Name: ____________________________________ Date: ____________________

Business: _______________________________________________________________

Entrepreneurial Assessment

Do you have what it takes to set up and run a business?

Although having the desire to strike out on your own is needed before
becoming an entrepreneur, that alone does not mean you can do it right
away. You may need to develop some business related skills and
attitudes before you can begin. Those who start their own business must
have drive, energy, self-confidence, self-motivation, self -reliance, and
long-term commitment. Money should not be viewed as the only
measure of success, and it should not be the only reason for starting the
business.

So how do YOU rate as an entrepreneur?

Take the following quiz and discover your entrepreneurial strengths and
weaknesses. Mark a “yes” or “no” next to each of the following questions.
For the most accurate results, please do not look at the assessment score
until you have answered all 26 questions. This quiz is just a start to exploring
the world of business, so if you don’t score as high as you hope or expect,
don’t worry!

Good luck!

Learn to Write a Business Plan Workbook 1

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Entrepreneurial Assessment Quiz

1. I understand myself and my potential, which makes me optimistic and

enthusiastic when I undertake something.

2. When I am asked or if I decide to plan, work out and do a difficult project,

I usually complete it in at least a satisfactory manner.

3. When I believe in something, I can convince other people of its merit

4. I realize that success depends on wanting something, willpower, and

personal discipline. I have those three things.

5. Although I take other people’s opinions into account, I keep the right to
make final decisions.

6. I believe that first steps to success include setting personal goals and
planning how to achieve them. I have done or am doing this.

7. I enjoy giving my best to everything I do. Successfully completing a job

gives me a feeling of satisfaction

8. I would like to be my own boss and make my own decisions, though I

know this requires a lot of work and discipline.

9. I feel comfortable about managing other people, including telling them

what to do and making all the important decisions by myself or with others
who are directly affected

10. I know how to motivate my colleagues at work or peers at school, and I

believe I would be able to motivate my business partners and employees
by giving them a sense of my own enthusiasm.

11. I am not afraid to work hard and for long hours. If it is necessary, I can do
several things at the same time.

12. When I decide to do something, even if it is complicated, I give it

everything I have, overcoming obstacles as they appear.

13. I find unexpected situations stimulating, especially when I’m organized

and know what I am doing. I don’t mind taking risks or facing uncertainty.

14. I believe that work strengthens my character and abilities, make the most
of my potential and makes life more interesting.

Learn to Write a Business Plan Workbook 2

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________
15. For me, money is a good measure of success.

16. I take calculated or intelligent risks. I’ve learned some differences

between taking an informed risk and being foolhardy.

17. Everyone’s life is full of problems. I believe that the trick is to learn how to
solve the problems and adjust your life to changes that come.

18. Success is not the result of luck but the fruit of good planning and hard
work (maybe helped along by luck!).

19. I take the time to check back on the results of my decisions and reflect on
whether or not they were good decisions, the best I could have made at
the time, and what I’ve learned since.

20. I am always thinking of new and better ways to do things.

21. I find it hard to do nothing or sit still. The sense of accomplishment that
goes with the responsibility for getting things done gives me energy.

22. I can make long term commitments and plans to accomplish my goals
and get where I want to go.

23. My parents, relatives or close friends of the family were/are in business.

24. I have some previous experience managing individuals and work.

25. I really enjoy participating in clubs, associations, and groups, and I have
done different jobs in them.

26. Whenever I have spare time, I like to think about and research new ideas.

Learn to Write a Business Plan Workbook 3

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Entrepreneurial Assessment (cont)

How many “yes” answers did you have? _________

Assess your score:

22-26 You are extremely likely to succeed in business! Keep

going on the path you are on! Good luck!

17-21 You are very capable of making a business succeed.

You have good knowledge about how to do business,
but you might want to go over what you already know.
Talk to business people about things you may not know
well.

13-20 You are capable of making a business succeed, but you

may not have actually thought about what is involved in
starting and running a business. Talk to business people
and do some research about how to do business.

9-12 You don’t have all the qualities or knowledge that are
needed for creating a business yet. Go do some
research about how to set up and run a business!

