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Self-Assessment for Business Success: Importance, Planning, and Outcomes

Explore the significance of self-assessment in aligning personal aspirations with business ventures. Learn how to integrate skills, values, and ethics into your entrepreneurial journey, and plan for a successful exit strategy. Discover the key takeaways and steps for ongoing self-assessment to achieve balance and success.

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Self-Assessment for Business Success: Importance, Planning, and Outcomes

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  1. Self-Assessment Mark T. Schenkel, Ph.D.

  2. Agenda • Finish Reell Precision Manufacturing Case Analysis • Self Assessment • Importance • Performance • Outcomes • Q&A

  3. Importance of Self-assessment Personal aspirations and choices • The businesses we start need to “fit” with our personal aspirations

  4. Aspirations need to involve more than just money requirements • Lifestyle • Interests • Work habits • Family issues • Leisure The importance of balance in life

  5. The Importance of Self-Assessment Business Planning Should Integrate Skills, Knowledge and Experience Business should realistically match the entrepreneur Entrepreneurs should define their roles by understanding what they have to offer the business Entrepreneurs should identify others they will need on their team to complement their own skills, experiences and experience

  6. The Importance of Self-Assessment • Identify Values and Ethics • Examine How Values and Ethics Relate to Business • Develop a Plan to Integrate Values and Ethics into Business Venture

  7. Exit Planning • Important to build your exit plan into your business from the beginning, no matter how long you intend to own your business. • No businesses stay the same forever.

  8. Options Sell Merge Transition to employees Transition to family If the exit is not clear, at least plan the destination.

  9. Performing a Self-Assessment Identify what everyone “knows” about you. Identify what only you know about yourself (not easily evident to others). Identify what others know that you don’t perceive about yourself.

  10. Performing a Self-Assessment • Examine Personal Aspirations and Priorities • Examine Core Values • Examine Personal Entrepreneurial Readiness • Develop a Entrepreneurship/Career Plan

  11. Outcomes of Self-Assessment What have you learned about yourself by completing the self-assessment? What surprises did you encounter when completing the self-assessment? What will be your next steps?

  12. Self-Assessment is a Process, Not an Event • Keeps your goals front and center • Financial goals change • Non-financial goals change • Part of on-going exit planning

  13. Key Takeaways . . . • Importance of self assessment • Determining “fit” in decision-making • Focuses resource building efforts • Early warning of personal dissonance • Exit planning • Sell, Merge, Transition to employees or family • Process • Prepares entrepreneur AND venture

  14. Q & A

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