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The Entrepreneurial Personality
by Isabel M. Isidro
Do you have what it takes to be an entrepreneur? Here is a
checklist that you can use to determine if you possess (at least
some) the ideal qualities that successful entrepreneurs possess.
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Not everyone is cut out to be an entrepreneur.
A person who decides to start his or her own business face a
long, winding road that is tumultuous on occasion and blocked by
obstacles. While some people may have the motivation and desire
for business ownership, they may not have taken the time to
properly investigate and research their abilities and their
business ideas. As a result, while thousands of new businesses
are started each year, many more either fail or discontinue, and
others transfer ownership or control. If the business fails -
and it could - it may not only wreak havoc with your personal
savings and other assets, but it could give your ego a tremendous
blow.
Before committing yourself to the extraordinary investment of
time, energy and money that starting a business requires, you
need to engage in some personal soul-searching. You need to
review your pluses and minuses, your strengths and weaknesses to
determine if you are a suitable match for the challenge.
Remember, the entrepreneur IS the business - its originator, its
motivating force, its energy. Without the needed ingredients,
the business can fail as quickly as it started.
There is no "ideal" entrepreneurial personality - successful
entrepreneurs can be analytical or intuitive, risk-averse or
thrill seeking, or gregarious and taciturn. However, experts
have documented research that indicates that successful small
business entrepreneurs, whether male or female, have some common
characteristics.
Below is a checklist to help you determine if you have what it
takes to make a success of your own business. On this checklist,
write a "Y" if you believe the statement describes you; an "N" if
it does not; and a "U" if you cannot decide. Do this exercise
before you quit your job, invest your money, or spend your time
in starting the new business:
I have a strong desire to be independent and be my own boss,
not taking orders from others and relying on my own talents. I
can move on my own without waiting for someone to push me.
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Win, lose or draw, I want to be master of my own financial
destiny. I want the chance to work at something I enjoy, because
of a desire for security in the form of steady income.
I have significant specialized business ability based on both
my education and my experience. I also love the challenge of
pitting my resources and skills against the environment.
I am willing to take reasonable risks and handle the pressure
that results from a degree of insecurity.
I have an ability to conceptualize the whole of a business; not
just its individual parts, but how they relate to each other. I
am an individual who always comes up with new ideas.
I develop an inherent sense of what is "right" for a business
and have the courage to pursue it. I believe in giving priority
to getting the job done.
One or both of my parents were entrepreneurs; calculated
risk-taking runs in the family.
My life is characterized by a willingness and capacity to
persevere. I welcome the responsibility that goes to owning a
business.
I recognize that much of my success will depend on how well I
deal with people.
I possess a high level of energy, sustainable over long hours
to make the business successful.
A powerful drive to accumulate wealth, and the opportunity to
earn far more than I ever could working for others.
Not every successful home based business owner starts with a "Y"
answer to all of these questions, because there is no such thing
as the "perfect" entrepreneur! Many proprietors who sense
entrepreneurial deficiencies seek extra training and support from
a skilled team of business advisors such as accountants, bankers
and attorneys. The important thing is that you have a realistic
understanding of your strengths and weaknesses. However, four or
five "N"'s and "U"'s should be sufficient reason for you to stop
and give second thought to going it alone.
If you are lucky enough to possess a higher-than-average level of
self-confidence; if you can think positively about (and are not
turned off by) the prospect of hard work, long hours, and onerous
responsibility; if each new problem challenges you to tackle it
with everything at your command, then owning your own business
may be your proper road to success.
Article written by Isabel M. Isidro, Power HomeBiz Guides. For
more articles, visit Power HomeBiz Guides at
http://www.powerhomebiz.com. PowerHomeBiz.com is an online
magazine designed to stimulate your entrepreneurial mind. We
make small business do BIG business. To subscribe to the bi-
monthly newsletter, send email to newsletter@powerhomebiz.com.
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