Entrepreneurs run businesses, but business owners are not always entrepreneurs. Among many other talents, entrepreneurs usually have vision and an ability to inspire others. Instead of "Business as usual", entrepreneurs look for alternative ways to generate revenue, lower overhead, decrease operating costs, and make new contacts. The following list are some of the common personality traits of successful entrepreneurs.
Most important for success as an entrepreneur:
Important for success as an entrepreneur:
Least important for success as an entrepreneur:
Many people wishing to become small business owners ask themselves whether they really could. The following questionnaire will help you evaluate your entrepreneurial aptitude. You may want to grab a cup of your favorite beverage as this quiz is comprised of 50 questions. Results will be calculated when you complete all the questions.
Starting and running a business requires an assortment of skills. At minimum you should understand basic financial statements. You should also be prepared to learn new skills or hire professionals as required. Most new entrepreneurs benefit from instruction on bookkeeping, marketing & sales, and time management. You should consider conducting a personal assessment to inventory your skills.
In strategic planning for projects and business ventures, a SWOT analysis looks for Strengths, Weaknesses, Opportunities, and Threats. This format can be used for a personal SWOT analysis. Strengths and Weaknesses headings would list specific business relevant skills. Opportunities and Threats are personal issues as they relevant to your ability to do business. Although not defined as skills, these last two headings are included in most business plans. These pages are for your personal use, so be honest with yourself. Leave space for additions, modifications and action items so you can update your SWOT as your entrepreneurial skill-set grows. The following is a sample of the kinds of entries your SWOT may contain if you were thinking of opening a widget store.
Excellent written communication skills (useful to write ads, sales letters, etc)
Good with math (useful to quickly estimate cost, pricing, discounts, etc)
Good with customer relations (useful to gain loyal customers)
Excellent computer graphic design skills (useful to design ads, website, letterhead, etc)
No bookkeeping knowledge (ACTION:check for local evening classes)
Procrastination / time management (ACTION:look for time management course and buy a day planner)
Lots of social media friends (useful to help promote the widget store)
Billy’s friend Sue does the purchasing for Mega Industries Inc. (ACTION: get to know Sue)
Uncle Tim won the lottery (potential investor? ACTION: ask)
Unable to work store due to recurring knee problem