8 or fewer At this point, you don’t have enough knowledge or skills

to start a business. You should consider working with
someone with more expertise until you are capable of
managing on your own.

To help you identify areas of strengths and weaknesses, consider each set
of questions as a group.

Questions 1-8 Motivation to do business

Questions 9-14 Business orientation and/or aptitude

Questions 15-18 Attitude towards business

Questions 19-22 Genuine interest in business as a career path

Questions 23-26 Familiarity and experience with business and

management

Learn to Write a Business Plan Workbook 4

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Entrepreneurial Assessment (cont)

My strongest area is:

What are 5 things I can do to continue to develop my business strengths?

1.

2.

3.

4.

5.

My weakest area is:

What are 5 things I can do to improve this area?

1.

2.

3.

4.

5.

Learn to Write a Business Plan Workbook 5

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Coming up with a Business Idea:

Getting out of the Gate
Where other people see problems, entrepreneurs see opportunities for
creating new businesses. Countless businesses, large and small, have
been started because and entrepreneur was annoyed by a problem.

1. Try thinking of three problems that annoy you and a business

solution for each: (Ex: Problem: It snows a lot. Solution: Start a snow
removal service)

Problem Business Solution

1. 1.

2. 2.

3. 3.

2. Now think about where you live. Are there any problems you could
solve for your community? List five business opportunities in your
community and the need(s) each would satisfy. (Ex: Opportunity:
Resell used clothing and toys. Need satisfied: Families need
inexpensive clothes and toys for growing children.)

Business Opportunity Need(s) Satisfied

1. 1.

2. 2.

3. 3.

4. 4.

5. 5.

Learn to Write a Business Plan Workbook 6

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

3. One good way to start thinking like an entrepreneur is to imagine

how you would respond to a challenge or and opportunity, or even
to some information about consumers. Given the following
hypothetical situations, what business would you consider starting?
(Ex: Situation: A greenhouse has opened in your neighborhood.
Opportunity: Start a plant delivery service)

Situation Business Opportunities

1. A 100% increase in gas prices is
announced. 1.
2. A “Going out of business” sign is
placed in the window of the local
grocery store. 2.
3. A new airport is being built near
your home. 3.
4. Three new families with children
move into your neighborhood. 4.
5. You know a lot of people who
are planning on getting married. 5.
6. You live near a high school,
college or university. 6.

4. Can you think of other situations that exist in your community that
present business opportunities?

Situation Business Opportunities

1. 1.

2. 2.

3. 3.

4. 4.

5. 5.

6. 6.

Learn to Write a Business Plan Workbook 7

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

5. Turn your hobbies, skills and interests into a business. List some of
your hobbies and skills below. What you enjoy doing in your spare
time might be turned into a profitable business. (Ex: Hobby:
Beading. Opportunity: Create beaded crafts for sale at markets
and gift stores)

Hobbies and Interests Business Opportunity

1. 1.

2. 2.

3. 3.

4. 4.

5. 5.

Skills Business Opportunity

1. 1.

2. 2.

3. 3.

4. 4.

5. 5.

Learn to Write a Business Plan Workbook 8

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Some Ideas to Get You Thinking

Ø How many T-shirts do you own with something printed or

painted on them? How many do your friends own? Do you
like designing logos? Start a T-shirt silk screening company!

Ø Do you like to make jewellery, leather goods, woodworking

products, or other crafts? Sell your crafts in gift shops and
markets.

Ø Do you like to paint? Paint rooms and apartments, repaint

old furniture!

Ø Do you have a good camera or camcorder? Start a business

to record weddings and parties!

Ø Are you reliable and responsible? Do you like children? Start

a baby sitting service!

Ø Do you like to see things clean and neat? Create a house

and office cleaning service.

Ø Do you love animals? Be a dog-walker!

Ø Running your thing? Try a messenger or small package

delivery service!

Ø Do you love playing video games? Do you own lots of

games? Start a video game rental company!

Ø Do you have a green thumb? Use a sunny room in your

house and start a fresh herb and flower business.

Ø Are there many offices in your area that have plants? Open
a home and office plant care company to water and clean
plants.

