Checklist: Are you ready to start a business?

I just read this article, one of the posts in the blog of Entrepinoys, Atbp. I hope I won't be accused of plagiarism. :)

This assessment tool is designed to help you better understand your readiness for starting a small business.

General Questions
• Do you think you are ready to start a business?
• Have you ever worked in a business similar to what you are planning to start?
• Would people that know you say you are well suited to be self-employed?
• Do you have support for your business from family and friends?
• Have you ever taken a course or seminar designed to teach you how to start and manage a small business?
• Have you discussed your business idea, business plan or proposed business with a business coach or counselor, Small Business Development Center counselor or other economic development advisor?
• Do you have a family member or relative who owns a business?

Personal Characteristics Questions
• Do you consider yourself a leader, self-starter and a team-player??
• Are you willing to invest a significant portion of your savings or net worth to get your business started?
• Do you have enough confidence in yourself and your abilities to sustain yourself in business, if or when things get tough?
• Do you like to make your own decisions?
• Do others turn to you for help in making decisions?
• Are you prepared, if needed, to temporarily lower your standard of living until your business is firmly established?
• Are you willing to commit long hours to make your business work?
Skills, Experience & Training Questions
• Do you have a business plan for the business you are planning to start, understand its components, and why some consider it to be the most important factor determining business success?
• Do you know what form of legal ownership (sole proprietor, partnership or corporation) is best for your business?
• Do you know if your business will require a special license or permit and how to obtain it?
• Do you know where to find demographic data and information about your customers?
• Do you know how to compute the start-up costs and financial ‘break-even point’ for your business?
• Do you know about the various loan programs that are available from banks and financial institutions in your area?
• Do you understand how a business loan can impact your credit and why small business loans are considered more risky than loans made to large businesses?
• Do you know basic accounting or know how to prepare and/or interpret a balance sheet, income statement and cash flow statement?
• Do you know your target market, and are you sure your planned business fills a specific market need?
• Do you understand the tax requirements associated with your business?
• Do you know how to prepare a marketing strategy for your business, and understand marketing trends in your business industry?
• Do you know how to learn about your business competitors?
• Do you feel comfortable using a computer or other technology to improve business operations?
• Do you have a customer service strategy in mind or in place?
• Do you know if your business should have some form of intellectual property protection?
• Do you know where to obtain information about regulations and compliance requirements that impact your business?

If most of your responses to the questions above is YES, then it indicate that you are well on your way to being an entrepreneur.

New Beginning

Today I woke up feeling that I should do something about my blog. It has been sleeping for how many months/years now!!!
I resolve to make this blog a fun and informative site, an avenue where visitors can be inspired and challenged. :)

This, I have to do in my lifetime.

Watch out for my upcoming posts, be patient with me though!

Thanks.

Filtrepreneur Foodcart Franchising

Business Presentations

Check out this SlideShare Presentation:

Business Presentations

View more presentations from trigoworld.

Whiz and Zoom

I am not much of a risk taker...especially if it requires much physical exertion.
Do you know that I haven't learned to bike without the trainer wheels? :)
Do you know that at my age, I have just tried riding a go-kart a month ago?
I have so much time in my hands at the moment, so I am writing more blogs these days, and one of which is my experience in go-karting.

My dear friend, Jason Ylescupidez, has this passion for car racing, ever since he was a little boy...and now that he has reached the adult age, he decided that the closest way that he can experience that is through go-karting.

So after much convincing, I went with them to the City Karting track in Shah Alam.
The first time I saw the place, honestly I felt overcome with fear. The track is wide and all the participants are able and agile...able to whiz in a flash..I can hear their engines zoom and speed up. In fact, when I slept that night, that engine sound still echoes in my mind, and I can still smell the engine's gasoline.

My mind is racing: I don't like to be injured, what if the other driver will zoom behind me (because I'm driving so slow) and accidentally hit my kart, and I will topple down. I don't like to look funny, I need to focus my mind on the pedals, which one is for speed and which one is for brake. I have to be alert in pulling the steering wheel when passing the apex.

Luckily, I didn't have any injury that day, the only thing that I did is hit the grass four times!!! Yes, four times and the crew has to rescue me because somehow I have trouble starting up the engine again!!! Other than that, I am able to get acquainted with my kart and enjoy the feel of the wind on my face, and some pebbles flying by as I gather speed and momentum. It was an exhilirating experience for me!

Hope to be back on the karting track with my friends soon!

Here is a helpful site for karting newbies:
http://www.kartingasia.com/2007/basic-rental-karting-tips/

We didn't bring a video cam, all we have are pictures taken before we sped off.

Work In Progress

Rush hour, and you are driving your car, and you came across a sign in the middle of the road that says 'work in progress'. What is your reaction? Will you get irritated, that the construction company doesn't have the sensibility to have their diggings done after rush hour or completed before the rush hour so as not to cause a traffic jam?

Well, now I have a work in progress, but it is not causing any disturbance nor any irritation, but pure challenge! Me and five of my SQC group friends has started constructing our own website that will be our face in the cyberspace - http://www.eLearningWiz.com. This will post our activities, our annoucements, and the latest in the SQC product. Much more, we hope to offer there, free weekly demonstrations of the best online video seminars that is packaged in the Skyquestcom (SQC) subscription.

Congratulate us in this endeavor, our goal is to be able to pass around the positive principles learned from the SQC online video seminars and to provide a smarter way of learning.

You are all welcome to e-mail us at elearningwiz@yahoogroups.com your suggestions, feedback, comments and even snide remarks!

We give all the glory to God!

Home Is Where the Heart Is

Being an OFW since 2003, I can say that I am never running out of 'things to buy' or 'places to visit' list, in anticipation of the next pay day. But having been away from home, and having spent years away from home, so one might say, that I have a hefty amount of savings already. Then seing the YTD EARNINGS columnn in my payslip, I'd exclaim, "where did all this money go?!?".

So it is for that matter, that I started checking on my spendings, and shifted my thoughts on how to save, where to invest some of my money and how to find a passive income.

The first one that I thought of (although some people who are financially savvy will argue with me that it is not a good move) is to buy a property in the Philippines.

I bought my parents a nice house and lot in Antipolo.

They say that positive thoughts attract opportunities...and there they are...I met a few people that I have asked help from, a few more that became my inspiration to risk and get out of my comfort zone.

I found a good place in Antipolo which is just right for my parents. A place close to nature and just accessible to what they need.

So for my fellow OFWs, who are interested to see a tangible evidence of their hard-earned cash, visit
http://www.crownasia.com.ph/

Crown Asia have various housing projects in various locations, according to your lifestyle in the payment scheme that suits you. Their marketing agents are very accomodating and helpful.
You can start by viewing a location first, who knows, if for now you are not decided yet, the visit might spark you to buy soonest (which is exactly what happened to me!).

If you want you can e-mail me your questions at ldbanez@yahoo.com. I can also introduce you to my trusted agents.

God bless our new endeavors for this year!