Business Options; Do You Have the Personality Traits of a Successful Entrepreneur?

Manila Bulletin, August 21, 2007 | Go to article overview

Business Options; Do You Have the Personality Traits of a Successful Entrepreneur?


Byline: Napoleon T. Cabello

Most books on entrepreneurship I have personally come across so far would normally start direct to the point by immediately detailing the technical aspects of the business with the opening section usually focusing on how to start and run it either as a sole proprietorship, cooperative, partnership or as a corporation. Some authors would then proceed to show how to manage the enterprise in the areas of production or operation, marketing, selling and finance. The succeeding chapters would invariably present certain types business ventures you might like to go into, a crash course in finance, and finally wind up with the necessary lengthy preparation of short-range and long-term business planning activities.

In view of a tougher business environment these days mainly as a result of a globalized economy, other experts would now advise a different tack in guiding would-be entrepreneurs. According to "The Ultimate Small Business Guide" published by the US Ultimate Business Library, it strongly suggests that before anything else, you should conduct an honest-to-goodness self-analysis even before toying the idea of setting up a business of your own. By doing a down-to-earth personal evaluation of yourself, you should be able to ascertain whether you have the basic personality traits of an aspiring entrepreneur. You'll have an added advantage once you have established you are that kind of person with general attributes and temperament that would enable you to withstand the unique pressures of self-employment. Let me expand this concept a bit as discussed below.

To help you figure out your own entrepreneurial profile, list down and analyze your motives why you are thinking of making a career change. For instance, it could be that working long hours or answering to someone else is no longer fun and challenging. Or you simply wanted greater flexibility or more job satisfaction than what you're currently doing. Or a rare opportunity just unexpectedly came up that could mean quick success or more money for you and your family.

You may also be in an unfortunate situation where you don't have much other option. For instance, you need to meet increasing family expenses like added tuition fees or medical expenses, or maybe worse - you were just retrenched! Or you just inherited an existing family business and you are the only one readily available to take over the operation.

On the other extreme, there is also a group of people who don't need prodding to become entrepreneurs. You may belong to such type of persons who are naturally blessed with entrepreneurial instincts and abilities - those by their very nature, are visionary, risk-takers, opportunity-seekers, disciplined and those who have the strong desire to achieve. Added to this type of persons I also admire are those new college graduates who deliberately decided not to seek corporate employment but opted instead to undertake some business ventures by themselves.

After segregating the "real motives" from the "bad excuses," start evaluating your abilities by asking yourself an honest question: Do you possess the right personality of an entrepreneur and have what it takes to succeed? …

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