Hello everyone! I'll start by introducing myself. My name is Cindy Neeposh-Shecapio, I am from Mistissini. I have 2 adorable daughters : Kayleigh (4) & Audrey(1). I am also married to Mr. Michael Shecapio. I work as junior accounts payable technician at Cree Construction Development Company (CCDC). I enjoy keeping myself busy. I am a hard worker and I am interested in starting a small business. I am heading back to school in january and I will be taking Accounting.
Assignment # 1
Are you inclined to be an entrepreneur?
Montreal Entrepreneur's Guidebook
Pages 1-29 to 1-38
Characteristics of Success
28 pts – You’ve got what it takes.
Entrepreneurial Evaluation
20 pts – Able to make a business succeed but may not have actively thought or analyzed what is involved in running a business.
Self-Employment Soul Searching
Interpretation
|
PART
|
Your score
|
Possible score
|
|
1
|
78
|
105
|
|
2
|
68
|
110
|
|
3
|
70
|
85
|
|
Total:
|
216
|
300
|
If you score is between 180 and 230, then you have a good chance to be self-employed.
Self-Analysis Questions
Montreal Entrepreneur's Guidebook
Page 1-39 and 1-40
Personal Resources
· Do I have the energy to tolerate long hours and concentrated effort? Yes.
· Do I have the self-direction to work alone? Yes, planning ahead and respecting plans gives me direction.
· Do I have the techniques in place to control potential stress? Yes. I have a few.
· Do I have the confidence to accept any failures and turn them into opportunities? Yes, I believe in learning from mistakes either they’re yours or someone else’s.
Life Style
· Can I communicate my feelings and dreams positively to my family? Yes, I am fortunate to share a close relationship with them.
· Will I keep my family informed and involved? Of course.
· Will I be able to say “no” to holidays or leisure activities if necessary? Yes. Will those who go without you understand? Certainly. I will inform them in advance.
· Will I be able to maintain a personal and family life as well as run a business? Yes, only with effort and support which I already have.
· Can I prepare myself to not have a personal life for some time? Yes and I am sure I will enjoy personal life once again later on.
Finances
· Will I be able to budget my business expenses and stick to the limits I set? Presumably.
· Do I understand financial statements and why they are important to my business?
Still learning and will continue doing so.
· Do I appreciate the importance of tracking and controlling expenses, inventory and debt? Yes, I enjoy working with numbers.
· Are alternate sources of income available for living expenses? Yes.
· Am I realistic about household and life expenses and sources of income that can be depended on until the business gets established? Yes. I keep all invoices in a filing cabinet and make every effort to keep them up-to-date. I like to organize and calculate life expenses and I can realistically say that I am well-balanced.
Stability
· Is my home-life financially organized and can the business income be secured from household demand? Yes.
· Am I healthy, with energy reserves, and emotionally prepared for my business and family stress and success? Reasonably.
· Does every family member appreciate my objectives and how important the business is to me, to us? Do they support me? Yes, I have strong support from both sides of my family.
· Will my home life remain stable if my business fails? Most likely.
Professionalism
· Am I willing and able to work long hours for future benefits? Yes.
· Am I realistic about how long success may take, and committed to making the business work? Yes.
· Are my planning skills and sense of responsibility strongly enough developed to build a successful venture? Still learning.
· Do I have the knowledge to make this particular business succeed, or should I be securing a knowledge before moving to a business basis? in process of acquiring knowledge.
· Do I want business success enough to set and keep high standards of product and service? Yes.
Are you aware of the risk involved in starting your own business?
Montreal Entrepreneur's Guidebook
Page 1-41 and 1-42
Personal Risks:
By becoming an entrepreneur I could …
-lose confidence in myself by letting negative thoughts manipulate my decisions.
- doubt my competence by letting stress take control of me.
-not feel in control of my situation by putting things off for the last minute.
-hurt my professional reputation by having an active social life.
-make irreversible errors by not making sure before making a final decision.
-hurt or damage my health by not taking it easy when necessary.
Family and social Risks:
By becoming an entrepreneur I fear that I may…
-hurt my family and social life if I don’t inform them that I need their support.
-erode my relationship with my partner if I don’t inform him when I feel distressed.
-ruin or destroy all my credibility in business dealings when not taking time to do my calculations.
-discredit my region or territory (if I don’t succeed) by not considering my customer’s opinion.
Financial Risks:
By becoming an entrepreneur I could…
-have many difficult financial periods if I don’t stick to my plan.
-lose large amounts of money by not doing comparisons before any substantial purchases.
-Borrow and not be able to repay my creditors if I don’t check my expenses regularly.
-go bankrupt if I associate personal and business expenses.
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