What is your entrepreneurial aptitude? Answer the questions below, gathered from Entrepreneur and Forbes magazines, to see if you might have what it takes to launch your own business.
Section 1—True or False:
- Unexpected surprises irritate me.
- I get bored easily.
- I’m comfortable making long-term commitments.
- I prefer to be given specific instructions rather than an ambiguous assignment.
- If something isn’t working, I will give up and move on.
- I am very frugal with every dollar.
- I can live comfortably without a salary for one year.
Section 2—Multiple choice:
8. What motivates you in your daily work—both your choice of work and how you approach it?
A. I want to make the world a better place.
B. I like making a good living financially.
C. I like being in control of what I do.
D. I want to be influential.
9. Which of the following statements best expresses how you think about risk?
A. I’m a risk junkie: the more, the better.
B. I take on a level of risk I’m comfortable with, then try to achieve be best results I can.
C. You have to accept some risk if you want to get anywhere.
D. I prefer to minimize risk whenever possible.
10. How do you think about past failures?
A. I don’t spend a lot of time regretting or thinking about what might have happened. I move on.
B. I think carefully about what happened, what I might have done differently, so I can learn from my experiences.
C. I carefully examine assumptions I made about what I can control and what I cannot, looking for errors.
11. How do you organize your efforts when you aim to create something new?
A. I plan carefully, set milestones and monitor activity to make sure we make good progress.
B. I design and deploy a careful process for experimentation to maximize the validity of what I learn.
C. I take a rapid-fire, trial-and-error approach, trying lots of things as cheaply as possible and following up on what seems most promising.
D. I prefer to focus on improving at the things I already know how to do.
12. You’ve taken this quiz and none of your answers match up with the entrepreneur’s answer. What should you do?
A. Go back to the lab and give up hope of ever becoming an entrepreneur.
B. Try to become more like a typical entrepreneur.
C. Go to business school.
D. Go ahead and start your own business anyway.
False–The only thing you can expect in business is the unexpected. If you’re bothered by the unknown, owning a business will be difficult.
False—Day-to-day business operations become repetitive, requiring persistence and focus. Those who are easily distracted may have a hard time sticking with it.
True—People who can commit for the long haul have the tenacity to get through tough times in business.
False—Entrepreneurship does not come with a roadmap. It requires a unique vision and ambition.
False—It’s critical to be persistent in finding solutions. Entrepreneurs must be able to problem solve.
False—If you’re too stingy, you won’t make adequate investments to produce returns for your business.
True—It takes longer than expected to build a solid business foundation and start making money.
C. Research suggests autonomy is the most important motivation for most entrepreneurs.
B. Entrepreneurs have a bigger appetite for risk than others, but a 1998 study found that entrepreneurs accept risk at a level comfortable for them and then try to increase returns at that level.
A. One consistent finding is that entrepreneurs are systematically unrealistic, overly optimistic and confident in their ability to control outcomes and less prone to counterfactual thinking and regret.
C. Considerable evidence suggests effective innovation processes need to be iterative and trial-and-error based, although there is room for planning.
D. Some scientists argue that focusing on personality traits is unlikely to “help us understand the phenomenon of entrepreneurship.” If you want to start a company, go for it.