Learn to Write a Business Plan Workbook 9

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Ø Do you like being outdoors? Start a lawn maintenance or

snow removal service!

Ø Do you like to bake? You can sell freshly made bread

cookies, cakes, snacks and pastries!

Ø Do you like to cook for lot of people? Start a catering

service!

Ø Do you love to play music for people? Create a DJ

company!

Ø Do you like to be in front of an audience? Do you do magic

tricks? Think about being a clown, magician or entertainer at
parties!

Ø Do you play an instrument? Get a band together and play

for weddings and parties. Teach beginners!

Ø Do you type well? Start a transcription and/or typing service!

Ø Are you mechanically inclined? Fix bicycles, computers,

appliances, or other machinery you know well.

Ø Do you like to “surf the Net”? Open an internet research

service

Ø Do you love fashion? Do your friends have clothes they don’t

want anymore? Start a consignment shop!

Ø Are you bilingual? Translate ads, flyers, signs, and other

printed media!

Ø Are you knowledgeable in school subjects? Do you know

how to dance, act, sing, and draw? Think about tutoring
and teaching your skills!

Learn to Write a Business Plan Workbook 10

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Your Business Idea

Describe your business idea:

What is the name of your business?

What is your background, experience, or expertise in this type of business?

Learn to Write a Business Plan Workbook 11

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Market Research
Positioning

Type of business you are in (circle):

Manufacturer Wholesaler Retailer Service Retailer

Sells to Sells to Sells to Sells to
Wholesaler Retailer Consumer Consumer

What image of your product or service do you want to create for your
consumers?

How is this image different from that of your competitors?

How will you do your market research? Who will your speak with to get
your market information? (ex: ask a person retired from industry, previous
general manager)

Research strategy Who to contact

Learn to Write a Business Plan Workbook 12

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Market Research (cont)

Customer Description

Describe your target consumer:

Expected age(s) of the consumer: _______ Expected gender: ________

Why do they need the product or service? Why would they buy it?

What is the financial status of the consumer? Can they afford your
product or service? Are they able and willing to buy it?

Learn to Write a Business Plan Workbook 13

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Market Research (cont)

Competition

Ask two people these questions about your business and write their
answers in the space provided:

Do you like my business? What do you think of my logo?

#1. _______________________________ #1. _______________________________

#2. _______________________________ #2. _______________________________

Where would you go to buy my product? Do you think my product/service has

value?
#1. _______________________________ #1. _______________________________

#2. _______________________________ #2. _______________________________

How much would you pay for my product? How would you improve my business idea?

#1. _______________________________ #1. _______________________________

#2. _______________________________ #2. _______________________________

Who is my closest competitor(s)? Do you think my product/service is better

#1. _______________________________
#2. _______________________________
or worse than that offered by my
competitor(s)?
#1. _______________________________
#2. _______________________________

What is your competitive advantage? Why is your product/service going

to beat the competition?

Learn to Write a Business Plan Workbook 14

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Market Research (cont)

Promotion & Advertising

How will you tell your consumer about your product or service? (ie.
Advertising in local paper) Consider the 5 types: advertising, sales
promotion, publicity, public relations, and personal selling

Do you have a slogan? What is it?

Will you make sales calls? Yes No

Will you make sales visits? Yes No

Write a 4 sentence sales presentation:

Where are you going to sell your product or service?

Learn to Write a Business Plan Workbook 15

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Market Research (cont)

Below is a sample strategy for a business selling handmade jewelry. On

the top, the places where jewelry can be sold are listed. On the side, the
marketing strategies that the business owner would are listed. Then in the
grid, YES or NO are written to indicate where these marketing strategies
would be used. (ie. Business cards would be on display in local stores)

Locations Door to Flea School/ Street Local Own Other

Door Markets Church Vending stores Home
Methods functions
Business Cards No No Yes No Yes No No
Posters No No Yes Yes Yes No No
Flyers No No Yes Yes Yes Yes No
Phone No No No Yes Yes Yes No
Sales Calls No No No Yes Yes Yes No
Brochure No No Yes Yes Yes Yes No
Mailings No No No Yes Yes Yes No
Other No No No Yes Yes Yes No

Now fill out your own selling strategy grid. Think about where your target
customers will be and how you will get their attention.

