Test your readiness to go into business by doing the following exercises. You should first read –Are you ready for entrepreneurship in Trinidad and Tobago Exercise one This considers whether you have the characteristics/qualities of an entrepreneur. The rating are as follows: Rate 5 excellent, 4 is very good, 3 is good, 2 can be improved and 1 poor. Be honest.
Assessment. Note your strong areas – these are your strengths, the areas in which you judge yourself to be needing improvement and poor are those areas you need to pay attention too. Don’t despair our life skills component seewww.supportbistt.com, is aimed at addressing your weak area and there are other sources of help available in Trinidad and Tobago.
Do a Business SWOT – (Strengths, Weakness, Opportunities, Threats) This should be done when you are considering a business idea and all aspects of the SWOT are affected by the nature of the business you are going into.
Make a plan to:
Build on your strengths and see how you can use it to further your business,
Make use of your opportunities
Improve in weak areas
Reduce the possible bad effects of threats.
Please note that this SWOT is being done at a very preliminary stage and you may need to revisit it later on as you consider in more detail your business idea.
|2||Drive to succeed and make money|
|4||Works well even though some things are uncertain|
|5||Takes responsibility for actions|
|16||Problem solving/critical thinking|
|18||Ethics/clear personal values|
|21||Good Physical Health|
|24||Open to learning|
|Strengths||What things make me different from my competitors or that I do well? What things/networks/resources/capabilities/ qualifications/experiences, etc. do I have or can easily get Products/services/support structures, etc.|
|Weaknesses||In what areas are other businesses better than my own What are my business weak areas? What weaknesses do my customers and employees talk of with respect to the business|
|Opportunities||What opportunities are available to me? Use Pestle to determine this|
|Threats||What things can harm me or prevent me from achieving my business goals? Use Pestle to determine this Include major competitors|