Session 1
ENTREPRENEURSHIP: STARTUP AND GROWTH
Entrepreneurial Traits Worksheet
You don’t have to come from a specific background to launch or grow a successful business. You can be a man or a woman of any race, a college graduate or a high-school dropout, a teen or a retiree. But successful business owners do share a few important traits.
Completing the worksheet on the following page will show you which of these traits you already have, and which ones you need to learn and practice. Read each statement carefully, and enter a score in the right-hand column based on how well the statement agrees with your feelings. Use a scale of 1 to 4:
1 = strongly disagree
2 = disagree
3 = agree
4 = strongly agree
When you finish, add up your points. A score of 25 to 62 points may mean that starting or growing a business is not the best choice for you at this time. On the other hand, a midrange score may simply mean that you haven’t had a chance to develop the skills you need. With a little training, or by partnering with more experienced people, you can easily overcome this problem.
If you scored between 63 and 100 points, you are well on your way to having the skills you need to run a successful business. That said, lasting business success requires an ability to discover and overcome weaknesses. Therefore, you should try to improve any skills for which you scored below 3.
Entrepreneurial Traits Worksheet
Statement | Score
I enjoy competition in work and play.
I often set goals for myself and meet them.
I’m good at motivating myself. Nobody has to get me going.
I like being responsible for myself and making my own decisions.
I enjoy seeking out new challenges.
I’m comfortable taking risks.
In group situations, I often take a leadership role.
I welcome opportunities to adapt, improve and grow.
I’m not the type to put things off when they need doing.
I have an open mind. I consistently challenge my own thinking.
I inspire enthusiasm and commitment in other people.
I’m a naturally curious person who enjoys learning new things.
I believe I have something valuable to offer the world.
I wake up early, feeling alert.
I know how to cope with uncertainty and stress.
I don’t get discouraged easily. Challenges motivate me to try harder.
I can accept and learn from constructive criticism.
I often identify new skills I need and work at acquiring them.
When things start going wrong, I usually find a way to make them right.
I’m willing to work hard to achieve goals that mean a lot to me.
Where other people see threats, I see opportunities.
I have a strong sense of personal ethics.
I can make up my mind in a hurry if I have to. These decisions usually turn out well.
People tell me I’m a good communicator.
I believe in being fair, so I aim for win-win situations whenever I can.
TOTAL
Business Skills Worksheet
Entrepreneurs have limited time and resources, so they must focus on the things they do best. It’s important to know which skills you have now, and which skills you’ll have to learn or find in partners, employees, advisors or mentors.
Read the statements on the next page, scoring yourself on a scale of 1 to 4.
1 = strongly disagree
2 = disagree
3 = agree
4 = strongly agree
If you score between 25 and 62 points, you may wish to find a continuing education program that offers accounting, financial management or marketing classes. Talking with experienced businesspeople is another great way to get real-life knowledge about business skills. Seek out people who work in your targeted field and ask them which skills they feel were crucial to their success. No matter what your total score was, we recommend taking steps to improve any skills for which you scored below 3.
If you score between 63 and 100 points, you already possess strong business knowledge. However, you still need to keep your skills up to date and prepare yourself to learn new ones throughout your business career.
Business Skills Worksheet
Statement | Score
I keep track of my personal finances and balance my checkbook every week.
I create monthly and yearly budgets for myself and follow them.
I know what I spent on medical costs and living expenses last month.
I never overdraw my bank account or bounce checks.
Even if I don’t prepare my tax return myself, I understand the basic concepts.
I know how to borrow money from a bank.
I have a good credit rating.
I use a computer to manage my business and personal finances.
I’ve worked as a manager or supervisor.
I’ve worked in a business that’s very similar to the one I want to launch or expand.
I make a point of keeping up with business and economic news.
My financial and accounting records are detailed and organized.
When I negotiate with a friend or salesperson, we’re both usually happy with the outcome.
I’ve managed employees or coworkers by setting goals and assessing performance.
I’m detail-oriented and organized.
I’m good at prioritizing tasks.
I’m good at structuring my workday.
I work equally well as a leader or a team member.
I’m comfortable meeting new people and speaking in front of groups.
I usually have no problem juggling several tasks at once.
I’m a good listener.
I’m familiar with most common business terms.
I can write clearly, speak clearly and spell words correctly.
I’m good at math.
I make a point of meeting deadlines and keeping promises.
TOTAL
Personal and Family Considerations Worksheet
Assessing lifestyle preferences means measuring what you value as a human being. Take a careful look at your motivations and priorities to ensure that your work and personal life are compatible.
Read the statements on the next page, and score yourself as you did in the previous assessments.
1 = strongly disagree
2 = disagree
3 = agree
4 = strongly agree
Are you flexible enough to take on the challenges and uncertainties of a new business opportunity? If you score below 62 points, financial, family, community or other personal responsibilities may be a source of conflict. By looking at the statements for which you scored a 1 or 2, you may be able to draw some conclusions about how time, money, family, health and other issues will affect your ideal lifestyle.
