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71
questions showed little disparity – both groups almost unanimously said
they were “persistent”, “competitive” and “willing to work eight hours a
day” – in at least 22 questions the responses differed dramatically.
To get a rough idea of your Entrepreneurial Quotient (E.Q.), sim-
ply answer yes or no to the following questions, tallying your score as
you go. While this is not the complete test, it will at least provide some
critical signposts on the road toward a decision.
1. Are you a first-generation American?
In the Northwestern Mutual survey, 50 percent of the entrepre-
neurs listed themselves as first-generation Americans, while only 23
percent of the employees had a similar background. Score plus 1 if your
answer was yes and minus 1 for no.
2. Were you an honors student?
Surprisingly, few entrepreneurs rated themselves as “top
achieves” in school, whereas almost two-thirds of the corporate execu-
tives did. Other studies reveal the same pattern. Score minus 4 for yes,
plus 4 for no.
3. Did you enjoy group functions in school – clubs, team sports,
even double dates?
If you did not relish group activities, don’t worry. As students, 67
percent of the entrepreneurs said they were enthusiastic group partici-
pants, compared with 92 percent of the nonentrepreneurs. Score minus 1
for yes, plus 1 for no.
4. As a youngster, did you prefer to be alone frequently?
If you answered yes, you’re in good company. In their earlier
years, 39 percent of the entrepreneurs often preferred to be alone; about
85 percent of the nonentrepreneurs, however, frequently sought com-
pany. Score plus 1 for yes, minus 1 for no.
5. As a child, did you have a paper route, a lemonade stand or
some other small enterprise?
Running a business as a child is a strong prediction of success.
Nearly 80 percent of the entrepreneurs had some sort of business as a
youngster. That compares with 31 percent for the nonentrepreneurs.
Add 2 for yes; subtract 2 for no.
6. Were you a stubborn child?
Tenacity and perseverance are hallmarks of most successful en-
trepreneurs. “These qualities translate into a determination to do things
72
one’s own way,” explains Braun. In the survey, almost three times as
many entrepreneurs admitted to childhood stubbornness as did nonen-
trepreneurs. Add 1 if you were a stubborn child; if not, subtract 1.
7. Were you a cautious youngster, the last in the neighborhood to
try diving off the high board?
If, as a child, you were reluctant to take risks, this may be a seri-
ous handicap when embarking on a new business. Nine of ten entrepre-
neurs regarded themselves as “daring” youngsters, while only 15 per-
cent of the employees did. Score minus 4 for yes, plus 4 for no. If you
were a particularly daring child, add another 4 points.
8. Do you worry about what others think of you?
“Entrepreneurs often speak of having the faith to pursue different
paths despite the opinions of others,” says Northwestern Mutual’s
Schuenke. Fifty percent of the entrepreneurs did not worry about what
others think of them, but only eight percent of nonentrepreneurs felt that
way.
In an earlier study at Babson College, 90 percent of 56 entrepre-
neurs expressed a far greater need for independence than did nonentre-
preneurs. Subtract 1, if opinions of others matter a lot of you; if not, add 1.
9. Are you in a rut, tired of the same routine day in and day out?
Boredom often helps to spark an enterprise. Sixty-one percent of
the entrepreneurs who responded to Northwestern Mutual’s question-
naire cited a “desire for change” as a factor in starting their own busi-
ness. A study of 21 successful entrepreneurs at Babson found that in
many cases “frustration is a prime motivation for an entrepreneurial
career.” If altering your routine is an important motivator for you, add
2; if not, subtract 2.
10. Would you be willing to dip deeply into your “nest egg” –
and possibly lose all you invested – to go it alone?
Most successful entrepreneurs – 94 percent in the survey – will
tell you they would use a big chunk of their savings to start a business.
Only about half of the nonentrepreneurs said they would take the same
risk. If yes, add 2; if not, subtract 2.
11. If your new business should fail, would you get to work im-
mediately on another?
