Career Tests

Entrepreneurial Readiness and Your Career

Entrepreneurial Qualities
Entrepreneurial Readiness Test
Using Your Results

Entrepreneurial Readiness Test by A. Bronwyn Llewellyn with Robin Holt, M.A.

Your answers to the following questions will help you determine whether or not you're ready to take the plunge into business ownership.

1. Are you comfortable with not receiving a regular paycheck?	YES	NO
2. Do you like work that offers challenge, change, and variety, even if it involves some risk?	YES	NO
3. Are you flexible enough to meet changing market demands?	YES	NO
4. Are you willing to invest your own money as well as ask others to invest in your business venture?	YES	NO
5. Are you committed to spending as much time and effort as it takes to make your business successful?	YES	NO
6. Is it important to you to do the strategic planning as well as take care of the day-to-day details of running a business?	YES	NO
7. Is your business idea based on your expertise, interests, and solid market research?	YES	NO
8. Are you able to bounce back and learn from failures or temporary setbacks?	YES	NO
9. Are you optimistic, persistent, and passionate about your work?	YES	NO
10. Are you confident that you are capable of succeeding as an entrepreneur?	YES	NO

Write this score on your chart on page 179. _______ My Yes Total

Test developed by Susan Urquart-Brown. Material excerpted from The Accidental Entrepreneur: Practical Wisdom for People Who Never Expected to Work for Themselves, by Susan Urquart-Brown, found at www.TheAccidentalEntrepreneur.biz.

