Entrepreneurial Evaluation

Self-Analysis Questions

The Makeup of a Successful Entrepreneur

Did you know that more than three quarters of job growth in Canada in the last decade has been in self-employment? Entrepreneurship: freedom, power, innovation-the perfect solution for everyone, right? Wrong! Although some qualities may be developed, certain people are, in fact, more inclined to become successful entrepreneurs than others. Therefore, before prematurely diving into the world of entrepreneurship, you must first take the time to analyze yourself and decide whether owning a business is suitable to your own personality, skills, and lifestyle. Venturing out on your own is a major decision, involving way too much time, money, and energy to be careless with.

To help you along with your self evaluation, The Business Link has compiled some of the key components and considerations that are generally held by the successful entrepreneur.

Personal Qualities:

• Patient and persevering. Successful entrepreneurs are normally willing to work long, hard hours and willing to weather the highs and lows of business
• Love a challenge and are driven by a need to challenge one's self
• High tolerance for ambiguous, unstructured situations
• Possess a desire for change and constant improvement. Entrepreneurs frequently monitor social trends and adopt new technologies
• Action-oriented
• Think positively and quickly get over their failures
• Learn quickly, enjoy feedback, and are able to learn from mistakes
• Both listen and communicate well
• Independent and extroverted
• Self-confident and determined to succeed. Entrepreneurs should be comfortable with having all of the decisions rest upon them
• Creative, innovative, and open-minded

Physical and Psychological Qualities:

• Ample health and energy
• Emotional stability
• Money-enough to start the business, as well as to support yourself during the risky start-up period
• Time-A business requires a lot of time and attention, especially during its launch
• Influence from entrepreneurial role models
• Personal intelligence

Business and Managerial Skills:

• Able to set realistic attainable goals
• Love to take risks, but ensure that these risks are calculated, not foolish
• Able to exert influence and inspiration on others without a need to impose status or power
• Able to get along with and adapt to all types of people
• Able to trust others and give out responsibility
• Possess good communication skills (the ability to put your ideas into writing, as well as to persuasively present your ideas to a group of people)
• Possess general financing, production, administration, human resources, sales, and marketing skills

Lifestyle Considerations:

• Other commitments and obligations-your decision will not only affect you; get the opinions and input from others
• Family-there are many added responsibilities associated with having a family. You must not only provide food, clothing, and shelter, but also adequate love, attention, and security. Therefore, you should guarantee that your new venture does not put others at risk
• Your own happiness and whether you are passionate enough about your business idea to ensure that you will enjoy it daily. Considering your natural talents, skills, and sources of enjoyment may lead you to the best business idea

All of these characteristics, combined with know-how, personal contacts, and the development of business expertise, generally separate the successful from the unsuccessful in entrepreneurialism. Act wisely by taking a look at yourself-your needs, desires, and capabilities-before taking the plunge into the world of business.

Nevertheless, please be aware that entrepreneurial characteristics are somewhat flexible and do have the potential to be developed. If you anticipate any areas of difficulty, it is best to deal with them sooner rather than later. There are even books, web sites, and courses, such as those which can be obtained through The Business Link, all devoted to the subject of entrepreneurialism.