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Gauge Your Entrepreneurial Readiness – With an Entrepreneur Test

What does an entrepreneur test look like? How do you measure whether you’re ready to start your own business? With the number of idled or displaced workers in the broad economy today, many are wondering if it’s time to invest in their own business start-up.

Those are just two of the questions that online business opportunity seekers are asking themselves as they research the home based business and alternative or part-time career categories for answers.

If your present career or work situation has been impacted by the job slowdown, you may be seriously considering a leap into an entrepreneurial enterprise of your own. For many, especially if you require something with low start-up costs, the most popular and accessible business models are:

Affiliate marketing

Network marketing

Freelancing/independent contracting

The Internet offers the online entrepreneur a vast array of profitable niches to concentrate on. Most successful home business marketers that I’ve personally observed often combine different revenue streams in a blended approach to diversify their income sources. That often means overlapping any or all of the 3 home business models listed above.

Those who have relied on steady employment working for some other person or company often have to consider if they are really prepared to start their own business. That’s where a career assessment test or entrepreneur test can help. An alternative or parallel career option enjoys unprecedented popularity today because the Internet has reduced or eliminated the traditional barriers of entry to an entrepreneur’s career.

I recently took a free, online entrepreneur test to see what it entails. I can tell you this. Research reveals that there are 16 dimensions or characteristics that are important for starting a business. These entrepreneurial traits fall into three general categories: Personality, Skills and Motivation. As an example, you are asked to self-assess your…

Personality:

• Action-oriented: Your go-getting ability. Your tendency to “do” rather than sit around and think.

• Persistence: Your determination to meet your goals.

• Risk Tolerance: Your willingness to expose yourself to possible loss. Your attraction to, or comfort level with, risk.

Skills:

• Leadership: Your ability to guide and inspire others to work toward a common goal.

• Networking: How well you build and maintain relationships.

• Persuasion: Your ability to influence others.

Motivation:

• Ambition: Your desire to achieve success.

• Autonomy: Your desire to make your own decisions and control your own destiny.

• Financial Motivation: How important money and financial freedom are to you.

After having completed the questionnaire of this particular free, online entrepreneur test I took, I was confronted with the ratings system they use for determining my entrepreneurial acumen -based on my answers. I happened to be rated a pretty average “silver”. That means I fell below the gold and platinum levels. That translates to being in the 25th to 50th percentile of strongly possessing (or not), the proven character traits that successful entrepreneurs exhibit.

Well, considering I’m already putting the entrepreneur/online marketer lifestyle to test, it remains to be seen how much I will have to continue brushing-up on those 3 major business owner aptitudes.

What’s fun and actually kind of revealing is that based on your individual test results, it will identify your 5 greatest strengths and 5 most obvious weaknesses. The program states it is useful to consider your strengths–the tools and talents you already have in place–which will serve you in the pursuit of starting your own business.

Test scores come with helpful tips to get the most out of your individual personality traits so you can leverage those strengths to your best advantage.

Likewise, it goes on to suggest ways you can improve those areas that you tested low or sub-par in with recommended tips. Of course as can be expected of anything offered “free” on the internet, there always comes: “And now a word from our sponsors”. So there’s ample opportunity to opt-in to the advertised and featured educational resources that appear multiple times as you continue moving through the test program.

The advertising on the entrepreneur test I took is “opt-in” only and at no time exceeded the limits or bounds of correct internet etiquette we would expect. You just have to take careful notice where to click to proceed with the test uninterrupted, if that’s your choice.

So was it worth the time to take this entrepreneur test? Yes. For me, it actually identified areas that I already suspected needed improvement. I think it’s helpful to be able to recognize and perhaps be reminded of character traits that still could use some further development which you may now focus on.

If you dream of being your own boss and wonder if the entrepreneur lifestyle is right for you, gauging your strengths/challenges in the areas of personality, motivation and skills can be a helpful start. When you see that an online business career “leap” is really something that can be organized into a series of small, incremental steps, it might just be enough to push you over the edge.

