This is the first in a series of articles designed to help Entrepreneur’s understand the dynamics of starting and owning a business.
Determining your level of potential to be a business owner.
1. The first question you must ask yourself is “What are my passions in life?” Are you following your passions in life or are you looking for a job? Being an Entrepreneur is a mindset, it is not a job or part-time activity. It is hard work and requires you to believe in yourself and have a passion for what you are doing. Answer the questions below with your first instinctive answer (yes or no)
a. Do you like hard work? – 25 points
b. Do you believe in yourself and that you can do anything if you set your mind to it? – 10 points
c. Is your business idea one of your passions in life? (Is it something you have always had a strong interest in?) – 20 points
d. Can you handle stress without self destructing or harming others? – 25 points
e. Are you an extreme risk taker? – 15 points
f. Are you afraid to fail? – minus 50 points
The reason is simple – starting a business has many ups and downs and one must have the strength and mental toughness to persevere when the going gets rough and it will get rough. If your business idea is one of your passions in life then you will be more likely to give it everything you have in terms of effort. Finally an entrepreneur will wear many hats and must take risks without the fear of failure. Fear cripples the decision making process as it takes away the edge necessary to survive. (Do not confuse caution with fear)
Add up all the points for yes answers:
70 or more points – proceed to step 2
30 – 65 points – think twice before proceeding make sure it is what you truly desire in life
Less than 30 points – Stop!! Go out and find a job
2. The second question is “What strengths do you have that will help get you started”? Strengths are personal values and traits that will allow you to learn as the idea progresses. They differ from skill sets because skill sets are things you can learn.
a. Do you enjoy changing routines, solving puzzles, multitasking? – 10 points
b. Are you an extrovert? – 25 points
c. Can you see the 20,000 meter picture and still detail your budget? – 15 points
d. Do people trust you? – 25 points
e. Are your daily and professional lives organized? – 15 points
f. Are you a good negotiator – 10 points?
If you scored 50 or more points – you are ready to begin thinking through your idea. You do not have to be an extrovert to be successful – but it does help. Organization, trust, big picture view and the ability to understand detail are all excellent positive traits.
If you have answered questions 1 & 2 and are ready for more – stay tuned.
Next article – “Thinking through your idea the right way”
The Entrepreneur’s Advisor™ is unique in their ability to assist new ventures. Our understanding of the emotional rollercoaster, the details of starting a business, the experiences of running a business, change management and a passion for what we do separates us from others because “We have been there and done that”. Our innovative Pay-As-You-Go” program is designed to be a sounding board for start-ups. Talk to us – “We love getting our hands dirty.”
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