The 10 steps you need to follow to start your project / STEP 2: SELF-ASSESSMENT / BUILD YOUR PROJECT
Regardless the origin of your project, It is indispensable to provide a maximum chance of success and to check its consistency with your personal profile (as the founder of the future business).
Unfortunately, entrepreneurs too often neglect this step and focus solely on the commercial, financial and legal feasibility of their project.
This is a mistake! The materialization of an idea must take into account also personal factors and also the values of the founder.
Choosing to create is not just a choice of goods and services to produce and market, it is also a decision to choose a particular way of life, in line with the requirements of the future business.
Verifying this coherence therefore implies to:
- Asses your personal profile, skills and values as the founder of the business,
- Analyse the constraints and requirements inherent in your project
- Ensure that there are no contradictions between the two :personal profile and business requirements
- Assess, if necessary, the gaps and corrective actions to be taken.
I- Self assessment
The entrepreneurial success of a company does not depend solely on external events.
Personal motivations and goals, skills and experience are very important elements to consider!
As a business owner, you will have to switch from one personal situation to another, where, by essence, the unexpected and the random reign.
One must therefore take into consideration the characteristics of their current situation like family, health and ascertain their compatibility with the situation engendered by the implementation of the business.
A good preparation can take between six months and two years and it is best to devote yourself fully to achieve.
Your personal motivations and goals
One does not establish a company without a specific reason. Motivations are not always clearly articulated and some can be counterproductive.
II- Analysis of project constraints
At this stage, you must be able to evaluate the constraints inherent to your project, which concern:
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The product or service: its nature, its characteristics, its manufacturing or marketing process
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The market: this can be new, fully mature, in decline, saturated, closed, not very solvent, very fragmented. The means to be implemented (manufacturing, marketing, communication, management, after-sales service, etc.) can lead to significant constraints.
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Legislation: the existence of legal constraints (e.g. access to the profession, safety regulations, etc.) may determine the feasibility and viability of the project.
A long period of reflection must highlight these constraints.
III- Human/project coherence
The differences between:
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The time, organization and skills required for the project, on the one hand,
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Your personal assets and skills, on the other hand, will be an invaluable tool for you to make a decision:
Move on to a second phase will push you to take on of these decisions
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Set up the company, or
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Give up a project that presents too many risks, or
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Postpone it to seek additional time, financial resources or training.
In the latter case, corrective actions must be considered by first assessing their cost and time frame. Depending on the case, it could be for example :
-to give you time, to request a business start-up leave or to consider resigning or working part-time.
-To supplement your financial resources, free up some cash, solicit your loved ones (family and friends), or modify some of the project’s objectives in order to lower its cost.
-To increase your skills, to consider training, to monitor some of your shortcomings and enhance your strengths, or to seek partners with complementary experience and know-how.
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