Friday 1 November 2013

How To Evaluate Your Entrepreneurial Potential

  Before deciding to own a business, you must first of all evaluate whether you have the potential to be an entrepreneur or gauge your entrepreneurial potential. An entrepreneur can be defined as a creator of a business. He creates a business to build the enterprise for growth and profit using a planned approach; he highly innovative, creating new products and markets.
Therefore, making the correct evaluation requires a clear understanding of entrepreneurship and the requirements for success. Moreover, the evaluation of your entrepreneurial potential should be based on an accurate self assessment of your individual skills, abilities and short comings.
So, read carefully the following questions provided below; and considering your personality, strengths and limitations, provide and honest answers to these self assessment questions.
  1. Do you take initiative as entrepreneur do?
Entrepreneurs are people that do not wait to be asked to do thing; they took the initiative to do it; so are you someone that take the initiative to do things when there is a need either in your place of work, school, and neighborhood or do you always wait for orders to be given to you? Your entrepreneurial potential in this regard is highly recommended.
  1. Do you tolerate hard work for long periods of time?
Entrepreneurs are physically resilient; they can work for extended periods of time when building their business; so are you willing to work long hours?
  1. Are you willing to take risk?
Entrepreneurs are not afraid to take on tasks that have some risks; they are either low or high risks takers. They prefer to take on intermediate risk and avoid high risk. Are you willing to take some risks? Remember,‘who risk nothing has nothing’.
  1. Do you have confidence in your abilities?
Entrepreneurs are highly confident individuals who believe in their skills and abilities; they believe, they are the masters of their own lives. So do you have such confidence, or do you doubt at time in your abilities?
  1. Can you be trust by people?
Successful entrepreneurs are trustworthy; In building business, trust is the key; when people know that you are trustworthy they will give you access to loan, credit, etc knowing that you will pay them back. Are you a trustworthy person? When borrow money do you return within the deadline irrespective of the amount, or do you never return the money? Remember, if are you faithful in what is small you will be faithful in what is big; but if you are unfaithful in small things, you will be unfaithful in big things’. Your entrepreneurial potential in this respect is very weighty.
  1. Are you organized?
Entrepreneurs have a sense of organization; however, the organization structure of their business is not static but dynamic in order to accommodate changes.
  1. Can you look at a problem and see opportunities?
When a problem occur can you analyze the possible solutions a find the best alternatives?
  1. Do you  give up easily when you encounter difficulties?
Entrepreneurs never give up even after serious setback; when they failed, they learn from it, and try again. So you do give up easily on a task when experiencing a setback or do you try again till you succeed?
If you answer on a positive note after a self scrutiny of yourself on six of the eight questions raised, you have the potential to be a successful entrepreneur.
However, what can you do if after this self examination you found that you do not have the potential to be an entrepreneur?
No one is born with the entrepreneurial potential; although some set of people are predisposed to be business oriented people in view of their background. We can all developed or cultivate the entrepreneurial potential even if we are not  business oriented people at the onset. For instance, not all are gifted in some skills such as music, art, architecture, etc but we can all develop these skills if we are willing to learn .So do not be discourage if you feel incapable to meet up with what is expected from an entrepreneur.

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