Medword Resources

Do You Have What It Takes?

Most successful entrepreneurs exhibit an ability to handle many facets of a business. Frances McGuckin, in the book "Business For Beginners" lists 20 important questions you should ask yourself. The 20 questions below are designed to give budding entrepreneurs an idea of what traits or qualities are needed or should be developed to operate a successful business.

  1. Are you a decision-maker or a procrastinator? Can you make quick decisions and feel comfortable with them?
  2. Do you relate well to people on all levels?
  3. Can you join in a conversation with a room full of strangers and feel at ease?
  4. Can you pick up the phone and ask a direct question in an uncomfortable situation?
  5. Can you direct others to carry out your orders without being too aggressive or overbearing?
  6. Can you start a project and follow it through, or do you get side-tracked easily?
  7. Can you express yourself well so that people are interested in what you are saying?
  8. Do you like yourself? - Do you like who you are?
  9. Do you start each day in a positive manner?
  10. Can you maintain a positive attitude in adverse situations?
  11. Do you have technical skills in your area of interest and are you willing to expand them?
  12. Do you read the financial and business sections of the newspaper?
  13. Can you cold-call or sell yourself over the phone?
  14. Do you have sound financial knowledge of how a business operates and know the difference between gross and net profits?
  15. Can you express yourself in writing?
  16. Can you take the initiative and work without direction?
  17. Are you willing to work long, hard hours?
  18. Can you work without getting easily distracted?
  19. Do you understand such words as "cash flow, assets, liabilities, equity, income, depreciation, goodwill, cost of sales, and working capital?"
  20. Do you keep legible notes? Do you pay attention to small details?

If you answered "Yes" to at least 15 of the above questions, you probably have what it takes to be an entrepreneur. As a business owner you will be required to be able to do many different jobs. If you answered "No" to any of the above questions, you should try to improve.

Ready for a change? Are you a stay-at-home mom contemplating a return to work or a career woman tired of "punching someone else's time clock"? Read our page with an article on Woman With Entrepreneurial Promise

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