Wednesday, May 7, 2008

Entrepreneurship Checklist

While many books and articles are written about leadership, entrepreneurship has been given short shrift. The following audit checklist is useful in finding basic qualities of entrepreneur.

Do not use force where skill is required.

  1. Are you well qualified to manage a small business successfully? Are you energetic? enthusiastic? willing to learn? willing to assume responsibility and make decisions? Do you get along well with other people? Can you motivate subordinates?

  2. Do you listen well? A manager can learn a great deal by listening to employees, customers, suppliers, competitors -- anyone exposed to the firm's operations.

  3. Do you monitor changes in the market that affect your business operation? Do you read relevant business and trade newspapers and periodicals? These publications offer valuable information to the typical small business owner.

  4. Do you belong to a trade association or other business organization? An owner can learn quite a bit by fraternizing with other business owners who encounter similar problems and opportunities.

  5. Do you attend seminars or classes designed for small business owners sponsored by local trade associations, colleges, or chambers of commerce? These classes often provide suggestions for improved managerial techniques and are usually quite inexpensive.

  6. Are you active in local clubs and organizations? Assuming an active role in the local community can be an effective way to create a positive business image and boost sales.

  7. Do you draw a reasonable salary as owner and manager of the business? Are you earning at least as much as you could earn working for someone else?

  8. Does the business generate a reasonable return on your investment? Do you earn as much from the business (over and above your salary) as you could earn by investing an equal amount in an investment of similar risk?

  9. Do you use any of the services the Small Business Administration and other government agencies offer? Publications, seminars, and consulting services can be valuable managerial aids.


Post a Comment