In an effort to help entrepreneurs accurately assess the risk associated with incorporating a business, an Odds of Success Calculator has been introduced by business advice and networking website StartUpNation.com.
The device uses eight factors to determine entrepreneurs’ chances of success: amount of capital investment, difficulty in obtaining funds, quality of financial management, degree of business planning, annual industry growth rate, management experience, industry experience and timeframe.
After completing a questionnaire, the tool computes the probability of success by comparing the company with data points of up to thousands of other companies.
The idea for the calculator was in response to the site’s visitors who wanted a tool that could tell them if they’re on the right track or not. It’s also a bit entertaining – giving quick and definitive results.
Read this Daily Dose post and see how Twitter fared on the calculator.