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5 Step Venture eMentoring Program™

Session 4: Business Proposal

Module 4b: Reasons to start your own business
Why do you want to establish your own business operation rather than prepare for and/or find employment for wage or salary?

Starting and operating your own business, even if it is a part-time venture, is risky. You can not only waste your time engaged in an unprofitable operation, you can risk the resources you invest in the activity and may risk other assets as well. You will need to be able to write a convincing reply to this question. In Step 1, you compared yourself against listings of entrepreneurial aptitudes and characteristics, and looked at lists of reasons why people fail in their own business. Now, go back and review your responses. Compare your score with the averages. Remember, if you scored above 120, you indicated a reasonable aptitude for having your own business. If you scored below 120, you should carefully re-evaluate your reasons and comparative skills. It may simply indicate that you would benefit from additional training. Discuss this with your counselor or mentor.

If you've completed Step 1: Self-Assessment during this session, the following fields will be populated with your scores. If you've completed Step 1 at another time, you should have an email record of the results. Otherwise, please go to Step 1 and complete the 5 exercises.

From Step 1: Worksheet Summary Your Score
10 Great Reasons To Be in Business for Yourself Please see Step 1a
10 Great Reasons Not To Be in Business for Yourself Please see Step 1b
Common Entrepreneurial Traits Please see Step 1c
Common Mistakes That Lead To Business Failure Please see Step 1d
Entrepreneurial Aptitude Assessment Index Please see Step 1e

Total Score: 0

If you scored above 245, you show a strong aptitude for entrepreneurship.

If you scored between 120 and 244, you have potential but may want to improve your skills in your weaker areas by seeking training or hiring someone with the needed skills.

If you scored between 110 and 119, you may not want to start a business alone. You may want to look for a business partner who can compliment you in the areas where you are weak. Keep in mind that having a partner can bring with it difficulties you may not want to experience as well. Make such a decision carefully and for the right reasons.

If you scored below 109, operating your own business may not be for you. You will probably be happier and more successful working for someone else. However, only you can make that decision.

It is important to keep in mind that there are no definitive answers. This exercise is a tool. It is interesting to use and offers deeper insight regarding your entrepreneurial skills and attitude. Keep this in perspective. The ultimate choice is yours.

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