Will you succeed in business?

The Money Engineer

Most small businesses fail within five years. That is a scaring statistic. The research shows that it usually comes down to the skills and mindset of the business owner.

Below is a simple test I extracted from a book called Shark Tank – Jump Start Your Business by Micheal Parish. The book is based on the TV hit show called Shark Tank. This test might reveal if you have what it takes to succeed in business.

Read each statement below and respond with either “yes,” “sometimes,” or “no.”
From there, assign each answer a corresponding point and tally up your numbers to reveal your score.

WHAT’S YOUR Entrepreneurial Quotient?

KEY
YES: TWO POINTS
SOMETIMES: ONE POINT
NO: ZERO POINTS

1 I’m driven by achievement and success. __________
2 When I experience failure, I’m quick to bounce back. __________
3 I consider myself to be self-motivated and self-sufficient. __________
4 I have been told I’m a natural salesperson. __________
5 I don’t like the idea of working for somebody else. __________
6 I’m great at thinking on my feet. __________
7 I have superior communication abilities. __________
8 I run towards challenges instead of backing away from them. __________
9 I have a strong opinion—sometimes too strong. __________
10 I consider myself a leader. __________
11 I like doing things my own way and question conventional
wisdom.
__________
12 I hold myself to a higher standard. __________
13 I work as hard or harder than anyone else I know. __________
14 I have friends or family members who run their own
business.
__________
15 I’m great at making decisions, even if I don’t always make
the right one.
__________
16 People think of me as intense or passionate. __________
17 I’m more risk-seeking than risk-averse. __________
18 I enjoy coming up with new ideas. __________
19 I don’t know how, but things usually seem to work out for
me.
__________
20 When I set my mind to something, I see it through. __________
TOTAL: __________

RESULTS

40–31 points: Good news! It looks like you were born to be an entrepreneur. With the perfect combination of passion, drive, and fortitude, you have exactly what it
takes to run a business. In fact, it’s surprising you’ve lasted this long working for somebody else.

30–21 points: You certainly have the potential to be a great entrepreneur, but you may face some challenges along the way. Perhaps you take pleasure in working for someone else or avoid challenges. Maybe you have a difficult time finishing
what you’ve started or tend to be overly risk-averse. Whatever your personal barriers may be, take note of them as you begin your journey.

20 and under: Even though you may have the desire to start a company, it’s likely your experience will be fraught with challenges. Rememeber, you don’t have to
be an entrepreneur to be entrepreneurial. There are plenty of opportunities to exercise your independent nature within already established companies. You
may wish to think twice about whether starting a business is really the right move for you.