A common concern among prospective entrepreneurs is whether they have the right personalities, characteristics or skills necessary to own and run a small business. The good news is that there’s no definitive formula for what makes a person well-suited to being an entrepreneur. Still, it is true that most successful entrepreneurs share certain characteristics.
This exercise will help you identify your strengths and weaknesses and will give you a better idea of whether you’re ready to become a business owner again.
Examine each of the skills areas listed in the chart. Ask yourself whether you possess some or all of the skills listed. Then rate your skills in each area by clicking the appropriate box, using a scale of 1-5, with 1 as low, 2 as between low and medium, 3 as medium, 4 as between medium and high, and 5 as high.
After you’ve rated yourself in each area, total up the numbers. Then apply the following rating scale:
- if your total is less than 100 points, you should reconsider whether owning a business is the right step for you
- if your total is between 101 and 200, you’re on the verge of being ready, but you may be wise to spend some time strengthening some of your weaker areas
- if your total is above 201, you’re ready to start a new business now