A Must Read For Anyone Interested In Becoming An Entrepreneur

So why would anyone want to take on the hassles and risks associated with becoming an entrepreneur? Well, the 3 main reasons are…

Becoming Your Own Boss:

The lure of becoming your own boss is one of the primary reasons people become entrepreneurs. Rather than working for someone else, these individuals prefer to follow their ambition of starting their own firm. Overall, people decide to become their own boss for a variety of reasons based on personal circumstances. Some examples include being laid-off, or being frustrated with corporate structures or the lack thereof.

Realizing Ideas, Dreams, and Passion:

Another reason people start their own business venture is to pursue their own ideas, dreams, and passion. While many of us share similar desires, only a few people actively work on realizing their entrepreneurial goals. When asked, many entrepreneurs stated that they were somewhat forced to start their own business because their previous employers were resistant to ideas, change, and innovation. Rather than let their desires simmer, these individuals consistently focused and worked at bringing their ideas, dreams, and passion to fruition through entrepreneurship.

Financial Rewards:

Last, people become entrepreneurs to reap the financial rewards associated with those perceived opportunities. The reason that I say perceived is because most small businesses do fail. People must realize that the average entrepreneur doesn’t make more money compared to working at a traditional job, hence why many never take the plunge. While it’s not impossible, it’s very unlikely that you’ll reach a level like Larry Page and Sergey Brin (Google), or even Jerry Yang (Yahoo). To me, it’s never a good idea to make financial rewards the primary motive for becoming an entrepreneur. While financial incentives are important, it should not be the main reason for starting a business. Instead, entrepreneurs must posses these three characteristics, that if mastered, will help you become an extraordinary entrepreneur.

Passion:

The single most important characteristic shared by successful entrepreneurs is passion. These individuals have a tremendous amount of passion for their business and believe that their organization will positively influence our world. A prime example is Sergey Brin and Larry Page. Both individuals have more than enough money to survive for several lifetimes. But instead of retiring to a life of luxury, they’re still working on their passion – Google.

Honestly, you should not become an entrepreneur if you don’t have passion for your business. If you’re only partially committed to your business, you will not survive. In today’s competitive and dynamic business environment, entrepreneurs must be fully committed to working long hours to fight off competition while continually innovating on new products and services that’ll help the business grow and succeed. Without passion, you’ll succumb to the never-ending demands of your business and ultimately fail.

Focus & Tenacity:

To meet the never-ending demands of your business also requires focus and tenacity. Entrepreneurs must focus on delivering value to their customers by providing high-quality goods to improve their lives, thus creating a winning situation for all stakeholders. In addition, they must also have the tenacity to fight through setbacks and failures, especially since both are inevitable. Because most start-ups fail, entrepreneurs must always focus on the end goal and work tenaciously on achieving their mission and vision.

Execution Intelligence:

Above all else, every entrepreneur should strive towards execution intelligence – the ability to effectively execute business ideas and strategies as efficient as possible. This includes building a viable business model, raising capital, establishing clientele and partnerships, managing finances, leading and motivating employees, marketing, etc. Through execution intelligence, and by having an uncanny ability to translate innovative ideas into measurable actions and results, you will increase your odds of success as an entrepreneur. In the end, becoming an entrepreneur is hard work if you want to be successful. You must ensure that the items mentioned above are aligned with the necessary skills and resources needed to tap into legitimate business opportunities capable of providing adequate financial rewards for years to come.

Feel free to read my previous posts about entrepreneurship. Before you decide to venture down this road, I leave you with “10 Chinese Proverbs” to help you reflect on some of the requirements of entrepreneurship.

“To open a shop is easy, to keep it open is art.”

“In every crisis, there is opportunity.”

“Defeat isn’t bitter if you don’t swallow it.”

“Failing to plan is planning to fail.”

“If a thing’s worth doing, it’s worth doing well.”

“Cheap things are not good; good things are not cheap.”

“Sow a thought, reap an action; sow an action, reap a habit; sow a habit, reap a character; sow a character, reap a destiny.”

“Learning is a treasure that will follow its owner everywhere.”

“Patience is a virtue.”

“Make happy those who are near, and those who are far will come.”

