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You are
here: homepage(Guide to Entrepreneurs)>Who
is Entrepreneur>Are you an Entrepreneurial
Person? |
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ARE YOU AN ENTREPRENEURIAL PERSON? |
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The first step
for a person aspiring for entrepreneurship is making an inventory of
the traits he/she possesses. This self-awareness and analysis
will help define his strength and help overcome his weaknesses. Some
of the essential qualities entrepreneurs must possess are given
below: |
Answer these questions yourself. |
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No. |
Question
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Quality |
Yes/ No |
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01 |
Do you have a strong desire to be a winner? |
NEED TO ACHIEVE
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02 |
Do you have a quality of stick- to- it? |
PERSEVERANCE |
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03
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Do you prefer a middle of the road strategy
when you have analysed a risky problem objectively and think
you can solve it? |
MODERATE RISK TAKER |
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04 |
Are you alert to opportunities? Do you seize
and convert them to your advantage? |
OPPORTUNITY SENSING |
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05 |
Are you unaffected by personal likes and
dislikes while approaching problems? |
ANALYTICAL ABILITY |
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06
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Do you find it important to know how you are
doing, when you are working on a goal or a task? |
USING FEEDBACK
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07 |
Do you welcome tackling an unfamiliar but
interesting situation? |
FACING UNCERTAINTY |
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08 |
Do you have a dislike for working for others? |
INDEPENDENCE
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09 |
Are you flexible in your decisions? |
FLEXIBILITY |
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10 |
Do you think ahead, plan your future and then
work to make it come true? |
PLANNER |
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11 |
Are you comfortable while dealing with people
at all levels? |
INTERPERSONAL SKILLS |
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12
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Can you influence others? |
MOTIVATOR
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13 |
Are you capable of working for long hours and
tackling different problems at the same time? |
STRESS TAKER |
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14 |
Are you aware of yourself? |
POSITIVE SELF CONCEPT |
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15 |
Do you tend to think ahead? |
ORIENTATION TO FUTURE |
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No
entrepreneur has all these qualities. But most of them will have
many. |
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STRENGTHS AND
WEAKNESSES CHECKLIST: |
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The chart below
will help you identify your strengths and weaknesses and will give
you a better idea of whether you are ready to become an entrepreneur /
small business owner. |
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Examine each of
the skills areas listed in the chart. Ask yourself whether you
posses some or all of the skills listed in the parantheses. Then
rate your skills in each area by circling the appropriate number,
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. |
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Skills |
Rating |
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low |
medium |
high |
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Sales
-
pricing
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buying
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sales
planning
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negotiating
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direct
selling to buyers
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customer service follow-up
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managing other sales reps.
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tracking competitors
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1 2 |
3 |
4 5 |
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Marketing
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advertising/promotion/public relations
-
annual
marketing plans
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media
planning and buying
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advertising copy writing
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marketing strategies
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distribution channel planning
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pricing
-
packaging
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1 2 |
3 |
4 5 |
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Financial planning
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cash
flow planning
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monthly financial
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bank
relationships
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management of credit lines
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1 2 |
3 |
4 5 |
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Accounting
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bookkeeping
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billing, payables, receivables
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monthly profit and loss statements/ balance sheets
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quarterly/annual tax preparation
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1 2 |
3 |
4 5 |
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Administrative
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scheduling
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payroll handling
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benefits administration
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1 2 |
3 |
4 5 |
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Personnel management
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hiring
employees
-
firing
employees
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motivating employees
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general management skills
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1 2 |
3 |
4 5 |
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Personal business skills
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oral
presentation skills
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written communication skills
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computer skills
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word
processing skills
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organizational
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1 2 |
3 |
4 5 |
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Intangibles
-
abilty
to work long and hard
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ability to manage risk and stress
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family
support
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ability to deal with failure
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ability to work alone
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ability to work with and manage others
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1 2 |
3 |
4 5 |
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Total |
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After you have rated yourself in each
area, total up the numbers. Then apply the following rating scale: |
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If your total
is less than 20 points, you should reconsider whether owning a
business is the right step for you. |
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If your total
is between 20 and 25, you are nearly ready, but
it may be wise to spend some time strengthening some of your
weak areas. |
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If your total
is above 25, you are ready to start a new business now. |
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Good
Luck and Happy Entrepreneuring! |
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STEPS TO SET UP AN ENTERPRISE |
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