The Entrepreneurial Personality
By Isabel M Isidro
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) the ideal
qualities that successful entrepreneurs possess.
Not everyone is cut out to be an entrepreneur.
A person who decides to start his or her own business face 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 properly investigate and research their abilities
and their business ideas. As a result, while thousands of new businesses
are started each year, many more either fail or discontinue, and others
transfer ownership or control. If the business fails – and it could – it may not
only wreak havoc with your personal savings and other assets, but it could
give your ego a tremendous blow.
Before committing yourself to the extraordinary investment of time, energy
and money that starting a business requires, 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 business
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. However, 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 checklist, write a "Y" if you believe
the statement describes you; an "N" if it does not; and a "U" if you cannot
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 own boss, not
taking orders from others and relying on my own 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 own 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 pitting 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 a business; not just its
individual parts, but how they relate to each other. I am an individual
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
One or both of my parents were entrepreneurs; calculated risk-taking
runs in the family.
My life is characterized by a willingness and capacity to persevere. I
welcome the responsibility that goes to owning a business.
I recognize that much of my success will depend on how well I deal
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
second thought to going it alone.
If you are lucky enough to possess a higher-than-average level of
self-confidence; if you can think positively about (and are not turned off by)
the prospect of hard work, long hours, and onerous 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.
Isabel M. Isidro is the Managing Editor of Power HomeBiz Guides. For a step-by-step guide to
starting a business, order the e-book "Checklist for Starting a Small Business" from
PowerHomeBiz.com at http://www.powerhomebiz.com/Index/checklist.htm
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