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PERSONAL STRENGTHS AND WEAKNESSES WORKSHEET


The chart below will help you identify your strengths and weaknesses and will give you a better idea if youre ready to become a small business owner. Examine each of the skills areas listed in the chart. Ask yourself whether you possess some or all of the skills listed in the parentheses. Then rate your skills in each area by circling the appropriate number, using a scale of 1-5, with 1 as low, 2 as between low and medium, 3 as medium, 4 as between medium and high, and 5 as high.


Skills
Rating
low                        medium                     high

Sales 

Pricing
1
2
3
4
5

Buying
1
2
3
4
5

Sales planning
1
2
3
4
5

Negotiating
1
2
3
4
5

Direct selling to buyers
1
2
3
4
5

Customer service follow-up
1
2
3
4
5

Managing other sales reps
1
2
3
4
5

Tracking competitors
1
2
3
4
5

Marketing

Advertising/promotion/public relations
1
2
3
4
5

Annual marketing plans
1
2
3
4
5

Media planning and buying
1
2
3
4
5

Advertising copy writing
1
2
3
4
5

Marketing strategies
1
2
3
4
5

Distribution channel planning
1
2
3
4
5

Pricing
1
2
3
4
5

Packaging
1
2
3
4
5

Financial planning

Cash flow planning
1
2
3
4
5

Monthly financial
1
2
3
4
5

Bank relationships
1
2
3
4
5

Management of credit lines
1
2
3
4
5

Accounting

Bookkeeping
1
2
3
4
5

Billing, payables, receivables
1
2
3
4
5

Monthly profit and loss statements/balance sheets
1
2
3
4
5

Quarterly/annual tax preparation
1
2
3
4
5

Administrative

Scheduling
1
2
3
4
5

Payroll handling
1
2
3
4
5

Benefits administration
1
2
3
4
5


Personnel management

Hiring employees
1
2
3
4
5

Firing employees
1
2
3
4
5

Motivating employees
1
2
3
4
5

General management skills
1
2
3
4
5

Personal business skills

Oral presentation skills
1
2
3
4
5

Written communication skills
1
2
3
4
5

Computer skills
1
2
3
4
5

Word processing skills
1
2
3
4
5

Fax, email experience
1
2
3
4
5

Organizational skills
1
2
3
4
5

Intangibles

Ability to work long and hard
1
2
3
4
5

Ability to manage risk and stress
1
2
3
4
5

Family support
1
2
3
4
5

Ability to deal with failure
1
2
3
4
5

Ability to work alone
1
2
3
4
5

Ability to work with and manage others
1
2
3
4
5

Total








After youve rated yourself in each area, total up the numbers.  Then apply the following rating scale:

If your total is less than 20 points, you should reconsider whether owning a business is the right step for you.

If your total is between 20 and 25, youre on the verge of being ready, but you may be wise to spend some time strengthening some of your weaker areas.

If your total is above 25, youre ready to start a new business now.

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