Of these, about half last five years, and one-third survive 10 years or more, reports the Small Business Administration. What separates these survivors? Research by Ernst & Young’s Entrepreneur of the Year Program and The Wall Street Journal has identified some core entrepreneurial success traits, including vision, passion, innovation and resilience.
Take this quiz to see if you’ve got the profile of a successful entrepreneur.
1. Vision: how clear are you on why you want your own business?
A. I can picture my business goals vividly.
B. I have some general idea, but I’m fuzzy about details.
C. I have a vague idea.
D. I’m not sure why I want to go into business.
2. Passion: how badly do you want your own business?
A. I have a burning desire to run my own company.
B. I’ve always wanted to run my own business if I can figure out how.
C. I have definite goals, but I’m not sure if entrepreneurship is how to achieve them.
D. I’m not sure if I want to go into business.
3. Motivation: how hard are you willing to work?
A. I’m willing to work 80 hours a week and invest my savings.
B. I’m willing to work weekends and seek financing.
C. I’ll have to check my schedule and budget.
D. I’m working too hard already, and I can’t afford financing.
4. Innovation: how good are you at solving business problems?
A. I’m a creative problem solver with great resources.
B. I’m persistent at finding solutions.
C. I can find solutions if I spend enough time at it.
D. I’m not a good problem solver.
5. Money management: can you handle financing your business?
A. I’ve got all the money I need, and I’m great at managing it.
B. I know how to get financing to cover my cash flow, and I’ve got a good bookkeeper.
C. I need to figure out where to get help with financing and bookkeeping.
D. I have no idea how to handle money.
6. Persistence: will you follow through?
A. Once I start something, I don’t stop until the job’s done.
B. Sometimes I get discouraged, but I always persist.
C. I’m a strong starter, but sometimes struggle at finishing.
D. I quit when I get frustrated.
Now that you’ve taken the quiz, let’s review your results:
Mostly As: You’re a born entrepreneur. Go for it!
Mostly Bs: You’ve got strong entrepreneurial qualities, but you’re missing some pieces. Build on your strengths, and look for partners to improve weak areas.
Mostly Cs: You’ve got some success traits, but you’re missing some vital areas. Don’t quit your day job until you’ve filled in some gaps.
Mostly Ds: You’re missing some critical qualities you need to succeed as an entrepreneur. Take a step back to connect with your passion, focus your vision, develop a plan and commit before proceeding.