Do You Have Entrepreneur Qualities?

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This is a little light-hearted approach as to whether you would be a good entrepreneur.  An entrepreneur is someone who starts a business, but you can use this for someone thinking of purchasing a small business and operating it.

Were your parents entrepreneurs?  An entrepreneur in the family, if not parents, then maybe a close relative, is the single most telling indicator of successful entrepreneurs.  In fact, counting such businesses as law practices and farms, many entrepreneurs come from a family heritage of individual businesses.

Are you a legal immigrant?  There is a high correlation between legal immigrants and entrepreneurs.  In this sense, immigrant includes not only those who were born outside the United States, but also those who moved from farm to city or maybe from the Midwest to the west coast.  When many of these citizens find it difficult to locate a good job, they start a business doing something with which they are familiar.  This brings knowledge from other cultures into our country and provides a good living for many immigrants.

Did you have a paper route?  An entrepreneurial streak shows up early in life.  While rising at 5:30 a.m. undoubtedly builds moral fiber, it would have been even more indicative of entrepreneurial tendencies if you had subcontracted the deliveries to a younger sibling and obtained an adjoining route for yourself.

Were you a good student?  The typical entrepreneur is not necessarily a model student.  He or she is often more interested in finding ways to make money than to make good grades.  Many entrepreneurs, however, have college degrees and may apply that knowledge to make an even more successful business.

What is your favorite spectator sport?  The best answer would be none.  Entrepreneurs are poor spectators.  They can’t seem to watch games for any length of time, but they excel at individual sports such as sailing and skiing.

What size company do you work for?  A large number of entrepreneurs come from medium-sized companies, those with 30 to 500 employees.

Have you ever been fired?  It may not look good on your resume, but it indicates that you are entrepreneurial material.  Entrepreneurs make poor employees, as they like to be in control and make decisions about what is important in their work.

Are you an inventor?  This is not a positive indicator.  Inventors fall in love with their products, and they are not really interested in sharing the fruits of their labors.  They like to invent products  and are not really interested in pricing or marketing them.

How old are you?  The ideal age for starting a business seems to be between thirty and forty.  It takes a certain number of years to build the business self confidence that will carry the entrepreneur beyond the adversity certain to be encountered in his/her new venture.  It also takes time to develop a mass of frustration with being an employee.  Furthermore, as a person reaches the early forties, not only finances but family life will have begun to increase and college tuition for the children is fast approaching.  Also, people are locked into the corporate pension plan.  While some people feel secure in their positions in the corporate world and are afraid to give up the stability of their corporate life, others decide to start a business or buy a business so they have better control of their future.  Having your own business not only gives you the ability to work hard and make decisions to increase your business, it also allows you the freedom to schedule your hours to participate more with family activities.  When deciding to become an entrepreneur, however, it is important to factor in the time usually required to work longer hours the first few years.

The final question is when do you plan to retire?  It doesn’t matter much what you answer.  If you’re an entrepreneur, you will probably never retire.  They sell their businesses and think they are going to retire, but pretty soon they start another business or take the money and start something new. 

Whether you work for a small or large business, start a business, or buy an existing business, I sincerely hope you are doing something you enjoy! 

  • Author: Pat Jones
  • Title: President/Owner - Business Broker
  • Company: Pat Jones Business Brokers
  • Company Website: http://www.patjones.biz/
  • Date: December 21, 2017
  • Category: Buying a Franchise or Business
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