By Fernando Berrocal

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Your business concept could be different things such as a side hustle, full-time work as a freelancer, investing in a franchise, the development of a mobile app, etc.  Today, there are many possibilities available in the marketplace and you have undoubtedly given careful consideration to your choice of a business plan. But how much consideration have you given to the element that unites all of these business models? 

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When preparing to launch your organization, you need to take a close look at the one thing that will determine whether you succeed or fail in the entrepreneurial journey; in the end, that is yourself. Here, we'll even go so far as to state that you should evaluate your strengths and weaknesses in the same detail as you would other business basic measurements such as the market demand and preferences, the different startup costs, finance availability, and the overall competitive environment.

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There are different methods to establish your most important asset when launching a startup business:

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• Using “personal evaluations” to grow your startup. As an entrepreneur starting a new startup, you'll learn that personality evaluation and profile tools are the most efficient approach for you as a startup entrepreneur to develop the self-awareness that you need to succeed. When used wisely, personality tests can help you gain a deeper understanding of your personality. It also focuses particularly on those traits that are most likely to affect your success as an entrepreneur, such as your empathy, your overall style of communication, your ability to handle change and business conflicts, etc. The following self-awareness strategies will help you to:

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• Explore your abilities to your organization's full advantage.
• Determine your main areas of shortcomings and elaborate on the growth and the personal development you need to make.
• Analyze your strengths and weaknesses to determine where and when exactly you should seek assistance from other individuals that know about this.

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Feedback from this type of evaluation serves as a foundation for creating meaningful business goals. It also will state practical action plans for both you and your startup business.

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• Self-awareness aids in the formation of solid commercial partnerships. Entrepreneurs can benefit greatly from assessments when it comes to understanding and improving their social and communication abilities. When you begin forming business alliances, organizing a supply chain, exploring marketing possibilities, assembling a team of startup employees, and other crucial business tasks, communication abilities will be essential. Strong relationships are important to each of these areas, which is why so many business owners point to their connections as the foundation of their success.

Nowadays in the world wide web environment, there are several online tools for creating personality profiles and assessments available. Let's look at two of the most reputable evaluation methods you may use to have a better idea of the business strengths your organization venture has to offer and the areas you might need to supplement or reinforce.

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The Dominance, Influence, Steadiness, and Conscientiousness Evalution (DISC Evaluation)

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This type of evaluation aims to make you understand your behavioral style.  You will receive in-depth feedback from the DISC assessment regarding your innate and adaptive ways of acting in business and personal circumstances. This type of evaluation identifies four behavioral styles which are the following: 

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• Dominance: Determines the way you see the whole picture and your level of drive.
• Influence: Shows how you engage with people.
• Steadiness: Involves your pace and consistency of engagement.
• Conscientiousness: Ultimately demonstrates your approach to action.

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Your overall performance in each area can help you identify your organization's main strengths and shortcomings. It can also forecast how you will act in specific business circumstances. For example, if your "conscientiousness score" is low, you could feel more comfortable and confident during the "brainstorming phase" of creating your business plan than during the execution phase of it. If you want your business effort to be successful, you will need to know the crucial facts that result in this evaluation.

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The Myers-Briggs Type Indicator (MBTI)

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This type of test tries to discover your personality type. It is a self-report test that identifies your personality type (of which there are 16 different subtypes) as well as your preferred method of operation. With this information, you will be able to discover trends, develop confidence, and discover the most effective ways to communicate your thoughts. For example, your MBTI test may suggest that you enjoy conducting research, talking to others to get information, making judgments based on instincts or intuition and that you feel most comfortable when issues have been determined or settled rather than being left open-ended.

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These characteristics imply that you could be someone who struggles to create reasonable deadlines or achieve the deadlines you promise to your clients since you don't know when to stop studying. Both of these problems, if left unresolved, can negatively impact your ability to satisfy customers, your reputation, and ultimately the success of your business endeavor. However, if you are aware of these traits, you may make changes to ensure that they don't have a detrimental impact on your organization.

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In conclusion, when you feel it is necessary, seek assistance. Of course, self-awareness only gets you a portion of the way there. To help you use the information from an assessment to your and your new startup´s advantage, you might need or wish to work in partnership with a mentor or a qualified business coach. We recommend you use these potent resources. It is often witnessed the outsized influence that profiling and evaluation tools have on the professional and commercial success of your clients. We cannot overstate how crucial self-awareness is to the success of your business.

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Amazing startup ideas are all over the entrepreneurial landscape, but most have failed when their founder skipped this crucial stage. You may escape this fate by clearly understanding your strengths, limitations, and growth areas. Keep in mind that your entrepreneurial venture revolves around you. Make sure you are as familiar as possible with yourself as you are with your business industry.

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Ready to bring your startup to the next level? Apply to MassLight’s next batch. MassLight supplies capital and a dedicated tech team. We take equity in return. Have questions? Refer to our FAQ page.