Testing Your E.Q. (Entrepreneurial Quotient)

Do you have what it takes to be successful as an entrepreneur? Identifying the characteristics of successful entrepreneurs and comparing them with your own strengths and weaknesses is an important first step in determining your readiness. The following self-assessment should give you some insight into what it takes to make it as an entrepreneur.

To get the most out of this self-assessment, it’s important that you rate yourself objectively. Answer each question honestly, describing your behaviors, values, and attitudes as they actually are, and not how you would like them to be.

1. Are You Goal-Driven?

A successful entrepreneur must be able to envision a desired goal and must be willing to focus his or her energy on implementing the activities required to achieve that outcome even in the face of adversity. It’s also important for entrepreneurs to continually reevaluate goals and adjust them to meet changing conditions. And because winning entrepreneurs are seldom content with reaching goals, they tend to continually set new and more challenging goals for themselves and their businesses.

2. Are You a Leader?

As an entrepreneur, you’ll need to direct people effectively and know how to inspire and motivate others by your example. True leaders recognize that empowering the performance of others is critical to their own success.

3. Are You Self-Confident?

An individual’s level of confidence is an important component of his or her overall achievement in the entrepreneurial world. One way to boost your confidence is to build your entrepreneurial effort around your interests, abilities and experience in a particular area. And bear in mind that, not only do you have to believe in your own ideas and abilities, but also you need to convey that belief to others.

4. Are You a Risk Taker?

Taking risks is almost an everyday occurrence for the entrepreneur. That’s why a successful entrepreneur must have the ability to identify and realistically assess opportunities, weigh their relative dangers, and act on those opportunities that spell growth for the company.

5. Are You Prepared to Work Long Hours?

Starting and running a business takes a tremendous amount of time, energy, and endurance. Be sure that you are in good health and that you know how to deal with stress. It’s also important that you have the support of family members. Becoming an entrepreneur is not easy, but most entrepreneurs would tell you that the reward and sense of accomplishment you realize is unparalleled in the corporate world.

6. Are You Good at Problem Solving and Decision Making?

Successful entrepreneurs see problems as learning experiences. They use their creative problem-solving skills to explore innovative ways to develop solutions. In the area of decision-making, entrepreneurs must develop a sense of urgency when it comes to accurately identifying, diagnosing, and deciding on a particular course of action.

7. Are You a Skilled Communicator?

Excellent written and oral communication skills are critical to selling your product and service as well as yourself. What’s more, entrepreneurs must understand the value of listening to customer needs and have the skills to interact well with many different types of people.

8. Are You Organized?

An honest self-assessment is critical here. As an entrepreneur, you will find that there is always more work than time. To make the best use of your time, it’s important that you be organized.

9. Are You Competitive?

Because you and your business will be in constant competition, a competitive spirit is a must. It also helps to be the type of person who quickly bounces back from defeat.

10. Are You a Team Player?

It’s sometimes hard for entrepreneurs, who often are individualists by nature, to recognize that every successful business requires a team of good people. Knowing how to delegate and when to bring in professional help are additional key skills for entrepreneurs.

However, you certainly don’t need to possess every one of these characteristics to be a successful entrepreneur, nor does having these traits necessarily guarantee a successful business venture. But if you answered “yes” to eight or more of these questions, you have the makings of an entrepreneur. Start writing that business plan now. If the number of “yes” answers ranged from six to seven, you show potential, and should now be aware of the kinds of skills and traits you need to cultivate before committing yourself to entrepreneurism. If you answered “yes” to five or fewer of the questions, you may not be ready to start a business on your own. Consider finding a partner who is skilled in those areas where you show weaknesses.