Probably everyone reading this knows what IQ stands for and what their own IQ is. But what about EQ? Your EQ, or entrepreneurial quotient, can help you see how well you compare to successful entrepreneurs. Following are two tests that can help you see how well you are suited to entrepreneurship, though they are not predictors of success. So go ahead and take the test and see how well you do. You just might be ready to be you own boss today!
To the tests.
Guy Kawasaki’s EQ Test
Here’s a quiz to determine your “entrepreneurial quotient.” My intent is to test a person’s knowledge of entrepreneurship. However, scoring high doesn’t mean you’re the next Steve Jobs, and scoring low doesn’t mean you’re not. Some answers are debatable, so there will be many comments. #10, in particular, is tricky so read it very carefully.
Northwestern Mutual Life’s Entrepreneurship Test
Add or subtract your score as you evaluate yourself:
- Significantly high numbers of entrepreneurs are children of first-generation Americans. If your parents immigrated to the United States, score one. If not, score minus one.
- Successful entrepreneurs are not, as a rule, top achievers in school. If you were a top student, subtract four. If not, add four.
- Entrepreneurs are not especially enthusiastic about participating in group activities in school. If you enjoyed group activities—clubs, team sports, double dates—subtract one. If not, add one.
- Studies of entrepreneurs show that, as youngsters, they often preferred to be alone. Did you prefer to be alone as a youngster? If so, add one. If not, subtract one.
- Those who started enterprises during childhood—lemonade stands, family newspapers, greeting card sales—or ran for elected office at school can add two, because enterprise usually can be traced to an early age. If you didn’t initiate enterprises, subtract two.
- Stubbornness as a child seems to translate into determination to do things one’s own way—a hallmark of proven entrepreneurs. If you were stubborn as a child, add one. If not, subtract one.
- Caution may involve an unwillingness to take risks, a handicap for those embarking on previously uncharted territory. Were you a cautious youngster? If yes, deduct four. If no, add four.
- If you were daring or adventuresome, add four more.
- Entrepreneurs often have the faith to pursue different paths despite the opinions of others. If the opinions of others matter a lot to you, subtract one. If not, add one.
- Being tired of a daily routine often precipitates an entrepreneur’s decision to start an enterprise. If changing your daily routine would be an important motivation for starting your own enterprise, add two. If not, subtract two.
- Yes, you really enjoy work. But are you willing to work overnight? If yes, add two. If no, subtract two.
- If you are willing to work as long as it takes with little or no sleep to finish a job, add four more.
- Entrepreneurs generally enjoy their type of work so much they move from one project to another—non-stop. When you complete a project successfully, do you immediately start another? If yes, add two. If no, subtract two.
- Successful entrepreneurs are willing to use their savings to finance a project. If you are willing to commit your savings to start a business, add two. If not, subtract two.
- Would you be willing to borrow from others? Then add two more. If not, subtract two.
- If your business should fail, would you immediately start working on another? If yes, add four. If no, subtract four.
- Or, if you would immediately start looking for a job with a regular paycheck, subtract one more.
- Do you believe being an entrepreneur is risky? If yes, subtract two. If no, add two.
- Many entrepreneurs put their long-term and short-term goals in writing. If you do, add one. If you don’t, subtract one.
- Handling cash flow can be critical to entrepreneurial success. Do you believe you have the ability to deal with cash flow in a professional manner? If so, add two. If not, subtract two.
- Entrepreneurial personalities seems to be easily bored. If you are easily bored, add two. If not, subtract two.
- Optimism can fuel the drive to press for success in uncharted waters. If you’re an optimist, add two. Pessimist, subtract two.
What’s your E.Q. (Entrepreneurial Quotient)?
If you scored +35 or more, you have everything going for you. You ought to achieve spectacular entrepreneurial success (barring acts of God or other variables beyond your control).
lf you scored +15 to +34, your background, skills and talents give you excellent chances for success in your own business. You should go far.
If you scored 0 to +15, you have a head start of ability and/or experience in running a business and ought to be successful in opening an enterprise of your own if you apply yourself and learn the necessary skills to make it happen.
If you scores 0 to -15, you might be able to make a go of it if you ventured on your own, but you would have to work extra hard to compensate for a lack of built-in advantages and skills that give others a leg up in beginning their own business.
If you scored -15 to -43, your talents probably lie elsewhere. You ought to consider whether building your own business is what you really want to do, because you may find yourself swimming against the tide if you make the attempt. Another work arrangement—working for a company or for someone else, or developing a career in a profession or an area of technical expertise—may be far more congenial to you and allow you to enjoy a lifestyle appropriate to your abilities and interests.
[tags]guy kawasaki, entrepreneur, small business, start-up, self-employment, start-business, management, venture, capitalist, invest, rich dad[/tags]