Ninety-four percent of successful entrepreneurs replied yes. Only
eight percent of the employees did. “The most effective entrepreneurs
questions showed little disparity – both groups almost unanimously said one’s own way,” explains Braun. In the survey, almost three times as they were “persistent”, “competitive” and “willing to work eight hours a many entrepreneurs admitted to childhood stubbornness as did nonen- day” – in at least 22 questions the responses differed dramatically. trepreneurs. Add 1 if you were a stubborn child; if not, subtract 1. To get a rough idea of your Entrepreneurial Quotient (E.Q.), sim- 7. Were you a cautious youngster, the last in the neighborhood to ply answer yes or no to the following questions, tallying your score as try diving off the high board? you go. While this is not the complete test, it will at least provide some If, as a child, you were reluctant to take risks, this may be a seri- critical signposts on the road toward a decision. ous handicap when embarking on a new business. Nine of ten entrepre- 1. Are you a first-generation American? neurs regarded themselves as “daring” youngsters, while only 15 per- In the Northwestern Mutual survey, 50 percent of the entrepre- cent of the employees did. Score minus 4 for yes, plus 4 for no. If you neurs listed themselves as first-generation Americans, while only 23 were a particularly daring child, add another 4 points. percent of the employees had a similar background. Score plus 1 if your 8. Do you worry about what others think of you? answer was yes and minus 1 for no. “Entrepreneurs often speak of having the faith to pursue different 2. Were you an honors student? paths despite the opinions of others,” says Northwestern Mutual’s Surprisingly, few entrepreneurs rated themselves as “top Schuenke. Fifty percent of the entrepreneurs did not worry about what achieves” in school, whereas almost two-thirds of the corporate execu- others think of them, but only eight percent of nonentrepreneurs felt that tives did. Other studies reveal the same pattern. Score minus 4 for yes, way. plus 4 for no. In an earlier study at Babson College, 90 percent of 56 entrepre- 3. Did you enjoy group functions in school – clubs, team sports, neurs expressed a far greater need for independence than did nonentre- even double dates? preneurs. Subtract 1, if opinions of others matter a lot of you; if not, add 1. If you did not relish group activities, don’t worry. As students, 67 9. Are you in a rut, tired of the same routine day in and day out? percent of the entrepreneurs said they were enthusiastic group partici- Boredom often helps to spark an enterprise. Sixty-one percent of pants, compared with 92 percent of the nonentrepreneurs. Score minus 1 the entrepreneurs who responded to Northwestern Mutual’s question- for yes, plus 1 for no. naire cited a “desire for change” as a factor in starting their own busi- 4. As a youngster, did you prefer to be alone frequently? ness. A study of 21 successful entrepreneurs at Babson found that in If you answered yes, you’re in good company. In their earlier many cases “frustration is a prime motivation for an entrepreneurial years, 39 percent of the entrepreneurs often preferred to be alone; about career.” If altering your routine is an important motivator for you, add 85 percent of the nonentrepreneurs, however, frequently sought com- 2; if not, subtract 2. pany. Score plus 1 for yes, minus 1 for no. 10. Would you be willing to dip deeply into your “nest egg” – 5. As a child, did you have a paper route, a lemonade stand or and possibly lose all you invested – to go it alone? some other small enterprise? Most successful entrepreneurs – 94 percent in the survey – will Running a business as a child is a strong prediction of success. tell you they would use a big chunk of their savings to start a business. Nearly 80 percent of the entrepreneurs had some sort of business as a Only about half of the nonentrepreneurs said they would take the same youngster. That compares with 31 percent for the nonentrepreneurs. risk. If yes, add 2; if not, subtract 2. Add 2 for yes; subtract 2 for no. 11. If your new business should fail, would you get to work im- 6. Were you a stubborn child? mediately on another? Tenacity and perseverance are hallmarks of most successful en- Ninety-four percent of successful entrepreneurs replied yes. Only trepreneurs. “These qualities translate into a determination to do things eight percent of the employees did. “The most effective entrepreneurs 71 72
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