Business Idea Tell us about the business you intend to start, grow, or purchase. Why have you chosen this business? Where are you in the process of starting, growing, or purchasing your business? Still just an idea Already registered business Already invested own money or have a loan to start the business Already have customer/sales Current or projected start-up or purchase date? What Is your vision (desired long-term outcome) for this business? How do you define its success? Individual Traits for Entrepreneurs Why do you think you will succeed in starting or growing this business? Why do you like (or think you will like) being an entrepreneur? What aspects of your personality help or will help you succeed in the business? On a scale of 1 to 5 (5=highest), how would you rank yourself on the following? 1 2 3 4 5 Confidence and optimism in your ability to overcome obstacles 1 2 3 4 5 Ability to function in an uncertain environment 1 2 3 4 5 Experience and/or effectiveness as a sales person 1 2 3 4 5 Know when to ask for help 1 2 3 4 5 Willingness to do whatever it takes to be successful 1 2 3 4 5 Strong support from family and friends Experience/Knowledge How many years of experience do you have working in this industry? In what capacity? How many years of experience do ou have as an entrepreneur/business owner? Describe your prior management experience, if any. List other key skills you have that would help you in this business. Goals What are your goals for this business?
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Financial resources How much total cash do you estimate you will need to start, grow, or purchase this business? How much of your own money do you plan to invest in your business? How much money will you need to borrow and where do you plan to get it? In the next (or first) year of operation, how much money will you need from the business for personal or family expenses? Preparation/Planning/Research What kind of research have you already done on this type of business, industry, product or service? What conclusions have you drawn from your research? Describe your customers in terms of demographics (age, income, education, etc), geographics (location) and psychographics (lifestyle characteristics)? Have you researched the market potential for this business? Where did you get your information? What did you learn? How do you plan to reach and motivate your potential customers to buy from you? Do you know who your competitors are? List the top five. Do you have a business plan written yet? List your timelines for the developing and growing business.