Part 2: Do You Know How to Start a Business?

  • Part 2: Do You Know How to Start a Business?

  • Having adequate business and entrepreneurial knowledge is vital when it comes to the preparation of starting a business. Additionally, understanding your market and the opportunities it presents, as well as how your business will be successful in it, are important things to consider beforehand. Launching a business successfully requires goal setting, planning, organization, and smart decision-making skills.
    Answering the following questions will allow you to reflect on things you may not have considered before, help you identify what you still need, and give you a better understanding of where you fall on the scale of readiness to start a business. The more questions you answer yes to, the more ready you are.


    Answer (Yes or No) to the following questions and submit your answers to view your score and readiness assessment results below. Then, reach out to Nevada County's Office of Economic Development to get connected to the specific resources you need to start your business. Email Kimberly Parker at Kimberly.Parker@nevadacounty.ca.gov or call 530-470-2795

    81%-100%
    Congratulations, you are ready! Your answers indicate you are prepared to be an entrepreneur and launch your business.

    61%-80%
    You are very close to being ready to launch your own business. Your answers indicate you possess a decent amount of business knowledge and have many skills necessary to be successful as an entrepreneur. Perhaps there are just a few aspects still unknown to you, such as funding opportunities, exact permit requirements, or deciding how to set up your payroll system. Just remember, knowledge is power. Continue to iron out those kinks and refine your plans. Don't be afraid to seek out some free professional counseling or advice!

    41%-60%
    Not so fast! Your answers indicate there is still room to grow before considering starting a business. The more you plan and prepare, the more likely you will succeed as an entrepreneur. Gaining more business knowledge and experience before starting a business will pay big dividends in the future. If you haven't already, make some goals centered around increasing your business knowledge and understanding all the aspects of a business plan. And it never hurts to seek out some free professional advice and resources!

    21%-40%
    It is time to re-evaluate. Your answers indicate you are not quite ready to start a business. Perhaps several aspects of your business idea and plan remain to be elusive. Take your time to thoroughly research and understand what you need to implement for your business idea to flourish. You will benefit immensely by gaining more business knowledge and building your skills rather than beginning prematurely. Remember, starting a business is not for everyone.

    0%-20%
    Starting a business is not for everyone. Your answers indicate that even though you may have an idea or simply like the idea of having your own business, you should not consider starting a business at this time. Please continue to explore all your career options. Focus on following your interests, building your skills, and continuing to educate yourself. You may end up re-evaluating your interest in entrepreneurship and decide to leave it behind, or you may try again at later point in time.


    When you submit this form, it will not automatically collect your details like name and email address unless you provide it yourself.

  • 1) Will your business meet a specific market need?*
  • 2) Do you know how to prepare a marketing strategy for your business?*
  • 3) Do you know what form of legal ownership is best for your business (sole proprietor, partnership or corporation)?*
  • 4) Do you have access to professional advice?*
  • 5) Have you discussed your business idea, plan, or proposal with a business coach, counselor, or an economic development advisor?*
  • 6) Will you have personal and financial support from family and friends?*
  • 7) Do you have a business plan for your business?*
  • 8) Do you know and understand the components of a business plan?*
  • 9) Do you know what your target market is?*
  • 10) Do you know where to find demographic data and information about your customers?*
  • 11) Do you know if your business will require a special license or permit, and how to obtain it?*
  • 12) Do you know how to calculate the start-up costs for your business?*
  • 13) Do you know how to obtain an EIN (Employer Identification Number) for your business?*
  • 14) Do you have a customer service strategy in mind?*
  • 15) Do you know where to obtain information about regulations and compliance requirements that impact your business?*
  • 16) Do you know how to prepare and/or interpret a balance sheet, income statement, and cash flow statement?*
  • 17) Do you have a payroll process planned for your business?*
  • 18) Do you understand the tax requirements associated with your business?*
  • 19) Are you aware of any existing or upcoming local funding opportunities that your business might qualify for?*
  • 20) Do you know about the various loan programs that are available from banks in your area, or from the U.S. Small Business Association (SBA)?*
  • 21) Do you understand how a business loan can impact your credit?*
  • 22) Do you have any experience with managing people, such as determining work schedules, training, and performance goals?*
  • 23) Do you know what kind of technology will be needed to run your business?*
  • 24) Do you have a plan if you want to exit your business few years down the line, and know how the responsibilities need to be transferred?*

  • Your Results

  • Your Score: {number}%
    Congratulations, you are ready! Your answers indicate you are prepared to be an entrepreneur and launch your business.

  • Your Score: {number}%
    Starting a business is not for everyone. Your answers indicate that even though you may have an idea or simply like the idea of having your own business, you should not consider starting a business at this time. Please continue to explore all your career options. Focus on following your interests, building your skills, and continuing to educate yourself. You may end up re-evaluating your interest in entrepreneurship and decide to leave it behind, or you may try again at later point in time.

     

  • Your Score: {number}%
    It is time to re-evaluate. Your answers indicate you are not quite ready to start a business. Perhaps several aspects of your business idea and plan remain to be elusive. Take your time to thoroughly research and understand what you need to implement for your business idea to flourish. You will benefit immensely by gaining more business knowledge and building your skills rather than beginning prematurely. Remember, starting a business is not for everyone.

     

  • Your Score: {number}%
    Not so fast! Your answers indicate there is still room to grow before considering starting a business. The more you plan and prepare, the more likely you will succeed as an entrepreneur. Gaining more business knowledge and experience before starting a business will pay big dividends in the future. If you haven't already, make some goals centered around increasing your business knowledge and understanding all the aspects of a business plan. And it never hurts to seek out some free professional advice and resources!

     

  • Your Score: {number}%
    You are very close to being ready to launch your own business. Your answers indicate you possess a decent amount of business knowledge and have many skills necessary to be successful as an entrepreneur. Perhaps there are just a few aspects still unknown to you, such as funding opportunities, exact permit requirements, or deciding how to set up your payroll system. Just remember, knowledge is power. Continue to iron out those kinks and refine your plans. Don't be afraid to seek out some free professional counseling or advice!

     

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