniqueness – What are the some ways to distinguish your product or service from others who are already in business?
G. Your Resources – How difficult will it be to access to your advisers?
3. Your ideal business – Add all the points from step 2A thru. 2G. Your ideal business is the one that has the highest total points.
4. Preliminary Feasibility & Breakeven Analysis – You need to prepare a business plan, which is a major undertaking. Before investing in a full business plan, click here to use our Preliminary Feasibility and Breakeven Analysis.