Essential Qualities Of An Entrepreneur

It is a great idea to want to start a business, but a person has to analyze and estimate if he has the qualities that are essential for being a successful entrepreneur.

Qualities of a Successful Entrepreneur:

Entrepreneurs are persevering, are lovers of challenges, are action oriented and are quick to learn, and adopt techniques to perform better as well as improve their business. They are independent extroverts who have the ability to lead people, manage them effectively, and steer their business toward its success. They are intelligent and able to utilize their skills, time, resources, and energy effectively. They are emotionally stable and healthy. They set reasonable, realistic goals and determine the ways to achieve the goals without fuss, have good communication skills as well as the ability to judge people and trust them accordingly. They have business acumen even without attending any business school and have the right instinct to make the right decision at the right time. They have the ability to make maximum use of the available resources and do not fear failure and are able to solve problems and seek solutions to existing problems easily.

Some Other Traits of Entrepreneurs:

o Leadership: An entrepreneur is a natural leader with the vision and the drive to do things right and steer his company toward success with ease.

o Confidence: He has to be self-confident, confident in his plans as he has carefully researched them and has mastered the skills necessary to implement them carefully.

o Energetic: They have amazing capacity for hard work and are energetic, motivating those that come in contact with them on account of their drive and determination.

o Creative And Innovative: This will be an essential criterion to design and sell products that are interesting which offer several benefits and have a competitive edge, making sure they capture the target market on launch without much difficulty.

o Organized: Entrepreneurs have to be highly organized and systematic, making it possible to achieve things in a much shorter time. The ability to deliver anything that has been promised on time and the ability to stick to schedules are necessary for a person to be a successful entrepreneur.

o Have Trouble Being Subordinates: They usually are strong-willed and have trouble working under someone else.

o Highly Competitive: They are very competitive and will strive offer better services and products than the competition.

o Will Not Hesitate To Take Risks: Risks are part of any business, and a successful entrepreneur will have the knack of taking calculated risks that will only benefit the business.

o Will Not Hesitate To Seek Help When Necessary: They will hire necessary staff to help them in areas where they are not very confident.

These are some of the traits of entrepreneurs, which can be used as a checklist to determine if someone has the capability to be an entrepreneur. If you do start your own business, be sure to use the services as well as products offered by some firms to help new entrepreneurs like you succeed.

Commitment & Determination – What Makes You an Entrepreneur

What makes you an entrepreneur?; this question is simple but very difficult to answer. For a long time, people have studied the science behind entrepreneurial process, what drives a great entrepreneur, the things that make an ordinary person transforms into a job creator.

To answer this question, it’s much better if we try to understand what’s behind entrepreneurial process. At the heart of every entrepreneurial process is the founder, the opportunity seeker, the creator and initiator, the leader, problem solver, and motivator; the planner and the guardian of vision and mission. Without this human energy, behavior, drive, and vitality, the greatest ideas-even when they are backed by an overabundance of resources and people-will fail, grossly underperform, or simply never get off the ground. Brilliant athletic aptitude and potential is not equal with the great athlete. The difference is invisible and intangible: commitment, tenacity and determination.

Commitment and determination are seen as more important than any other factor that inspiring an entrepreneur. It makes an entrepreneur can overcome incredible obstacles and also compensate enormously for other weaknesses. Almost without any exception, entrepreneurs live under extreme, constant pressure (when they start their business, for them to stay alive, and for them to grow). A new business requires top priority of entrepreneur’s time, emotion, patient, and loyalty. The level of entrepreneur’s commitment can be measured in several ways: through a willingness to invest a substantial portion of his or her net worth in the venture, through a willingness to take a cut in pay because he or she will own a major piece of venture, and through the other big sacrifices in lifestyle and family circumstances. Clearly, commitment and determination usually demand personal sacrifice.

What you should keep in mind is that the desire to win never equal to the will to never give up. And this is actually a critical distinction. So many lead entrepreneurs say that they really want to win, but only few have the dogged tenacity and unflinching perseverance to make it happen. Just take an example of a young entrepreneur who made several phone call but none were returned. He made a few more calls but still, no response. Over the next week he made yet another series of calls that once again received no response. At that point, what would you do? Would you keep trying, or decide to move on and not waste any more time? Only you can answer this question, and the answer will gives a clear picture of your persistence’s level.

