Evaluate a Business Concept Against My Personal Vision

Name:

NewVenture Action Step 1.3

Evaluate a Business Concept Against My Personal Vision

Decide if this business concept has the potential to fulfill my personal vision.

Directions

A.Review your personal vision. Take a minute to review the personal vision you created in Action Step 1.1. Make any changes you feel are necessary to adequately define what success means to you.

B.Identify non-negotiable criteria. Read the criteria in the first column of the charts below. If a criterion is non-negotiable for you, type an X in the criterion statement box. For example, maybe the number of hours you are willing to work per week is critical. An X in the box indicates that this criterion cannot be compromised.

C.Rate how well the business concept matches your personal vision. Look closely at the five options across the chart that describe potential responses to each criterion. Bold the criterion, 1 to 5, that most closely represents your response to that criterion. Be honest!

Personal Criteria / 1.Does not meet my personal goal. / 2.Somewhat meets my personal goal. / 3.Might meet
my personal goal. / 4.Meets my personal goal very well. / 5.Meets my personal goal perfectly.
a.Aspects of owning and operating my own business appeal to me. / 1.I am unsure about whether this is a good idea for me. It might not be. / 2.I’ve considered this and believe it might be right for me. / 3.The good aspects of owning a business clearly outweigh the negative ones. / 4.I’m fairly sure that owning a business is what I would like. / 5.I’ve wanted to own my own business since I was a child.
b.The number of hours per week I will need to work in the business is acceptable. / 1.I don’t know how I will find the time for this business, given my other commitments. / 2.I will need to manage my time better if this is going to be successful. / 3.I’m not sure how many hours I will need to work, but I think this will work out. / 4.I am fairly confident that the number of hours I will need to work will be acceptable. / 5.I will work the number of hours that are needed to succeed.
c.The degree of flexibility of my work hours suits me. / 1.I see potential conflicts with the daily routine of this business. / 2.I am concerned this schedule may not be right for me. / 3.I think the work schedule will be okay. / 4.The schedule required for this business will be good for me. / 5.I have always dreamed of this type of schedule.
d.I will be able to operate in a location that works well for me. / 1.This is a terrible location. / 2.The location is not the best. / 3.I think this location will work for me. / 4.This location should work well. / 5.I couldn’t ask for a better location.

Personal Criteria / 1.Does not meet my personal goal. / 2.Somewhat meets my personal goal. / 3.Might meet
my personal goal. / 4.Meets my personal goal very well. / 5.Meets my personal goal perfectly.
e.The amount of business travel required matches my desired level of travel. / 1.This is way too much/little travel for me. / 2.This is probably not the best level of travel for me. / 3.The amount of travel is okay. / 4.I think I’m looking forward to traveling this much/little. / 5.This is my travel dream. Just the right amount.
f.This type of business is in keeping with my morals, beliefs, and standards. / 1.I will be embarrassed for people to know I’m doing this. / 2.I may have to change my standards for this business to work. / 3.I’m not certain how in line with my beliefs this business is. / 4.This business is pretty much in line with my morals, beliefs, and standards. / 5.This business is in perfect sync with my morals, beliefs, and standards.
g.The physical requirements of the business are within my capability. / 1.I don’t believe I have the physical strength or stamina for this work. / 2.I can probably handle the physical requirements for a little while. / 3.I think I have the physical capability this business requires. / 4.I am very sure I can handle the physical requirements. / 5.The physical requirements of the business appeal to me. I can’t wait to start.
h.The level of support I will receive from my family is satisfactory. / 1.My family thinks I’ve lost my mind. / 2.My family may come around eventually. / 3.My family will probably support me after I get going. / 4.My family is always supportive so they will be now also. / 5.My family is super supportive and can’t wait to help me out.

Professional Criteria / 1.Does not meet my professional goal. / 2.Somewhat meets my professional goal. / 3.Might meet
my professional goal. / 4.Meets my professional goal very well. / 5.Meets my professional goal perfectly.
i.The business will provide me with a level of status and power that I will value. / 1.I will probably keep this business a secret. The fewer who know the better. / 2.I will probably become accustomed to the step down in status and power. / 3.I’m not sure if this provides me any status and/or power. / 4.I think I will appreciate the status and power my new business will give me. / 5.I have dreamed about this level
of status and power. Now I will have it.
j.The amount of time I will need to be involved in daily operations suits me. / 1.I never dreamed I’d have to do anything in daily operations. / 2.I’m not going to like spending the time needed in daily operations, but I can stand it. / 3.I’m not sure how much time I’m going to spend. It might be OK. / 4.My time in daily operations will suit me to some extent. / 5.The amount of time I will need to be involved in daily operations suits me perfectly.
k.My skills and abilities match those needed to make the business successful. / 1.I don’t have any skills or ability for this business. / 2.I can probably improve my skills to make this business work. / 3.My skills and abilities are largely untested. / 4.This business is a pretty good match for what I do well. / 5.My skills and abilities perfectly match those needed to make the business successful.
l.I will have a sense of job security in my business. / 1.I will worry about the lack of job security in my business. / 2.I will have minor concerns about job security in my business. / 3.I’m not certain how secure I will feel about job security. / 4.I will have no worries about job security in my business. / 5.I will have a strong sense of job security in my business.
m.I believe that the business will help me reach my long-term goals. / 1.I see little connection between this business and my long-term goals. / 2.This business may be a little useful in helping me reach my long-term goals. / 3.I’m not certain if this business will help me reach my long-term goals. / 4.I believe that the business will be somewhat helpful in reaching my long-term goals. / 5.I believe that the business will help me tremendously in reaching my long-term goals.

Professional Criteria / 1.Does not meet my professional goal. / 2.Somewhat meets my professional goal. / 3.Might meet
my professional goal. / 4.Meets my professional goal very well. / 5.Meets my professional goal perfectly.
n.The business matches my desire to own a certain type of business, for example, lifestyle or growth. / 1.This type of business does not suit me at all. / 2.This business is marginally close to the type I would like to have. / 3.I don’t really know what type of business I would like. / 4.This business is very close to the type I would like. / 5.The business perfectly matches my desire to own a certain type of business.

D.Evaluate how well the business concept matches your personal vision. Pay close attention to whether or not those items you marked with a check as non-negotiable received high scores. If not, is there any way the business concept can be altered to improve its ability to meet your criteria? If such adjustments cannot be made, should you continue to pursue this business concept or search for another? Summarize your results below: