A typical entrepreneur test will ask people:
- Do you want to have your own business and be their own boss?
- Do you want to have financial freedom?
- Do you have great ideas for business?
Well, who doesn’t. You’ll answer YES to all of them by default. Having the right mindset is more important than business ideas and business knowledge. As they say, businesses are as good as its leader, in our case, the entrepreneur.
My personal version of an entrepreneur test was developed through actual experience. This entrepreneur test was designed to help an individual to understand their entrepreneurial potential.
Are you ready to fail and lose money? Most businesses lose money at first, no question to that. If you are not ready to lose some, you won’t gain some.
Are you resilient and persistent? Entrepreneurship is a roller coaster ride, especially in the beginning. If you are not resilient and persistent, then you’ll most likely to stop when things go wrong and probably miss your next big thing.
Are you action-oriented and a self-starter? Action speak louder than words. You can have the greatest business plan but without putting it into action, your business plan will just be a plan and only collect dust in your closets.
Do you seek the help of other? You should realize that you cannot do things on your own. You will have blind spots and weaknesses that is normal to everyone. Synergizing with others will improve your business as well as you.
Can you lead people and take responsibility? Entrepreneurs are leaders. Even if you have an off-the-chart motivation and passion, if you can’t cascade it to the people around you, you’ll bound to fail.
Can you network with people? Businesses deal with people. That is a fact. If you aren’t good with people or just afraid to mingle with others, entrepreneurship will be difficult for you.
Do you love change? Dealing with uncertainty needs an iterating mindset. The only permanent thing in this world is change. Embracing change and pivoting to uncharted waters is a necessity for an entrepreneur.
Can you live on varying compensation? Entrepreneurs, especially startups, won’t have the luxury of fixed compensation as sales will vary from time to time, depending on the environment the entrepreneur is in. If you can’t live with varying compensation then it is more suitable for you to just work in an office and collect your monthly salaries.
Do you have a support structure? There are times when entrepreneurs hit a wall to the brink of giving up. A good support system will keep you on your feet and pick you up. The best thing is when you are at a high, you’ll can celebrate with the people you love.
Do you put your plans into writing? Organization of thought is key in being an entrepreneur. Writing keeps inanimate ideas into a tangible thing which also clarifies thinking. It helps to reflect on your ideas and the changes you’re making.
Do you look for new and better ways to do things? The market is saturated with ideas, both radical and traditional. An innovative mind can result to business differentiation and competitive advantage.
Do you enjoy selling? Let’s face it. You’ll eventually sell something. Whether you like it or not, selling is part of entrepreneurship.
There is no bigger reward in business than being an entrepreneur. However, entrepreneurship is embarking into a world full of uncertainty.
For those who aren’t ready, it is certain that it will be a roller coaster ride. If you answered yes in at least 10 questions in the entrepreneur test, then you are ready. You have a potential to be a successful entrepreneur. Otherwise, you aren’t there yet. Make sure to improve yourself to increase your chances for entrepreneurial success. How to be a successful entrepreneur? Be mindful what you need to succeed.