I found this back in January and saved it for a time when Becky would be gone and I would need to step up to the plate and post something! A guy by the name of Andy Swan gave some pretty decent criteria for testing personality to see if you have what it takes to start a business. Here are his thoughts, and mine too on the four areas he addressed.
1. “Do you enjoy working? No….not thinking….not ideating….working. Executing. You have to execute. A mediocre idea well-executed is worth 100 times as much as a great idea that isn’t seen through. Do you REALLY think that Ray Kroc was the first guy to have the IDEA of a hamburger chain?”
Yes, having your own business is WORK, that dirty four letter word that some have the misguided impression does not apply when you are the boss.
2. “Do you gamble? I really think that there is something deep inside of some people that makes them CRAVE risk, thrive on it. Personally, I can honestly say I’d rather lose $200 on a round of golf than not gamble at all….and I LOVE golf. I’m not sure you can fake this one.”
Me, I’m not a golfer, and not much of a risk taker at all, and maybe that is why I work for someone else! But I do work with those risk takers every day of the week, and I also see the ones who are not good at risk taking. They usually fail in business.
3. “Can you fake it? A lot of entrepreneurship is promotion. You can’t wear your emotions on your sleeve, or you’re DEAD. Why? Because 90-95% of the time, your company is in trouble and you have major doubts. But guess what….investors, customers, partners….everyone….they DO NOT want to hear it, see it or sense it. They want confidence. Yes….later you HAVE to deliver quality….but today, you have to deliver confidence.”
How true is that statement? The ability to roll with the punches and come up smiling can get a new business owner a long way. How’s your duck n’ dodge?
4. “Are you good on your feet? Things change. ALL the time. …… Poof….the business plan you spent 8 days perfecting is gone. A lot of people can’t stand it when plans change at the last minute. Others expect it and stay up late.”
Times are changing rapidly and the successful entrepreneur learns to dance to a new tune every day. I agree with Andy Swan when he says that although there are exceptions to every rule and these four things are not a complete list, they are certainly keys to success, and good indicators of an entrepreneurial personality.