Have you got what it takes to be an entrepreneur?
Tuesday, December 14, 2010/
StartupSmart regularly features inspiring tales of entrepreneurs who have either made it or are on the dizzying ascent to business stardom. But do you have what it takes to join them?
We have put together a comprehensive quiz to test whether you have the characteristics to build a successful business. The quiz covers all of the facets that experts agree are common to top entrepreneurs.
Of course, this raises the perennial question of, are entrepreneurs born or made? It’s a conundrum that no one has been able to satisfactorily answer, despite reams of research into the issue.
A survey of 100,000 members of the Canadian Federation of Independent Business found that entrepreneurs are usually bred rather than born. On the other hand, academic Scott Shane’s book ‘Born Entrepreneurs, Born Leaders’ suggests that a tendency towards entrepreneurship is 48% “inheritable”.
What’s clear, however, is that whatever route entrepreneurs take to business success, the same behavioural traits crop up time and again.
Academic Ken Bennett, former chair of the Innovation Challenge at Griffith University and managing consultant at Export One, says there are five core qualities to an entrepreneur.
“One is depth and scope of vision – do you know what you’re doing, who with and how you’re going to do it?” he says. “The second one is a contradiction, because you need to be flexible. The world is changing rapidly.”
“Thirdly, you need to be innovative. It’s imbedded in everything we do now – you don’t have to be the fastest or the biggest, but you need to do it the best. You’ll need to be innovative to survive.
“The fourth thing is to realise that Australia is now the world and vice versa. You’re not just competing with your neighbours or regionally – you’re compared to what’s on the web in Timbuktu.”
“The fifth thing is belief. It’s the heart that will take you through the tough times when you have no cashflow.”
So, do you have the qualities to become an entrepreneur? Answer our 40 questions as honestly as possible and we’ll let you know if you’ve got what it takes.
Click here to take the entrepreneur test.
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