The following process will help you select the most suitable idea for your business. It is a simple, but very important process that will help you determine the best option. This is a very useful and important tool because many business owners today have told me how much it has helped them. Otherwise, they would have started almost by chance. You don’t have to use or complete it now, but it is very useful as a tool for your consideration. It’s yours, make it and apply it when you think you’re ready and it’s convenient for you. For now just “take a look”.

 INSTRUCTIONS:

1. Write the business ideas that you contemplate or want to do
2. Rate each idea for the categories below with a number from 0 to 3.
3. 0 =not at all, 1 = little bit, 2 = so-so, 3 = a lot. 
4. Add the Total of the points. It is recommended that you do not do business that totals less than 10 points

With this you will be able to process and eliminate your business ideas and improve your chances of success.

CATEGORIES:

1. Knowledge of the business: how much do you know about the business? You could start alone or you would need a partner who knows the business.
2. Business experience: How much experience do you have? Many times you can know a lot about the business, but have little real experience managing it yourself and its operations. For example, you may be a great restaurant manager, but know nothing about cooking.
3. Your Skills: How qualified are you for the business? This refers to necessary skills directly required by the business. Example, cutting cloth, driving a truck, cooking, designing, etc.
4. Ease of Entry: considers the costs of entering the industry and existing competitive barriers. Example: A bar might seem easy to start, but not if it involves a lot of money and getting a liquor license is very difficult.
5. Competitive Advantage: How are you going to differentiate your business from others? That is, how would your business be different and better? This refers to the things you could offer that would set you apart from others.

As always we wish you much success in your business. Remember that the true American dream is a business!