Sample Chapter from "The Accidental Entrepeneur" Print

Chapter: Take the Entrepreneur Quiz!

Have you been downsized? Are you thinking about a career change? Are you taking early retirement? Have you said to yourself many times that you would start your own business if you only had a marketable idea? In the current economy, this may just be the time to develop a product or service and take the plunge into self-employment.
Even if you have never thought of yourself as an entrepreneur, you may already have the characteristics needed to become one. And even if you don’t, you can develop them – if you are willing to take on the risks involved in being an entrepreneur as well as being motivated by the rewards. The questions on the following page will help you determine whether you are ready to take the plunge into business ownership…

  1. Are you comfortable with NOT receiving a regular paycheck? YES NO
  2. Do you like work that offers challenge, change, and variety, even if it involves some risk? YES NO
  3. Are you flexible enough to meet changing market demands? YES NO
  4. Are you willing to invest your own money as well as ask others to invest in your business venture? YES NO
  5. Are you committed to spending as much time and effort as it takes to make your business successful? YES NO
  6. Is it important to you to do the strategic planning as well as take care of the day-to-day details of running a business? YES NO
  7. Is your business idea based on your expertise, interests, and solid market research? YES NO
  8. Are you able to bounce back and learn from failures or temporary setbacks? YES NO
  9. Are you optimistic, persistent, and passionate about your work? YES NO
  10. Are you confident that you are capable of succeeding as an entrepreneur? YES NO

Scoring the Quiz

8-10 Yeses: Ready to Move Ahead. If you answered Yes to 8-10 questions, you’re ready to move into starting your own business. You are willing and able to take calculated risks supported by solid information and based on experience. You are probably energized by the work you do because it’s stimulating and innovative and offers you opportunities to master challenges. You are an independent thinker who is willing to listen to the advice of others but you prefer to make your own decisions. However, don’t launch too fast. Be sure to write your business plan, including a marketing plan and best-case/worst-case financials. Poor planning is still one of the most common reasons for business failure.

5-7 Yeses: Move Ahead Slowly. If you answered "Yes" to 5-7 questions, you have some of the key entrepreneurial characteristics, but you need to move ahead slowly. Assess your strengths and weaknesses, and determine what you need to develop before you start a business. You might consider buying a franchise or an existing business instead of starting a business from scratch. You might also test your mettle by starting your business part-time while working for someone else full- or part-time. Grow your business slowly, and only give up your employment when it grows large enough to be a viable business.

4-0 Yeses: Consider Working for Someone Else. If you answered "Yes" to 4 or fewer of the questions, it’s likely that you would be more comfortable working for someone else. You’re not sure of your ability to be your own boss and do what it takes to run a business. Perhaps you are interested in starting a business because you love delivering the service or making the product. If so, you might consider working for a company that values and fosters the entrepreneurial spirit, or join a start-up team within a larger company. However, if you really want to start your own business, your determination can compensate for not having all of the entrepreneurial characteristics.
And of course, if you have a solid business idea, have evaluated the financial prospects carefully, have business partners you trust, and lots of capital, you might want to go for it.


Published by The American Management Association, www.amacombooks.org, May, 2008