Locations Ex:
local
Methods stores

Ex: Business cards YES

Learn to Write a Business Plan Workbook 16

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Legal Structure

IS your business a sole proprietorship, a partnership, or a regular

corporation?

Explain your decision:

How much will you be paying for legal fees? (ie. Business registration)

What permits and/or licenses will you need for your business?

What are the names, addresses, and phone numbers of the local
official(s) in charge of the permits and licensing you need?

Name Address Phone

Learn to Write a Business Plan Workbook 17

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Operations
Some questions about your operations are important to answer before
you begin to plan your finances. Answer these questions and then refer
back to them as you do your financial planning.

Where will you sell your product or service? Will you be required to pay
rent or user fees?

What tools and equipment do you need? Do you have them now or will
you need to purchase them?

What are the steps in the production or delivery of your product or

service? List these steps in order below.

Learn to Write a Business Plan Workbook 18

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Operations (cont)

Do you have suppliers? If so, who are they? Are there alternate suppliers
if needed?

Do you require any additional staff? If so, how many hours will they work
per month and what will they be paid? What skills should they have?

Learn to Write a Business Plan Workbook 19

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Financial Planning

You will receive a cash flow spreadsheet. In this section, you will be
calculating many values that estimate costs and revenue while doing
business. Enter these values into the worksheet in the highlighted cells
next to the corresponding letter. This is a tough section, so if you have
difficulty, ask your teacher for assistance.

Start up Costs

What are your start-up costs? These are the items you need to earn your
first dollar of sales. They include things like business card, business
registrations, equipment purchase, renovations, etc. Add these all
together and insert value into the cash flow spreadsheet

Item Where will you buy this? Cost

Total Start-Up Costs $________Y

Learn to Write a Business Plan Workbook 20

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Financial Planning (cont)

Financing

Where you get the money to start your business is an important

consideration. List your sources of financing below. Indicate with a check
mark whether each source is an investment (those contributing funds will
be repaid as the business grows), a debt/loan, or a gift. Add these all
together and insert value into the cash flow spreadsheet.

Amount Investment Debt/loan Gift

Personal Savings $

Relatives $
Friends $

Banks $

Grant $
Investors $

Other $

Other $
Other $

Total Financing $ Z

Learn to Write a Business Plan Workbook 21

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Financial Planning (cont)

Unit Pricing
Put the values you come up with into the cash flow spreadsheet (in the
cell with the corresponding letter).

Define your service unit (Note: a service unit is typically defined as one
hour of service or one job):

Selling price per unit

How much will your service or product will be sold for?
$ ____________ A

Labour Costs
What value are you placing on your time per hour? How much do
you want to be paid per hour?
$ ____________ B

How long does it take to perform your service or make your product
(in minutes)? (Note: to get minutes from hours, multiply the hours by
60)
____________ C

Labour cost per unit = B x C $ ____________ D

Supply Costs
How much do supplies/materials cost per customer/unit?
$ ____________ E

Cost of services sold per unit = D + E $ ____________ F

Gross profit per unit = A – F $ ____________ G

(*This must be a positive number)

Learn to Write a Business Plan Workbook 22

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Financial Planning (cont)

Fixed Monthly Operating Costs

Monthly operating costs include utilities, salaries, advertising, interest,

insurance, and rent. In a small business many operating costs are usually
fixed, although a few may be variable, depending on your business.
Example: Advertising (flyers and posters) = $26 per month. Add these all
together and insert value into the cash flow spreadsheet.

Monthly
Type of Fixed Costs
Fixed Costs
Owners drawings
Loan Payments
Rent

Total Monthly Fixed Costs $ L

Learn to Write a Business Plan Workbook 23

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Financial Planning (cont)

Variable Monthly Operating Costs

Estimate the operating costs that fluctuate with sales and cannot be
directly assigned to a unit of sale. Note: you may set variable costs equal
to zero Example: utilities = 1% of sales, Travel expenses = 2% sales. Add
these all together and insert value into the cash flow spreadsheet.

