Quiz time: Thinking about starting a small business?
TUESDAY, MAY 17, 2011 AT 4:12 P.M.
So you're thinking about starting your own business?
Susan T. Spencer, small business consultant and author of Briefcase Essentials, says not so fast.
Not everyone is cut out for entrepreneurship, so Spencer recommends a little self-test to see if you've got the right stuff to grow a small business. Answer Yes or No to the 10 questions, then calculate using the the Success Key below.
- Passion and Drive - Can you keep your nose to the grindstone for 10-12 hours a day, 7 days a week for the first two years?
- Diligence - Do you have the ability to research a business opportunity or idea thoroughly and objectively determine which businesses suit your skills?
- Persistence - Can you take “No” for an answer and keep moving forward without taking that “No” personally?
- Flexibility - Are you eager to take on new projects that might not be in an area where you excel?
- Adaptability - Can you change course in mid-stream when someone else shows you a better option?
- Reaching out For Help - Are you comfortable asking others for help and then accepting it?
- Discipline - Can you live on a tight budget?
- Cash Flow Savvy - Do you have the ability to handle your finances by “robbing Peter to pay Paul?”
- Sense of Humor - Can you laugh at yourself when you make a dumb mistake?
- Doing Your Homework - Are or were you one of those students who always made sure they handed in homework assignments on time and complete?
Now add up your score:
9-10 yes answers: You have passed the first threshold, the heavy lifting lies ahead.
7-8 yes answers: Your chances are 20-1 unless you are able to work on the “No’s.”
1-6 yes answers: Stop dreaming and get a job!
penni.crabtree@uniontrib.com (619) 293-2264
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