Do you have what it takes to be an entrepreneur? Here is a checklist that you can use to determine if you possess (at least some of) the ideal qualities that successful entrepreneurs possess. Not everyone can be an entrepreneur.
A person who decides to start his or her own business faces a long, winding road that is tumultuous on occasion and blocked by obstacles. While some people may have the motivation and desire for business ownership, they may not have taken the time to investigate appropriately and research their abilities and their ideas of business. As a result, while thousands of new companies started each year, much more either fail or discontinue, and others transfer ownership or control. If the company fails – and it could – it may not only wreak havoc with your savings and other assets, but it could give your ego a tremendous blow.
Before committing yourself to the excellent investment of time, energy and money starting a business requirement, you need to engage in some personal soul-searching. You need to review your pluses and minuses, your strengths and weaknesses to determine if you are a suitable match for the challenge. Remember, the entrepreneur IS the business – its originator, its motivating force, its energy. Without the needed ingredients, the company can fail as quickly as it started.
There is no “ideal” entrepreneurial personality – successful entrepreneurs can be analytical or intuitive, risk-averse or thrill-seeking, or gregarious and taciturn. Experts have documented research that indicates that successful small business entrepreneurs, whether male or female, have some common characteristics.
Below is a checklist to help you determine if you have what it takes to make a success of your own business. On this list, write a “Y” if you believe the statement describes you, an “N” if it does not, and a “U” if you can not decide. Do this exercise before you quit your job, invest your money, or spend your time in starting the new business:
- I have a strong desire to be independent and be my boss, not taking orders from others and relying on my talents. I can move on my own without waiting for someone to push me.
- Win, lose or draw, I want to be master of my financial destiny. I want the chance to work at something I enjoy, because of a desire for security in the form of steady income.
- I have significant specialized business ability based on both my education and my experience. I also love the challenge of placing my resources and skills against the environment.
- I am willing to take reasonable risks and handle the pressure that results from a degree of insecurity.
- I have an ability to conceptualize the whole of business; not just its individual parts, but how they relate to each other. I am a person who always comes up with new ideas.
- I develop an inherent sense of what is “right” for a business and have the courage to pursue it. I believe in giving priority to getting the job done.
- One or both of my parents were entrepreneurs and calculated risk-taking runs in the family.
- My life is characterized by a willingness and capacity to persevere. I welcome the responsibility that goes with owning a business.
- I recognize that much of my success will depend on how well I deal with people.
- I possess a high level of energy, sustainable over long hours to make the business successful.
- A powerful drive to accumulate wealth, and the opportunity to earn far more than I ever could working for others.
Not every successful home-based business owner starts with a “Y” answer to all of these questions because there is no such thing as the “perfect” entrepreneur! Many proprietors who sense entrepreneurial deficiencies seek extra training and support from a skilled team of business advisors such as accountants, bankers, and attorneys. The important thing is that you have a realistic understanding of your strengths and weaknesses. However, four or five “N”‘s and “U”‘s should be sufficient reason for you to stop and give a second thought to going it alone.
Possibly you are lucky enough to possess a higher-than-average level of self-confidence, and you can think positively about (and are not turned off by) the prospect of hard work, long hours, and heavy responsibility. If each new problem challenges you to tackle it with everything at your command, then owning your own business may be your proper road to success.
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