Entrepreneurs who successfully build new business seek to overcome hurdles, solve problems, and complete the job. They are disciplined, tenacious, and persistent. They are able to commit and recommit quickly. They love to win and love to compete at anything. However, if tasks are unsolvable, an entrepreneur will be the first person to give up than the others. There is a fair opinion says that while entrepreneurs are extremely persistent, they are also realistic in recognizing what they can and can’t. They know where they can get help to solve a very difficult but necessary task.

Should You Match Your Entrepreneur Personality With Your Business Startup Idea?

Did you know that the word entrepreneur comes from a French word “entreprendre” which means “to undertake? If you want to get more analytical and you speak French, you might think it comes from combining two verbs “entre” and “prendre.” “Entrer” means “to enter” and “prendre” means “to take” so combined they would mean “to enter to take.” That works too because a person following a business startup idea who enters markets to take advantage of opportunities for profits by assuming the risks is by definition an entrepreneur.

Let’s look at some interesting facts about entrepreneurs:

People who become entrepreneurs either seek out an entrepreneurial life or they fall into it. Not everyone who becomes an entrepreneur grew up thinking that it was their dream to become a business owner.

Entrepreneurs fall into different entrepreneurial personality types–the professional, expert or pragmatist, and the inventor. Maybe as a small business owner, you have not given much thought as to the type of entrepreneur you are. You were too busy focusing on getting your business operating and profitable and not so much on what kind of entrepreneur you are.

Those entrepreneurs that are referred to as professional entrepreneurs start one business, and another, and another. They are very good at establishing a business and making it very successful in a relatively short period of time. Sometimes if luck would have it, the first business does well and they sell it. Soon they start another business because now being an entrepreneur is in their blood and they can’t go to work for someone else so they start another business.

Did you think that every person who becomes an entrepreneur set out to be one? Sometimes an entrepreneur comes looking for someone who is an expert in a particular field that is needed for their business such as accounting, finance, marketing, or sales. It can also be that they need an expert in a particular industry such as software, pharmaceuticals, or cosmetics. Then they go looking for someone who has that knowledge and ask them to join their venture by making them a partner. Voila! they are now an entrepreneur.

The expert entrepreneurs are often well-educated and become experienced in their trade by working in a corporate setting for a number of years. There they hone their skills creating the expertise that makes them so valuable as an entrepreneur.

The third type is the inventor. Bill Gates is an inventor type entrepreneur that has made this type very well known. This type of entrepreneur may have the classic inventor personality. You know the “absent minded professor” who gets so caught up in his technology and invention that they do not function well in a fully functioning business setting. As a result, they cannot function as a leader of a company because they have much too narrow a focus.

Instead, to become a success as an entrepreneur, they compensate for their shortcomings by surrounding themselves with experts that can provide the business expertise that they lack. In fact, they may hire the “professional” entrepreneur as a partner to focus on the growth aspects of the company so that they can continue in the inventor capacity which they do best.

There are blends of these three entrepreneurial types. It is possible to find a professional-inventor type who is fortunate enough to have both skills at their disposal. They can become super-creative geniuses who can invent and start businesses that do extremely well and become very profitable taking full advantage of their creative and business potential. They can become billionaires!

The blend pragmatist-professional entrepreneur is one that takes a combination expert who also understands the operation of a business. They use their expertise to develop an idea for a business that will lead to a very profitable business idea and set about hiring all the talent they need in every area to make it extremely successful. For example, someone who knows the pharmaceutical business very well comes up with an idea for marketing and managing pharmaceuticals in a new and more efficient way. His expertise as a professional entrepreneur allowed him to dig in and help with the startup process of the business while supervising the development of the pharmaceutical end of it.

Another interesting fact is that certain entrepreneurial types go better with specific types of businesses. You increase your chances of success if you choose a business that matches your entrepreneurial type. Often when you are thinking of starting a business, you do not give any thought to what kind of entrepreneur you are. Success often depends on your knowing your own strengths and weaknesses and your ability to find people that complement you.