OWN Entrepreneurial Skills Self-Evaluation Box
Ideas evaluation involves assessing many factors, such as: cost, impact, value in social, cultural and economic environment, etc. You need to have clear criteria to select the best idea.
To be a successful entrepreneur you need to be able to recognize an opportunity when you see one. Specifically, you need to be able to identify a problem or gap and come up with an innovative solution.
Which kind of method do you think is the starting point while looking for an
innovative solution of a gap?
Maria and her husband returned from overseas to look after her ailing father-in-law. That is when she realized the need for personal care. They wanted to use technology to predict that something might be wrong with an elderly person. This made them launch a predictive health care platform using data sensing. Growing smartphones gave them an opportunity to implement their idea.
Could you identify the process they followed in order to boost their own new business?
When you are creative, you find connections between different ideas and use those connections to solve problems. Often these connections happen when you aren’t actively thinking about the problem or task. Something you read or something someone says connects with the problem and you see it in a new way. Being in a different environment or experiencing something for the first time can also create connections that help you view tasks differently.
What is the best way (or one of the best ways) to improve your creativity skills?
Bringing out your creativity may help you experiment. No matter how unusual an idea might be, a creative person is willing to test it and see if it works. They see failure as an opportunity to learn and improve. To develop this skill, keep working on a problem, adjusting and rethinking your ideas until you find a solution.
Experimenting and trying is one of the best ways to improve creativity and get more chances to create new ideas, so how can you make this process more efficient?
You think you have an original, profitable, and customer-beneficial business idea, but you need to find funding. You need to figure out how to approach investors.
How do you evaluate your business idea before applying for the funding?
After brainstorming, you have almost 10 business ideas. You need to evaluate them and submit only one – the most relevant idea – for implementation.
How do you prioritize the ideas and evaluate them and choose the one?
You have a business idea, and you want your business to be environmentally friendly.
What steps do you take during the business start-up phase to ensure this?
At some point during your work, you discover that you have access to sensitive data and other private information of your business partner’s company. You could use this data for your own business development.
How would you act?
You have an important task coming up and you are afraid you are not up for the challenge and possibly can fail.
What will you do?
There is a long-term task ahead to complete, but you are very unmotivated as it requires a lot of administrative work
How will you behave?
You are the responsible person for human resources management and one very important employee has left your company and you have to find a new one
What actions will you take to find a new employee?
The quality of one employee’s work begins to rapidly decline and other employees
What do you think is a good solution for this situation?
After defining my project’s activity plan, costs, and financial needs, I mention that I’m missing some storage space
Which action should I undertake?
After defining your project costs, your cash-flow needs and break-even point, you mention that your project needs additional funding resources
Which action are you undertaking to find additional financial resources?
After defining your project costs, your cash-flow needs and your break-even point, you mention that your commercial activity will not make you reach profitability even after 3 years.
Which action are you undertaking to correct this problem?
Ready to start your business? You need to choose the right ERP (Enterprise Resource Planning) software suite.
How do you proceed to make the right choice?
During the daily running of a company, it is necessary to continually make decisions, and make a decision in accordance with that specific moment
How to reduce the risk of making the wrong decision?
When it is necessary to make a decision and take into account the objective and subjective facts that may affect its effectiveness, there are several variables that must be considered in the decision-making process.
How to make the right decision?
To run a business implies management duties: planning, organizing, leading, and controlling. However, leading a business does not always imply managing it, or managing a business does not always mean leading it. On the other side, leading and managing a business can bring conflicting forces which may compromise its performance.
Which weight should leadership and/or management hold in order to ensure the
effective running of your business?
Now that you have the company in place you need to manage it, so you have to activate several devices in order to put in your idea in practise and achieve the results.
How do you put the management of the company in motion?
You have found a solution to a long-standing problem in your workplace. Moreover, satisfactory rewards are promised to the person who finds the solution, but the solution requires teamwork
How do you communicate with your teammates during problem-solving stages?
The institution you work for creates a new team with people from different departments for a new initiative
What is your attitude towards this team that consists of people you have not worked with before?
The intern who just started to work with you tells you that there is an easier and more useful method than the method you always use for your business
What is your method of doing business?
You took an innovative initiative that you researched well, but the results were negative
What actions will you take?
You brought a good idea to life with the right steps, and everything seems fine. But you are not progressing as fast as you wish you were considering your goals
Which action should you undertake to overcome these challenges?
Your score is
The average score is 60%