Is It For You?
Running a small business and working as a manager in a larger organization require different skill sets. Even excellent managers may not have the abilities, desire, and personal characteristics to make it as an entrepreneur. Answer the following questions to see how you stack up.
- Regarding time management, the following statement describes me best:
- I don’t manage time; it manages me.
- I am a dedicated goal-setter and goal-achiever.
- I go with the flow; some days are better than others.
- When faced with a difficult work decision, I’m most likely to:
- Ask my co-workers for input.
- Avoid making a decision until one is made by default.
- Evaluate each option’s pros and cons and then commit to a course of action.
- I want to start my own business so:
- I can have a more flexible schedule and take time off.
- Everyone will stop telling me what to do.
- I can create something of worth.
- If I’m not making money after 3 months:
- I’ll quit and try something else.
- I’ll start temping to see how things go.
- I’ll keep at it. I don’t expect to make money for at least a year.
- I think I’ll be a good entrepreneur because:
- I’ve read up on my industry and think I’ve got a great plan that will fill a market need.
- My friends and family told me I’d be good at it.
- I am a good manager.
Use the following grid to identify how many points you’ve earned for each question. Add up you total points and read below what your score reveals about you.
Question 1: a. 3 b. 1 c. 2
Question 2: a. 2 b. 3 c. 1
Question 3: a. 3 b. 2 c. 1
Question 4: a. 3 b. 2 c. 1
Question 5: a. 1 b. 3 c. 2
Fewer than 6 points: You have a good sense of what it takes to make it as a small business owner. You’re confident and a forward-thinker, and you’ve done your homework. With the proper resources, you’re well positioned to make a great start.
6 to 10 points: Though you have some of the skills an entrepreneur needs, you may be lacking in some critical areas, including decision-making capabilities, commitment, and a well-developed plan. Make sure you know what you’re getting into before you strike out on your own.
11 or more points: You have a somewhat unrealistic view of what is involved in owning and running a business, including the long hours and demands on your personal life. Before you quit your job, do some solid research and speak with several small business owners to see what it’s really like.