Q: Hi Steve! How would I really know if I am cut out for owning my own business? I like the idea a lot, but it also really scares me. – Len
A: Well, you actually stumbled upon my handy, dandy short quiz for how to know if entrepreneurship is for you.
Ask yourself this question: Does the idea of leaving your job and paycheck and benefits frighten you more or excite you more? If the thought is more exhilarating than petrifying, then being an entrepreneur may be right for you, but if the idea of starting your own business scares you more, this may not be your ideal career path.
Excitement and fear are my beginning criteria because starting a business is not for everyone and you better be darned sure that you will like it before risking a lot of time, money, and your reputation on a new idea.
But let’s drill down a little deeper, because there are other attributes that are needed. To help, I have created a short quiz. It will help you evaluate your qualifications. (But please, as you answer, be honest with yourself. It doesn’t help you at all to get an answer “right” if it really is not true for you.)
1. Are you a self-starter?
a. You bet, I like to come up with new ideas and try them out. (5 points)
b. If someone helps me get started, I will definitely follow through. (3 points)
c. Not really. I am fine letting others come up with ideas and following their lead. (1 point)
2. How do you feel about taking risks?
a. I don’t mind taking risks at all. That’s part of life. (5 points)
b. Calculated risks are acceptable, at times. (3 points)
c. I like the tried and true. (1 point)
3. Can you and your family live without a regular paycheck?
a. Yes, we are willing to do that and are ready for that if that is what it takes. (5 points)
b. I understand that may be part of the process, but don’t like it. (3 points)
c. I don’t see how we can do that.
4. Do you have transferable business skills?
a. Yes, I do, and those I don’t have, I’ll learn. (5 points)
b.Some. (3 points)
c. Is going to the movies a transferrable business skill? (1 point)
5. Do you have experience in the business you are thinking of starting?
a. Yes. (5 points)
b. Some. (3 points)
c. No. (1 point)
6. Are you willing to become a rainmaker and figure out how to get clients and customers?
a. I will do what I have to do. (5 points)
b. If I have to. I’ll try. (3 points)
c. I don’t like that idea at all. (1 point)
7. Are you willing to work 60 hours a week or more?
a. Like I said, I will do what it takes to start this business. (5 points)
b. Maybe, in the beginning. (3 points)
c. I can think of a lot more important things than working all of the time.
8. Do you have self-discipline?
a. You bet. (5 points)
b When need be. (3 points)
c. What’s that? Pass the nachos! (1 point)
9. Can you live with uncertainty?
a. Yes. (5 points)
b. I may not like it, but I’m OK with it. (3 points)
c. No, I like knowing what to expect. (1 point)
10. Are you flexible and willing to pivot if things are not going your way?
a. “Flexible” is my middle name, bro. (5 points)
b. I like to think so, but others may disagree. (3 points)
c. Not really. I have a fairly rigid personality. (1 point)
Scoring
40–50: You have both the temperament and the skills needed to become an entrepreneur.
30–39: You are probably not a natural entrepreneur but may become one over time.
Below 30: You would be wise to think of another career besides self-employment.