Remember: Running a business doesn’t just affect your life. It also affects your family. If they don’t share your perception of risks and rewards, you could face serious personal conflicts. That’s why you should always look for conflicts between your answers and your family’s answers. If you’re prepared to lose your savings, but your family isn’t, you have a problem!
If you score between 63 and 100 points, you’re probably in a good position to take advantage of your business opportunity. But as always, you should look carefully at scores below 3 and take steps to reduce or avoid family and lifestyle conflicts.
Personal and Family Considerations Worksheet
Statement | Score
Running my own business is a very important personal goal.
My family strongly supports my personal goal of running a business.
I can support myself without taking any money out of my business for one year.
I can manage household finances and other responsibilities while running my business.
I’m willing to go into debt to finance my business.
My family is willing to go into debt to finance my business.
I’m willing and able to get by on less money while launching my business idea.
My family is willing and able to get by on less money while I launch my business idea.
I’m prepared to deal with new financial and emotional stresses.
My family is prepared to deal with new financial and emotional stresses.
I’m OK with working 50+ hours a week, including weekends and holidays.
My family is OK with me working 50+ hours a week, including weekends and holidays.
I’m prepared to lose personal savings if my business idea fails.
My family is prepared to lose personal savings if my business idea fails.
I can handle uncertainty and stress without getting sick or losing sleep.
My family can handle uncertainty and stress without getting sick or losing sleep.
No matter how hectic things get, I always make time for friends and family.
My family is willing to pitch in to help my business succeed.
I have a fallback plan in case my business fails.
My health is generally good. I don’t get sick very often.
I have enough time and stamina to run a successful business.
My friends and family would describe me as a high-energy person.
I have a strong support network I can turn to for help and good advice.
I know where to get any extra business training I need.
I’m willing to give up hobbies and activities I currently enjoy, if I have to.
TOTAL
Personal and Business Goals Worksheet
Step 1	Think of five things you want to accomplish personally in the next five years. List them on the lines below, then rank them in order of importance, with 1 being the most important and 5 being the least important.
Things I want to accomplish in the next five years | Priority
Step 2	Now that you’ve looked at your personal goals, list five reasons why you want to take advantage of this business opportunity. Again, rank each reason in order of importance.
Why I want to take advantage of this business opportunity | Priority
Step 3	Look at the personal and business goals you identified. Do they fit together, or do they conflict? If there’s a conflict, what steps can you take to resolve it?
Personal Assessment Worksheet
1.	What experience do you have in your business or industry?
2.	What technical skills or knowledge do you have that will help you run your business (e.g., computer, marketing or design skills)?
3.	How has your educational and professional background prepared you to succeed in this business venture?
4.   What relevant training, qualifications, awards and accomplishments can you cite?
5 .	Do you have any advisors who can help you with your business (e.g., a mentor, fellow business owner, accountant or marketing professional)? If not, what is your plan for developing a team of advisors?
6.	In which of the following areas will you need help? Do any family members or close friends have these skills? Would they be willing to help you?
q Accounting | q Legal compliance
q Bookkeeping | q Computers and technology
q Financial management | q Website design and maintenance
q Customer management | q E-commerce
q Employee management | q Negotiation
q Market research | q Safety and risk management
q Marketing | q Writing and editing
q Direct sales | q Graphic design
Personal Financial Statement Worksheet
A personal financial statement is a snapshot of your current financial status. Complete the following worksheet to the best of your ability. You will need to update this worksheet as your financial situation changes, so make copies of it or use a pencil.
Name: | Date:
CURRENT ASSETS | CURRENT LIABILITIES
Cash on hand (in checking accounts) | Current personal and household bills
Cash (in savings accounts) | Credit and charge cards (specify):
Certificates of deposit
Notes and accounts receivable
Marketable securities (stocks, bonds) | Installment loans (short-term)
Life insurance (cash value) | Short-term notes and accounts payable
Other current assets (specify): | Taxes due
| Loan payments due this year
| Other current liabilities (specify):
Total Current Assets | Total Current Liabilities
NONCURRENT ASSETS | NONCURRENT LIABILITIES
Real estate (market value) | Real estate debts and mortgages
Vehicles (market value) | Other noncurrent liabilities (specify):
Individual retirement plans, etc.
Major household items
Other personal property
Other assets (specify):
Total Noncurrent Assets | Total Noncurrent Liabilities
(A) Total Assets (current + noncurrent) | (B) Total Liabilities (current + noncurrent)
Assets (A) - Liabilities (B) = Net Worth
Business Opportunity Worksheet
This worksheet will help you ask yourself some tough questions about your business idea.
Most people have one business idea they want to explore. If you have more than one idea, this worksheet can help you decide which idea is best for you. If the first idea you choose doesn’t make sense after you do some research, make additional copies of this worksheet and try other ideas.
For each business opportunity, read the following statements and rate your idea on a scale of 1 to 4.
1 = strongly disagree
2 = disagree
3 = agree
4 = strongly agree
Business idea: ________________________________________________ |  | Score
My product is unique.
There is an unmet need or ongoing demand for my product.
This market is relatively easy to enter.
I don’t have many current competitors in this business.
I’m passionate about this idea.
