Question

1. For each of the following, identify if each statement is true (T ) or false (F) about self-assessment (6)

A. Self-assessment should only be conducted during the pre-launch stage of a firm when an entrepreneur is determining financial and nonfinancial goals [A]

B. Self-assessment is used to help the entrepreneur establish goals and ultimately a business model [B]

C. Self-assessment should be performed when an entrepreneur experiences any major life event [C]

D. Self-assessment should be conducted during every phase of a firm’s life cycle and will change depending on the current phase [D]

E. An initial self-assessment should occur at the end of a new venture’s first year of operations to determine if the first year has [E]generated a profit

F. Self-assessment not only focus on establishing goals but also considers the readiness and preferences of the entrepreneur [F]

Answer 1

A. Answer is: FALSE. Self-assessment is done at all stage in order to measure the performance and to know the need for training. It is not only done during the pre-launch stage.

B. Answer is: TRUE. Self-assessment helps entrepreneurs to realize the area in which they are lagging. Hence they go for a training and re-establish the goal and business model to achieve the goal.

C. Answer is: FALSE. Self-assessment should be performed in a regular time interval in order to know the performance. It should not only be performed during major life event.

D. Answer is: TRUE. Self-assessment should be performed during every phase in order to know the gaps between what is required and what the current stage is. The gap then leads to training and re-establishment of goals and a business model to achieve that goal.

E. Answer is: FALSE. The initial self-assessment should be performed at the beginning of the planning (or during pre-launch) in order to determine the gap. Self-assessment at the end of first year wont be of help for the first year operations.

F. Answer is: TRUE. Self-assessment checks the current state and what is the required state. Then as per the gap found, different goals are established. Hence it also checks the readiness and preferences of the entrepreneur.

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