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SWOT Analysis - 20100516192723

By Janice Brooks,2014-05-16 19:29
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Overview. How can you determine the success of a business venture? A simple answer is that a business is successful if it meets your personal goals,

Personal Vision Statement

    Outcome

    Compose your personal vision statement.

Overview

    How can you determine the success of a business venture? A simple answer is that a business is successful if it meets your personal goals, or your vision. A personal vision is a statement of your

    own criteria for successfully starting and operating a business. The personal vision statement includes lifestyle, professional, and financial criteria.

    The important thing is to identify the criteria that matter most to you. These criteria will guide you in making a go or no-go decision for your venture. They will help you in deciding whether entrepreneurship is right for you. They will also help you in shaping a business concept that meets your criteria.

Instructions

    Record a goal for each criterion listed in steps 1, 2, and 3. Enter your own information when prompted, such as InsertTextHere. Then, in step 4, write a personal vision statement using your answers from the first three steps.

    All BLUE text following the questions is hidden. It will not print. If you cannot see the BLUE

    text, click on the “?” button on the tool bar, or search Help for Hidden Text.

Step 1: Establish lifestyle criteria.

    Entrepreneurship can change your lifestyle dramatically. You should determine what type of lifestyle you desire and then pursue a business that can support it.

    1. How many hours do you want to work per week during the start-up phase? During the

    maturity phase?

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    2. Do you need flexible work hours? What will take precedence, family or business?

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3. Where is the desired location for the business?

    InsertTextHere

4. How much would you like to travel for your business? How often and for what duration?

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5. What morals, beliefs, or standards do you hold?

    InsertTextHere

    ?? 2006 Ewing Marion Kauffman Foundation. All rights reserved. FastTrac TechVenture? Page 1 of 3

    6. What specific physical requirements or restrictions do you have?

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7. Will your family be involved? Supportive?

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8. Who would you like to work with?

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Step 2: Establish professional criteria.

    Entrepreneurship can bring limitless professional growth opportunities. The professional criteria within the personal vision help you define what is important to you professionally. 1. What level of power or status is important to you?

    InsertTextHere

    2. How involved do you plan to be in the daily operations of the business?

    InsertTextHere

    3. What type of work do you enjoy? What expertise and skills do you already possess?

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4. How important is job security?

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    5. What do you see yourself doing in five years? Ten years?

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    6. Do you plan to create a growth business or a lifestyle business? To what size do you want

    your business to grow?

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Step 3: Establish financial criteria.

    Entrepreneurship offers varied financial opportunities. It is critical that you specify the financial criteria that will in part determine whether you actually start or continue your business. 1. What level of income do you need to cover your personal financial obligations?

    InsertTextHere

    ?? 2006 Ewing Marion Kauffman Foundation. All rights reserved. FastTrac TechVenture? Page 2 of 3

    2. What level of income would you like to reach in the future?

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    3. How much profit would you like the business to produce?

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4. How much money do you have to invest?

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    5. How much money do you believe you can raise from outside sources?

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Step 4: Write your personal vision statement.

    Based on the answers you gave to the preceding questions, write a short statement of your personal vision.

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    ?? 2006 Ewing Marion Kauffman Foundation. All rights reserved. FastTrac TechVenture? Page 3 of 3

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