Are you a potential entrepreneur? Test your self

There are five straightforward findings that I see as a kind of litmus test for the potential entrepreneur. By posting these questions to your self – and answering them with complete honesty- you can help yourself begin to understand of you have what it takes to be an entrepreneur .

We will talk about each of these in a series of article continuing for today.

1)      Are you comfortable stretching the rules?
2)      Are you prepared for making powerful enemies?
3)      Do you have the patience to start small?
4)      Are you willing to shift strategies quickly?
5)      Are you a Closure?

And then

Learning the Ropes.

Are you comfortable stretching the rules?

All business people have to be little devious at times – it goes with the territory. But entrepreneurs are different. They’re not just willing to bend the rules; they revel in it. In fact, most start-ups success stories we have heard contain at least one episode of an audacious entrepreneur using some outrageous tactic to swing a crucial deal or find the resources to get an idea off the drawing board.

Consider the case of two young entrepreneurs who were trying to set up a mail-order business in the late 1990s. A venture capital company had given them seed money, and they needed to quickly recruit a team of two dozen seasoned marketers to create the first catalog. But the entrepreneurs hadn’t rented an office yet. Equipped with only a cell phone and computer each, they were working out of their bedrooms. Since the labor market was tight, they knew that the best talent would not bother to show up for interviews unless they could present their company as an established concern. So the enterprising duo decided to live two white lies.

First, they published a large ad in their country’s leading business newspaper describing themselves as a “fast-growing multinational company”. Although this statement wasn’t exactly true, it wasn’t false either, since, the entrepreneurs reasoned, they planned to expand into other countries and region. And ad worked: more than 1000 applications responded to it. With resumes in hand, the entrepreneurs rented a plush suite for one day at the local four seasons and interviewed selected candidates there. Their deception, the entrepreneurs believe to their day, heightened the companies appeal and thereby attracted talented people. And that, in turn, increased the chances of business success. For the record, by 2001 the company had 600 on staff and had indeed become a fast-growing multinational concern.

Do you have the stomach for such subterfuge? What if it puts you living hood at risk pr threatens your family’s financial well-being? Since start-ups operate on shoestring budget, entrepreneurs often have to take big chances with their finances. Many have kept their businesses afloat by juggling personal credit cards or borrowing against their homes- without worrying much about the consequences.