Should I Start My Own Business?
Take the Entrepreneur's Quiz
You have to be a little crazy to start your own business. You have to wander off the beaten path to find a path less traveled. You have to work harder and longer hours than the rest of the world. You need a good idea, money to back it up, and support from others. And you have to be a little lucky. Well, heck, maybe you can make your own luck. Should you start your own business? Do you have what it takes? Try the Entrepreneur Quiz and find out.
Ice Cream Entrepreneurs
Ben and Jerry
Do You Have What It Takes to Start Your Own Business? The Entrepreneur Quiz
Answer each question with Yes or No. Scoring follows after the quiz.
I want to be really rich.
- I want to have my name on something.
- I don't want to work as hard as I do now.
- I am super-organized and compulsive about details.
- I can deal with chaos and unpredictable events.
- I have enough money to get my business started.
- I want to be the guy in charge.
- I want to gamble on a big idea.
- I have a college degree and an M.B.A. in business.
- I want people to love and respect me.
- I can deal with failure and criticism, without giving up.
- I am kind, considerate and reserved.
- I am at a disadvantage because of my age, ethnicity or gender.
Answers for the Entrepreneur Quiz
Now here are the answers to the Entrepreneur Quiz. Do you have what it takes to start your own small business? Tally up your score, and see how you rank. High score is 130. Low score is 0.
I want to be really rich. Yes = 0 points. No = 10 points. People start their own business because they want to be independent. There's no guarantee you'll get rich, just like the lottery, the stock market, the casino, there's no guarantee you'll get rich.
- I want to have my name on something. Yes = 0 points. No = 10 points. Don't tie your ego with your business. When you start a business, your goal is to stay alive and to make a living. Fame is fleeting and celebrity doesn't amount to a hill of beans.
I don't want to work as hard as I do now. Yes = 0 points. No = 10 points. Being your own boss is more demanding than the job you have now. There is more stress that comes with the pressure of making money. Plus you have to do everything yourself without the support of the staff in a big corporation. That's a lot of pressure to deal with.
Music Entrepreneur Jay Z
- I am super-organized and compulsive about details. Yes = 10 points. No = 0 points. Business is in the details, and you'll be in charge of them. If your closet is in order, your desk is ship-shape, and your checkbook is balanced, then you've got a better chance when you start a business of your own.
- I can deal well with chaos and unpredictable events. Yes = 10 points. No = 0 points. You must be adaptable to start your own business. Suppliers will let you down, mistakes will happen, maybe the product malfunctions, and computers... Well, don't get me started there. But nothing deters you, right?
I have enough money to get my business started. Yes = 10 points. No = 0 points. Most small businesses fail because they are under-capitalized, or because the owners didn't know what they were doing or because the concept was weak. Customers can be slow to pay, operating costs are more than you plan, and a business needs a contingency fund for an unexpected crisis, just like people do. Your business will need more money than you expect.
- I want to be the guy in charge. Yes = 0 points. No = 10 points. The minute you start a small business, you are not just the boss. You must be a hands-on person, willing to take out the garbage, wipe up the messes and fill in wherever an extra hand is needed. It's not about barking out orders to your minions, it's about swabbing down the deck side by side with your minions... if you can afford to hire minions.
- I want to gamble on a big idea. Yes = 0 points. No = 10 points. Most entrepreneurs hate to gamble. They prefer a well-tested idea that is likely to be a success in the marketplace. They often piggy-back off the winning ideas of someone else. Business comes full of risks that must be dealt with. But with risks you have some control of the outcome. It's always better to start a business when the odds are in your favor.
- I have a college degree and an M.B.A. in business. Yes = 0 points. No = 0 points. That's right, 0 points for this question. A college degree is absolutely not necessary to start a business. In fact business school often trains you to be a better employee, not an entrepreneur. Of course, you need basic business sense, money management and a good nose for trends in the marketplace. But you can always find a good self-employed accountant, lawyer, financier, and logistics manager when you need them.
- I want people to love and respect me. Yes = 0 points. No = 10 points. Love is hard to find in the world of business. There's greed, resentment, competition, and once in a blue moon, a little respect. But nobody will tell you you're doing a good job, and offer you a promotion. It's hard enough to get employees who do their jobs well, much less love you.
I can deal with failure and criticism, without giving up. Yes = 10 points. No = 0 points. Good, because preseverence is what you need. You can't take problems personally in business. Your sales calls can hit a wall; your cash flow can disappear; your competitor can steal your ideas. You've seen some football teams who fall apart when they are behind in the game. It's up to you to keep moving forward in spite of everything.
- I am kind, considerate and reserved. Yes = 0 points. No = 10 points. In business you've got to do the promoting, As an entrepreneur, you can't worry about feeling shy or being too pushy. Your goal is to get the message out even when people don't want to listen, so climb up on your soapbox and speak out.
- I am at a disadvantage because of my age, ethnicity or gender. Yes = 0 points. No = 10 points. Don't hide behind an excuse. Age, ethnicity and gender need not be a disadvantage when you start a business. Hey, baldy, think of the experience you have. You know more about how the world works that you give yourself credit for. Plus, you have lots of contacts. And, ladies, you have extra advantages with your creativity and ability to work with people. Cultivate an attitude of success and start getting results.
I hope life brings you much success.
I wish you a very happy day.
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