Are You an Entrepreneur?

DO YOU HAVE WHAT IT TAKES?

Gary Lok of the City of Scarborough Small Business Centre designed this questionnaire, to aid you in determining if you have what it takes to be a successful entrepreneur and making sure that the business you have chosen is the right business for you. Business experts have identified a number of personal traits that indicate if a person is likely to become successful in their own business. The more yes’ you can answer, the more likely you are in achieving success.

Are you a Self-Starter? – Successful business owners make things happen, they don't wait around for the phone to ring, or be told what to do next.

Do you get along with different kinds of people? – Even the smallest business brings you into contact with different kinds of people - from customers, employees, suppliers, and bureaucrats.

Do you have a positive attitude? – There will be many ups and downs in running your business. Will you be able to face each obstacle with optimism?

Do you like to make your own decisions? – One of the major reasons for business failure is poor decisions, and procrastination is the main obstacle to making good decisions. In a successful business, important decisions are made everyday - not put off.

Do you enjoy competition? – We live in a highly competitive world and it’s getting even more so. Successful business owners don't mind going up against the competition. Some even thrive on it.

Do you have the willpower and self discipline? – When you are your own boss, you have to be able to motivate yourself. You don't have someone else looking over your shoulder to push you.

Do you plan ahead? – A key ingredient for business success is planning. It increases your likelihood of success.

Do you get things done on time? – If not, it may mean you are disorganized. Effective organizational and time management skills are crucial to success.

Can you take advice from others? – Nobody can be an expert in everything. Nor do entrepreneurs have the time or money to make every mistake on their own. The sign of a true leader is one who is open to the advice and wisdom of others.

Can you adapt to change? – If there is one constant in the business world - it's change. A successful business owner is one who can adapt to the ever changing business climate. They view change as an opportunity not as a threat.

Are you prepared to work long hours, six to seven days a week, including holidays? – Forget the 9 to 5. If important tasks have to be completed - you don’t stop working until it is completed. Especially for new start-ups, you must do whatever it takes to launch your business.

Do you have the physical and emotional energy to operate a business?– Running your own business can be more exhausting than working for someone else. Do you have the strength to handle all the pressures and problems of self-employment?

Are you prepared to lower your standards of living for months even years? – It could take months, even years to start making a profit. Can you adjust your life so you can live without a steady income for as long as it takes to successfully launch your business?

Are you prepared to lose your savings? – If you are not willing to risk your own money in your venture, you should question your confidence and commitment in the business.

Will you have the support of your family and/or spouse? – Without support at home, you could be facing a war at two fronts at once.

Back to the Top

Click here if you want to know more.	Click here for Library Resources.