Are you ready to be an entrepreneur? Take this assessment and find out
This assessment was adapted from an article by Kelly K. Spors (2009) entitled, “So, You Want to Be an Entrepreneur.” I assigned numeric values to the questions and adjusted them based on my experience.
Grab a piece of paper and number it one through ten. Then, jot down your score for each of the below questions:
1. Are you willing and able to bear great financial risk?
(5) Absolutely
(4) Yes, most of the time
(3) I’m not sure
(2) I’d prefer not to
(1) Absolutely not
2. Are you willing to sacrifice your lifestyle for potentially many years?
(5) Absolutely
(4) Yes, most of the time
(3) I’m not sure
(2) I’d prefer not to
(1) Absolutely not
3. Is your significant other on board? (If not applicable, select 5)
(5) Absolutely
(4) Yes, most of the time
(3) I’m not sure
(2) Not really
(1) Absolutely not
4. Do you like all aspects of running a business, like paperwork, managing people, etc.?
(5) Absolutely
(4) Yes, most of the time
(3) I’m not sure
(2) I’d prefer not to
(1) Absolutely not
5. Are you comfortable making decisions on the fly with no playbook?
(5) Absolutely
(4) Yes, most of the time
(3) I’m not sure
(2) I’d prefer not to
(1) Absolutely not
6. What's your track record of executing your ideas?
(5) I’ve been successful with multiple projects
(4) I’ve been successful at least once
(3) I’m not sure
(2) I’ve tried, but it wasn’t pretty
(1) What do you mean, I have to execute on my ideas?
7. How persuasive and well-spoken are you?
(5) Very persuasive
(4) Pretty good
(3) Not great, but there’s potential
(2) I’m terrified to try to persuade someone
(1) Uhhhh….
8. Do you have a concept you're passionate about?
(5) Absolutely
(4) I have an idea that’s forming
(3) I’m not sure
(2) I just want to make money
(1) I’m not even passionate about making money
9. Are you a self-starter?
(5) Absolutely
(4) Yes, most of the time
(3) I’m not sure
(2) I’d prefer not to
(1) Absolutely not
10. Do you have a business partner?
(5) Absolutely
(4) Yes, most of the time
(3) I’m not sure
(2) Some of the time
(1) Absolutely not
Score It:
Add up your points and divide by 50 to get a decimal point. Multiply times 100 to get your percentage.
If you’re score is 60% or higher, you have the makings of an entrepreneur right here and now! But if not, it just might not be the right time.
Some of us are entrepreneurs by design, which means we love the risk and challenge of following a new vision. Others of us are entrepreneurs by opportunity. If you are in the second group, you might want to wait until a better time or opportunity arises.
Interestingly, there has been an increase in the number of new entrepreneurs over the age of 50. In 2018, 25.8% of new entrepreneurs were aged 55 - 64, according to a study by the the Kauffman Group (2019, p. 13). The best time to start a business might be once you have gained expert knowledge in your field or when your financial situation is less precarious.
No matter when you start a business, do your homework! Estimate your expenses and your profit margin. Gather investors so you can share the risk. Only jump in if you see a promising financial opportunity for you and your investors.
References
Fairlie, R. Desai, S. Herrmann, A.J. (September 2019). 2018 National Report on Early Stage Entrepreneurship. Ewing Marion Kauffman Foundation: Kansas City. https://indicators.kauffman.org/wp-content/uploads/sites/2/2019/09/National_Report_Sept_2019.pdf
Spors, K. (Feb 23, 2009). So, You Want to Be an Entrepreneur. Wall Street Journal. https://www.wsj.com/articles/SB123498006564714189.