I have most of the skills I need for this opportunity.
I have experience in this business or one just like it.
I have enough time and money to start this business.
I can run this business by myself if I have to.
I have a mentor or advisor with experience in this business.
| Total
If you score above 25 points, this may indicate a good business opportunity. If you score 20 points or less, you may be better off choosing a different idea. If you don’t have enough information to answer a specific question, this indicates an area for further research.
Business Opportunity Worksheet—continued
1.	What’s your business idea? Is it a manufacturing, retail or service business?
2.	What are the three main reasons you chose this idea?
3.	What practical skills, knowledge and resources can you bring to your idea to help it succeed?
4.	Do you have a name for your business yet? If so, write it here (or list some possibilities).
Business Differentiation Worksheet
Your business niche is what makes your business different from others like it. Basically, it’s the thing you offer your target customers that your competitors don’t.
List specific features of your business idea. Put a checkmark in the second column if you’re assuming this feature is a differentiator. Put a checkmark in the third and fourth columns if potential customers have actually told you that you offer something unique or desirable.
It’s very important to get feedback from potential customers at this stage. What do they want? What are they not getting from your competitors? Will you be able to meet their needs at a price they can afford? This step is often overlooked by first-time entrepreneurs who assume that they already know their customers. Don’t make this mistake! Take the time to talk to potential buyers.
Business feature | I think it’s unique | Others say it’s unique | People say they’d buy it
Bracelets made from old typewriter keys | 4 | 4 | Yes
Customer Profile Worksheet
Your primary customers are the people who are most likely to buy from your business. Your secondary customers are less likely to buy, but they are still within your target market.
For example, a childcare center’s primary customer might be working parents with children ages 1 to 4 years old, who live within two miles of the center. Its secondary customer might be parents who work at a large factory three miles away. Because they’re farther away, they’re less likely to use this center. But they’re more likely to use it than people who live or work eight miles away.
Write your current assumptions about your primary and secondary customers in the space provided. In upcoming sessions, your research will show how accurate your estimates are.
If you’re having trouble being specific, try this: Pretend you only have $100 to spend on attracting new customers to your business, and you want to make sure that spending it will result in a sale. Who would you want to attract with this limited amount of promotional money?
| Current Assumptions
Customer Characteristics | Primary Customers | Secondary Customers
Gender (male or female)
Average age, or age range
Income level
Education level
Residence location
Employment/job location
Worker type (professional, hourly, etc.)
Marital status (married or single)
With or without children
Renter or home owner
Lifestyle/interests (sports, arts, pets, etc.)
Level of familiarity with your service
Beliefs/opinions that affect your business
Other:
If selling to other businesses:
Type of business (what industry?)
Annual sales
Number of employees
Location
Other:
After you identify your customers, you need to find out if there are enough of them to support your business. U.S. Census Bureau data can give you a good idea of how many potential customers live in your area.
You also need to decide what percentage of these customers are likely to buy. (Remember: Not all of your target customers will buy your product!)
You’ll be researching these and other questions about your target market in upcoming sessions. For now, your goal is simply to come up with a rough estimate that you can refine and improve later on.
Use the information on the previous worksheet to write a profile of your ideal customer. Here’s an example:
My ideal customer is a woman in her late teens to early 30s. She lives in a city or a smaller college town and has at least some college education. She makes $30,000 to $50,000 per year and spends about $300 per year on beauty and grooming products. Of that, about $75 is soap and shampoo. She prefers organic, nontoxic products in recycled packaging. She usually buys online to save money, but she’ll pay a higher price for unique products from a local street fair or farmers’ market.
Action Plan Worksheet
Now, list the actions you will take to address the weaknesses you identified in the previous worksheets. Do you need to get a little more business experience? Will you take classes to brush up on an old skill or master a new one? Whatever you need to do, list it here, research the costs and set a realistic deadline for completion. We recommend that you make extra copies of this page, so that you can easily set and schedule any goals that arise as you work through this book.
Goal:
Start Date: | Deadline: | Estimated Cost:
Notes:
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Worksheets Assignment for Session 2
Although there are a lot of worksheets in this session, most of them should be fairly easy to complete. The Action Plan Worksheet should be filled in gradually as you identify weaknesses to address and problems to solve. Making multiple copies of the Action Plan Worksheet, and using it to keep track of the steps you must take to prepare your business plan, will help you to stay organized.
Writing Your Business Plan
Use the information from this session to write the sections of the NxLeveL® Business Plan shown below. Start with the headings and subheadings just as they are shown here. Then, follow the instructions in italics under each subheading. Section III. Business Organization and Operations A. Business Structure, Management and Personnel Personal Background Information Based on your answers to Questions 1 through 6 of the Personal Assessment Worksheet, write a paragraph or two describing your skills, qualifications and experience in your business and industry. Discuss your weaknesses as well as your strengths, and explain how you plan to overcome them. Section V. Financial Plan D. Financial Statements Personal Financial Statement Review the Personal Financial Statement Worksheet. Write a paragraph describing what you can bring to your business financially, and state the amount of income you require from your business to cover your personal expenses.