<B>Scoring Your Test</B></h2> <p>8 to 10: You're ready to move ahead. If you answered “yes” to eight or more questions, you're ready to work seriously toward starting your own business. You are willing and able to take calculated risks that are based on experience and supported by solid information. You are probably energized by the work you do because you find it stimulating and innovative and it offers you opportunities to master new challenges. You are an independent thinker who is willing to listen to the advice of others, but you prefer to make your own decisions. However, don't launch your new enterprise too fast. Be sure to write down your business plan, including a marketing plan and some best-case/worst-case financial projections. Poor planning is one of the most common causes of business failure.</p> <p>5 to 7: Move ahead slowly. If you answered “yes” to five to seven questions, you have some of the key entrepreneurial characteristics, but you need to move ahead slowly. Assess your strengths and weaknesses, and determine what you need to develop before you start a business. You might consider buying a franchise or an existing business instead of starting a business from scratch. You might also test your mettle by starting your business part-time, while working for someone else full-or part-time. Grow your business slowly. Only give up your employment when your own business grows large enough to be viable.</p> <p>0 to 4: Consider working for someone else. If you answered “yes” to four or fewer of the questions, you would probably be more comfortable working for someone else. You're not yet confident of your ability to be your own boss and do what it takes to run a business. Perhaps you are interested in starting a business because you love delivering a particular service or making a product. If so, you might consider working for a company that values and fosters the entrepreneurial spirit or join a start-up team within a larger company. However, if you really want to start your own business, your determination can compensate for not having all of the entrepreneurial characteristics. Of course, if you have business partners you trust, a solid business idea, lots of capital, and have evaluated the financial prospects carefully, you just might want to go for it. But if you've really decided that entrepreneurship isn't for you, skip to Chapter 10 and test your managerial ability.</p> <h2><B>Overcoming Your Fear</B></h2> <p>Taking the plunge to start your own business can be scary. If your test score indicates that you are definitely interested in becoming an entrepreneur but you still have some trepidation, here are some things to consider to help you get beyond the fear.</p> <p><B>Take Your Time</B></p> <p>You don't have to start immediately. It takes time to plan, and once you start your business, it takes time to build it up. On average, it takes between three and five years to build a solid, successful, profitable business. Make a plan, set your goals, and take one step at a time.</p> <p><B>Have Faith</B></p> <p>Marketing and selling your product or service is much easier if you believe in yourself. Base your business on your core values, interests, strongest skills, and expertise.</p> <p><B>Know Your Audience</B></p> <p>Understand your market. Perception, experience, and savvy will help you hone in on and explore that niche just waiting to be occupied by you and your idea. Any investors you attract will want to feel confident that you have your finger on the pulse of your market.</p> <p><B>Use Your Network</B></p> <p>You don't have to do it all alone. Get support from your friends and family and advice from business professionals, coaches, and colleagues. Take advantage of community resources wherever you can find them. Don't fall into the trap of being the “lone wolf.” This is a common mistake new entrepreneurs make. Ask for help when you need it because, in the long run, it will save you time and money.</p> <p><B>Have a Solid Business Plan</B></p> <p>Planning for battle or charting a course — pick your analogy. The important thing is that you have a well-crafted plan. Potential investors will notice and appreciate the facts on risk, return, and demand. Remember that most companies fail, so do everything you can to make yours one of the ones that doesn't. In many cases, sound implementation can count for more than a great idea.</p>  <div id="pagination"><ul><li class="prev"><a href="http://www.netplaces.com/career-tests/entrepreneurial-readiness-and-your-career/entrepreneurial-qualities.htm" title="Entrepreneurial Qualities">Entrepreneurial Qualities</a></li><li class="next"><a href="http://www.netplaces.com/career-tests/entrepreneurial-readiness-and-your-career/using-your-results-8.htm" title="Using Your Results">Using Your Results</a> </li></ul></div></div> <div id="coda"> <div id="rel"><div class="n5">Related Articles</div><ul> <li><a href="http://www.netplaces.com/career-tests/entrepreneurial-readiness-and-your-career/entrepreneurial-readiness-test.htm" zT="18/1YL/Zn"> Entrepreneurial Readiness Test - Career Tests </a></li> <li><a href="http://sbinformation.about.com/od/startingabusiness/tp/questions.htm" zT="18/1YL/Zn"> Starting a Small Business - Questions to Ask Before Starting a Busines... </a></li> <li><a href="http://sbinfocanada.about.com/od/businessplans/a/quickbizplan_2.htm" zT="18/1YL/Zn"> Quick-Start Business Plan - Is Your Business Idea Worth a Business Pla... </a></li> <li><a href="http://sbinfocanada.about.com/od/startup/a/beselfemployed_2.htm" zT="18/1YL/Zn"> Start a Business - Employee to Self-Employed - Traits You Need for Sta... </a></li> <li><a href="http://www.netplaces.com/consulting-business/opportunities-for-consultants/making-the-leap.htm" zT="18/1YL/Zn"> Making the Leap - Start Your Own Consulting Business </a></li> </ul></div> <div id="sec"><div class="n5">Read More Entrepreneurial Readiness and Your Career</div><ul><ul class="col1"><li ><a href="http://www.netplaces.com/career-tests/entrepreneurial-readiness-and-your-career/what-is-an-entrepreneur.htm">What Is an Entrepreneur?</a></li> <li ><a href="http://www.netplaces.com/career-tests/entrepreneurial-readiness-and-your-career/a-short-history-of-entrepreneurs.htm">A Short History of Entrepreneurs</a></li> <li ><a href="http://www.netplaces.com/career-tests/entrepreneurial-readiness-and-your-career/entrepreneurs-are-made-not-born.htm">Entrepreneurs Are Made, Not Born</a></li> </ul><ul class="col2"><li ><a href="http://www.netplaces.com/career-tests/entrepreneurial-readiness-and-your-career/entrepreneurial-qualities.htm">Entrepreneurial Qualities</a></li> <li class="btO">Entrepreneurial Readiness Test</li> <li ><a href="http://www.netplaces.com/career-tests/entrepreneurial-readiness-and-your-career/using-your-results-8.htm">Using Your Results</a></li> </ul></ul></div> </div> <script>if(zSbL<1)zSbL=3;zSB(2);zSbL=0</script> </div> <div id="widgets"><script type="text/javascript">if(z336>0){w('<div id="adB">'+ap[0]+at[4]+as[0]);adunit('','','about.com',ch,gs,336,280,'1','bb',3);w('</div>')}if(z155>0){w('<div id="adP">'+ap[0]+at[4]+as[0]);adunit('','','about.com',ch,gs,336,155,'1','ps',4);w('</div>')}</script> <div id="pg" class="pane"><div class="n3">Shopping</div><div class="cntnr"><a href="http://shop.everything.com/product/the-everything-career-tests-book/"><img src="http://0.tqn.com/d/np/career-tests/Cover.jpg"></a><h4><a href="http://shop.everything.com/product/the-everything-career-tests-book/">THE EVERYTHING CAREER TESTS BOOK</a></h4><p><a href="http://shop.everything.com/product/the-everything-career-tests-book/">By A. 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