Management 14th Edition by Leslie Rue,Lloyd Byars ,Nabil Ibrahim

Exercise 15

Are You an Entrepreneur?
In recent years, entrepreneurs, or folks who do things their own way, have become a highly analyzed species, but often the data uncovered have been so voluminous as to confuse rather than clarify.
Among the most confused, perhaps, are thousands of would-be entrepreneurs whose friends tell them they aren't equipped with the qualities for success.
Recognizing this, Northwestern Mutual Life Insurance Co., which considers its own agents to be entrepreneurial, wondered what it is that makes a good entrepreneur. And so it commissioned a test.
Professor John Braun, a psychologist at the University of Bridgeport, is the author of this somewhat revealing-if not entirely scientific-quiz that aims to clarify your understanding.
• Significantly high numbers of entrepreneurs are children of first-generation Americans. If your parents were immigrants, add one to your score. If not, subtract one.
• As a rule, successful entrepreneurs weren't top achievers in school. If you were a top student, deduct four. If not, add four points.
• Entrepreneurs weren't especially enthusiastic about group activities in school. If you enjoyed such activities, subtract one. If not, add it.
• As youngsters, entrepreneurs often preferred to be alone. Did you prefer aloneness? If so, add one. Otherwise, subtract it.
• Those who started childhood enterprises, such as lemonade stands, or who ran for elected office at school can add two because enterprise is easily traced to an early age. Those who weren't enterprising must subtract two.
• Stubbornness as a child seems to translate into determination to do things one's own way. If you were stubborn enough to learn the hard way, add one. Otherwise, subtract it.
• Caution may involve unwillingness to take risks. Were you a cautious child? If so, drop four points. Otherwise, add them.
• If you were more daring than your playmates, add four.
• If the opinions of others matter a lot to you, subtract one. Add one otherwise.
• Weariness with daily routine is sometimes a motivating factor in starting a business. If this would be a factor in your desire to go out on your own, add two points. Otherwise, deduct them.
• If you enjoy work, are you willing to work overnight? Yes, add two. No, deduct six.
• Add four more if you would be willing to work as long as it takes with little or no sleep to finish a job. No deductions if you wouldn't.
• Entrepreneurs generally enjoy their activity so much they move from one project to another without stopping. When you complete a project successfully, do you immediately begin another? Yes, plus two. No, minus two.
• Would you be willing to spend your savings to start a business? If so, add two, and deduct that many if you aren't.
• Add two more if you'd be willing to borrow from others to supplement your own funds. If not, you lose two points.
• If you failed, would you immediately work to start again? Yes gives you four, no takes that many away.
• Subtract another point if failure would make you look for a good-paying job.
• Do you believe entrepreneurs are risky? Yes, minus two. No, plus two.
• Add a point if you write out long-term and short-term goals. Otherwise, subtract one.
• You win two points if you think you have more knowledge and experience with cash flow than most people. You lose them if you don't.
• If you're easily bored, add two. Deduct two points if you aren't.
• If you're an optimist, add two. If you're a pessimist, erase two.
Scoring
If you score 35 or more, you have everything going for you. Between 15 and 35 suggests you have background, skills, and talent to succeed. Zero to 15 indicates you ought to be successful with application and skill development.
Zero to minus 15 doesn't rule you out, but it indicates you would have to work extra hard to overcome a lack of built-in advantages and skills. And if you score worse than minus 15, your talents probably lie elsewhere.
Source: Northwest Mutual Life Insurance Company. Used with permission.