Worksheet 1.2 - Business Skills

Worksheet 1.2 - Business Skills

Rank each of the following business skills based on your previous work experience, studies and general knowledge of the field.

1=Little or no knowledge

2=Some knowledge but would need help

3=Average knowledge but still may need some help from others

4=Good knowledge, could help others

5=Expert knowledge, could help and teach others

Ranking

Business Skill12345

Identifying opportunities12345

Formulating ideas12345

Goal setting 12345

Developing the Business Plan12345

Obtaining technical assistance12345

Selecting the type of ownership12345

Planning the marketing strategy12345

Locating the business12345

Financing the business12345

Dealing with legal issues12345

Managing human resources12345

Promoting the business12345

Managing sales efforts12345

Problem solving12345

Total Score:______

Add the number in each row for your total score: __

See the next page for how to score your business skills assessment.

Scoring the business skills assessment:

Add your score for each column. For example, if your have circled 5 in the 1's column, your score for column 1 is 5 x 1 = 5. If you have circled 3 in the number 5 column, your total score for column 5 is 3 x 5 = 15.

After totalling each column, add the column totals to obtain your total score.

Interpreting the business skills assessment:

If your total score totals less than 30:

You will need a lot of professional help and assistance to operate your business. Unless you have the funds to purchase consulting expertise and hire the right employees to compensate for weaknesses, operating an independent business may not be the best option for you. Perhaps a franchise or buying an established business may be an option.

If your total score is between 31 and 54:

You likely have the necessary skills to operate an independent business. However, you should review the categories where you ranked yourself less than 3. These categories may cause problems for you. You should plan to compensate for these weaknesses by taking courses or reading books on these topics to improve your knowledge and skills. Another option is to hire professional advisors to cover these weaker areas or hire employees with knowledge and skills in these areas.

If your total score is more than 55:

You are likely a very skilled business person with expertise and skills in many areas of operating a business. However, you should review the categories where you ranked yourself less than 3. These categories may cause problems for you. You should plan to compensate for these weaknesses by taking courses or reading books on these topics to improve your knowledge and skills. Another option is to hire professional advisors to cover these weaker areas or hire employees with knowledge and skills in these areas.

Complete the next exercise to identify your weaknesses and strengths and develop an action to develop your business skills