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5 Step Venture eMentoring Program™

Session 1: Self-Assessment

Module 1d: Common Mistakes Leading to Business Failure

Instructions: It may be surprising to learn that businesses in totally different industries, of totally different sizes, and with totally different resource capacities fail for some of the same reasons. Below is a list of some of the more common pitfalls. Review this list and talk it over with someone else - your partner, mentor or counselor. Using this as a basis for discussion can often uncover other issues affecting the business development process. Read this list carefully, complete the form, and be as honest with yourself as possible when checking off which level of response you can best identify with. By adding up the numbers you have checked, you can rate yourself.

1. Not able to develop a sound business plan

Can Avoid Concerned About Donít Understand

2. Not able to attract and retain customers

Can Avoid Concerned About Donít Understand

3. Not able to develop marketing niches

Can Avoid Concerned About Donít Understand

4. Not able to maintain self-sufficient cash flow

Can Avoid Concerned About Donít Understand

5. Not able to control costs

Can Avoid Concerned About Donít Understand

6. Not able to identify problems early-on

Can Avoid Concerned About Donít Understand

7. Not able to select appropriate resource people and staff

Can Avoid Concerned About Donít Understand

8. Not able to forecast growth cycle of new products/services

Can Avoid Concerned About Donít Understand

9. Not able to innovate

Can Avoid Concerned About Donít Understand

10. Not able to monitor and respond to trends

Can Avoid Concerned About Donít Understand

11. Not able to use technology

Can Avoid Concerned About Donít Understand

12. Not able to adjust to changing markets and competition

Can Avoid Concerned About Donít Understand

13. Not able to use the Internet

Can Avoid Concerned About Donít Understand

14. Not able to maintain control

Can Avoid Concerned About Donít Understand

15. Not able to work-through family problems

Can Avoid Concerned About Donít Understand

16. Not able to manage inventory

Can Avoid Concerned About Donít Understand

17. Not able to generate new and retain existing customers

Can Avoid Concerned About Donít Understand

18. Not able to deal with impending litigation

Can Avoid Concerned About Donít Understand

19. Not able to obtain needed financial resources

Can Avoid Concerned About Donít Understand

20. Not able to file IRS documents

Can Avoid Concerned About Donít Understand

21. Not able to keep good records

Can Avoid Concerned About Donít Understand

22. Not able to communicate internally

Can Avoid Concerned About Donít Understand

INTERPRETATION
Score of 45-66: Well Prepared
Score of 23-44: Be Concerned
Score of 0-22: Need To Learn More

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