Estimated
Type of Variable Costs Variable Cost
as % of Sales

Estimated Variable Costs as % of Sales %M

You will be expected to pay taxes on your product or service. Contact

the provincial and/or federal governments and determine what
percentage of sales you will be required to pay out in taxes. Add these all
together and insert value into the cash flow spreadsheet.

Taxes I will pay Tax rate %

Total Tax Rate %T

Learn to Write a Business Plan Workbook 24

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Financial Planning (cont)

Cash Flow and Monthly Budget

A good cash flow is important because it shows you (and banks) how you
expect your business to operate. Here are a few suggestions to create
and accurate cash flow.

§ Have your cash flow over an entire year.

§ Include slower months or months where you have no sales.
§ Include the startup costs as well as the monthly costs.
§ Many starting businesses have slow sales for the first 6 months.
Account for this.
§ Be realistic!

What are your estimated product sales or service calls for each month?
Enter these estimates in the cash flow spreadsheet.

Month Est. Sales

Jan
Feb
Mar
April
May
June
July
Aug
Sep
Oct
Nov
Dec

Once you enter the estimat ed sales for each month as well as all the
other values you have calculated throughout this workbook, the
spreadsheet will automatically calculate the totals and complete the
cash flow.

Learn to Write a Business Plan Workbook 25

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Financial Planning (cont)

Yearly Income Statement

The income statement is a brief summary about how your business is

expected to do over one year. This statement does not include start-up
costs or financing.

Sales
Amount
Units Sold AA
Unit Selling Price $ A
Total Sales $ AB

Costs
Amount
Cost of Service Sold Per Unit $ F
Total Cost of Sales $ AC
Gross Profit $ AD
Fixed Costs $ AE
Variable Costs $ AF
Total Operating Costs $ AG

Profit
Amount
Profit/(Loss) before Taxes $ AH
Less Taxes $ AI
Net Profit $ AJ
Net Profit per Unit $ AK

Learn to Write a Business Plan Workbook 26

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Assumptions

To justify why you decided to use the numbers you did on your cash flow
(ie. Estimated sales, startup costs), you must explain your assumptions.
Referring back to the previous sections, list the reasons behind your
decisions below.
1. Estimated sales

2. Selling price per unit

3. Supply cost per customer

4. Startup Costs

5. Financing

6. Fixed Monthly Costs

7. Variable Monthly Costs (the %s)

8. Tax Rate

9. Other

Learn to Write a Business Plan Workbook 27

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Risk Assessment
Explain the potential problems or risks that may affect the operation of the
business and the different steps you would take to remedy them. Feel
free to add to or ignore some of the rows in the grid below.

Problem or Risk How I would fix it

1. 1.

2. 2.

3. 3.

4. 4.

5. 5.

6. 6.

7. 7.

8. 8.

Learn to Write a Business Plan Workbook 28

Name: ____________________________________ Date: ____________________
Business: _______________________________________________________________

Writing Your Business Plan

Now that you have gone through the planning of all aspects of your
business, you must put your answers together in a business plan.

Some suggestions for writing your business plan:

§ Refer to the scoring matrix and make sure you include all the
sections in your plan.
§ Keep your explanations brief and clear
§ Make sure you use a table of contents and number your pages (this
makes it much easier for people to read it!)
§ Make a title page with your name, your school, your age, your
teacher’s name, and the name of your business on it.
§ Divide the plans into sections. This will make it easier to understand.
§ Use photos, graphs, illustrations, or other visual aids if appropriate
§ Include your own name, mailing address and telephone number
§ Check your spelling and grammar! Get someone to help you if you
need it.
§ Add extra information/references using appendices.
§ Hand it in on time (January 24 th, 2002).
§ Relax & have fun with it!

If you are having trouble putting together your business plan, ask for help!
Talk t o your teacher or contact Anne Stacey, the Student Ventures
Program Coordinator at (250) 352-1933 or astacey@futures.bc.ca.

Good Luck!

Learn to Write a Business Plan Workbook 29