NOTE. This article first came out in The Manila Times - Business Times Section, and also at the website: http://www.manilatimes.net/national/2003/may/12/business/20030512bus17.html
In your journey on entrepreneurship, please take time to do this self-assessment exercise. Simply check your best answer for each question. Sum up your point score at the end and determine your entrepreneurial success quotient. This quiz is adapted from the Small Business Success Magazine of the USA Small Business Administration.
1. What is the key to business success:
a. business knowledge
b. market awareness
c. hands on management
2. If a relative ever asks me for advice about starting a business, I will tell him to:
a. work for someone else in the field first
b. learn about budgeting
c. write a business plan
3. Which is the largest potential trouble spot?
a. too fast growth
b. too much growth
c. too little growth
4. I trust: (select as many as possible)
b. my customers
c. my key employees
5. I am unhappy when my employees are:
c. abrupt with customers
6. My customers are: (select as many as possible)
a. worth listening to
c. always right
7. Rank these in order of importance for marketing success:
8. When it comes to money, I am:
9. Financially my company:
a. knows exactly where it is all the time
b. is making better profits this year than last
c. has a good line of credit
10. In hiring people:
a. I look for the best person, and am willing to pay
b. I take far too long
c. personality is more important than experience
11. With my employees:
a. to whatever extent possible I tailor assignments to personalities
b. I encourage them to talk to me about the business
c. I try to work alongside them whenever possible
12. The real key to business success is:
b. knowing the fundamentals of business
c. hard work and perseverance
13. Competition is:
a. a constant threat
14. The best competitive advantage is:
a. understanding what the market wants
15. I keep:
a. in touch with my customers
b. careful financial records
c. in touch with my employees
16. My dream is:
a. to take a vacation
b. to grow the business until someone else can run it
c. to work until I drop
17. I think business plans are:
a. essential-wouldn’t do business without them
b. useful and informative
c. something I can do with my accountant
18. What makes a terrific entrepreneur:
a. consumer orientation
19. What does a business need most:
a. market research
b. a solid business plan
20. What is essential to marketing:
a. customer awareness
b. market research
Quiz Results: a = 5; b = 4; c = 3.
90-100 You will probably be a successful entrepreneur whose operations reflect tried and true business practices.
75-89 Your business is probably headed for long-term success, but success will come sooner if you sharpen your awareness of solid business skills and techniques.
60-74 Never forget that savvy competition is always looking for ways to take the lead even while you are enjoying customer loyalty and repeat business. Don’t let comfort lull you into false security. Be creatively assertive.
0-59 You may well have the right product, but to sell it successfully, you need to increase your market awareness and improve your operating philosophy. Keep persevering.
WORLD PEACE. Let us contribute to world peace by living with sincerity, honesty and sincerity. If what you feel is what you do, that’s sincerity. If what you think is what you do, that’s honesty. If what you say is what you do, that’s integrity.
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(Ms. Moje Ramos-Aquino is president of Paradigms & Paradoxes Corp., a human resources and organization development programs provider. Send your feedback via firstname.lastname@example.org.)