Ever watched The Apprentice and wondered if you’ve got what it takes to be Lord Sugar’s next business partner? We’ve identified 12 top traits of successful startup entrepreneurs. Take our quiz to see if you’ve got the right skills to take the City by storm.
Have you got what it takes to be a successful entrepreneur?
1. When you think about your business idea, do you feel:
- A Energised. This idea is going to change the world and everyone is going to love it
- B Happy enough. You have to make a living somehow and this seems as good a way as any
- C Excited about making money…you don’t care how
2. There’s a problem. The thing-a-ma-jig won’t work with the oo-ja-ma-flob. What do you do?
- A Work out how to do things without the thing-a-ma-jig and oo-ja-ma-flob. They're always an issue
- B Think of ways to make the thing-a-ma-jig and oo-ja-ma-flob work again
- C Sit down, despair, and think about how much easier life would be if you worked somewhere with a technical support team
3. A conference gets cancelled and you find yourself with a whole day free. What do you do?
- A Grab your to do list and get to work, happy to have an extra day to get things done
- B Tackle a few outstanding jobs that have been on your mind, then take a well-earned break
- C Punch the air and hit the pub
4. A rival business opens in your town and they’re doing great trade. What do you do?
- A Find out everything you can about them and come up with a comprehensive plan to Take. Them. Down. Legally, of course...
- B Think of three ways to improve what you offer and win back customers
- C Just ignore them - hopefully they’ll not last
5. You work in a shop and a customer is complaining that there are no hankies available in the colour they want. They’ve been quite rude! What do you do?
- A Suck it up and smile. Apologise for the disappointment and offer to help look for the hankies or order them online
- B Tell them they can order other colours online and offer to help. No smile for rude customers though…
- C Suggest they go to another store and don’t let the door hit them on the way out
6. What are three important financial factors you need to consider when running a business?
- A Budget, cash flow and pricing
- B Income, expenditure and something else
- C Profit, profit and more profit
7. Oh my G..! An amazing opportunity has just cropped up. How ready are you to take advantage of it?
- A 100% ready. You anticipated this might happen and planned accordingly. You can have things ready in the next 24 hours
- B Surprisingly ready! You had an inkling this might crop up. You can just about pull things together in time
- C Maybe next time. You hadn’t seen this coming and turning things around in time sounds like hard work
8. Oh no! You pitch your business idea to the bank and they turn you down. The manager says your plan doesn’t stand up to scrutiny. What do you do?
- A Ask for detailed feedback, conduct some more market research, run the numbers again, and revise your business plan accordingly – you’re ready to apply again
- B Review your business plan in light of the manager’s comments and think about your next steps
- C Realise they’ve done you a favour – you were silly to think you could run a business anyway
- D Bonus option! Apply for a Start Up Loan, a Growth Loan, or approach the Fredericks Foundation...
What did you score?
Congratulations! You’ve got the makings of a great entrepreneur. You know that the customer is king and you’ve got a creative approach to problem solving. You’re strategic and financially savvy – no burying your head in the sand when you’ve got competitors to crush! Your determination will help you weather the storms and your passion will bring people along for the ride. You've got the Transmit Startups' seal of approval. Go forth and good luck!
You’re almost there. You’re passionate, proactive and hardworking. You’re customer-focused and ready to take action to make your business a success. It looks like you’d benefit from a little more learning. Once you get your head around strategy, you’ll be a real force to be reckoned with. If you can take that passion, energy and oomph and just channel it in the right direction…it might be the best thing you’ve ever done.
Hmmm, let’s say you’re a diamond in the rough. You’re not very customer-focused and your passion seems to be reserved for making money, not running a business. You need to be a bit more resilient and determined if you want to thrive in self-employment. With your relaxed work ethic, you might be better working for someone else rather than yourself. But if the right business idea comes along and lights your entrepreneurial fire, who knows…?
Think you've got what it takes to turn your bright idea into a booming business? The startup advice section of our website is a great place to find out more about planning and running a successful business.