What Kind Of Entrepreneur Are You?
The great American comic Milton Berle once said “if the opportunity doesn’t knock, build a door.”
For employees slaving away at their jobs, dreaming one day of financial greatness, the quote could mean a lot of things. If you want a promotion and the better pay that comes with it, show your boss you deserve it.
If you want to broaden your knowledge and add more points to your list of skills, seek out training programs or pursue higher education.
If you want to be your own boss and solely reap the benefits of your hard work, start a business.
That last one, we know, sounds like the kind of deal no sane person could refuse.
The good news is, there are actually no requirements in becoming an entrepreneur except the desire to become one and the dedication to remain one. What happens in between will dictate the kind of businessperson you will be—and ultimately the success or failure of your chosen endeavor.
But before you embark on this journey, before you even pick the kind of business you’ll venture into, ask yourself first if you’re really cut out for it.
Do you really have what it takes to succeed at it? Are you a taipan-in-the-making who just needs a little push? Take our quiz and find out.
1) When you were still in elementary school, what did you do with your allowance the moment you received it?
b. Resold Nips (the local M&Ms), ChocNuts, and Flat Tops as these are the tried and tested chocolate brands that my classmates loved.
c. I sold chocolates and candies to my classmates, but I soon included biscuits and chips.
d. I tried selling candies and chocolates but I ended up eating them as it took a long time before they got sold.
2) Should you win P100 million in the lottery, what will you do with the prize?
a. I’ll buy shares of a promising company, prepare a mutual fund, and fund a livelihood program for the less fortunate in Payatas.
b. I’ll put up a new hardware store for my children and maybe open a gasoline station—everyone needs gas, no matter how high its price may be.
c. I’ll buy and sell cars to my officemates and maybe engage them into buying units at the new condominium being built next door to the office.
d. I heard that multi-level marketing businesses have good returns, so maybe I can invest some money in pyramiding. Its fast cash you know.
3) What do you prefer to do during the hot summer breaks?
a. Head to a quiet corner of the beach and work on my proposal for a bank loan, which I will use to startup a small retail store.
c. I can sell sunblock and swimwear to my officemates and friends and collect payment every 15th and 30th of the month.
d. Go on vacation.
4) What subject did you like the most in college?
a. Psychology. You have to understand the needs of the people in order to be able to make your business work.
b. Entrepreneurship. I always knew that I will have my own business one day and thus I prepared myself for it.
c. Accountancy. I can easily keep track of my stocks, whether I still have ample supply or not.
d. I’d say I paid enough attention to all three to understand the basics. I’m not a master of anything but I’m willing to learn.
5) What day of the week do you look forward to and why?
a. Sundays—it’s the time allocated for rest and recreation, which every businessperson must do.
b. Every day is an opportunity for business to grow, especially weekends when foot traffic is high.
c. Collection time, or every 15th and 30th of the month.
d. Whatever payday falls on, people are more likely to spend when they have the resources.
6) What is the greatest business-related invention that has been made?
a. Internet. I heard business is faster and cheaper now due to the ease in communicating with suppliers and possible investors.
b. Calculator. I just can’t live without it and neither can any business.
c. Facebook. It’s a good place to start a business.
d. All you really need is a mobile phone. It allows me to keep in touch with everyone at all times, even if they are abroad or not.
7) In passing time, which of the questions would you love to answer in your mind?
a. How would you market a fire extinguisher to an Eskimo living in an igloo?
b. Would it be best to invest in the airline industry now that oil is quite volatile?
c. What business idea can I think of that is not yet in the market?
d. Where did I go wrong?
8) Your friend is raving about a house cleaning product he chanced upon abroad. He’s thinking of bringing it here but and is looking for people to partner with. What do you do?
a. Personally study the product and learn why it can do whatever my friend says it does. If it seems legit, I’ll ask for a demo.
b. Wait it out for a few days and see if our other friends invest.
c. I don’t want to take the risk of introducing a new product. If ever I’ll back something, I want a sure bet.
d. Tell him to count me in
9) Say you notice that the people working for you are getting fat. What action would you take?
a. Create a program that will encourage them to reach their ideal weight. Healthy employees mean more profit to the company.
b. I’ll talk to them and ask them to take care of their health.
c. I don’t intend to have a staff base. I’m a one-man team.
d. I’ll stop giving them free food.
10) What are three words that you’ll live by if ever you get into business?
a. Innovation. Competition. Social Responsibility
b. Perseverance. Profit. Product Development.
c. Capital. Supply. Demand.
d. Profit. Profit. Profit.
If you answered mostly ‘A’
You have the makings of a taipan!
You have the same traits as the likes of Henry Sy, John Gokongwei, and Tony Tan Caktiong. You might move slow but every you take is strategic. But the road to Taipan-hood is not an easy one. Hardwork, hardwork, and hardwork need to be added to what you’re already skilled and good at.
If you answered mostly ‘B’
You’re a traditional businessperson!
You most likely grew up spending your summers helping out in the family business or working for one in your neighborhood. You’re used to the everyday grind a business requires, but your ways of running one are very traditional, which you likely learned or absorbed from your parents or former bosses. Mix your knowledge with new tools to help you innovate and hopefully help you keep up the present business landscape.
If you answered mostly ‘C’
You’re a part-timer!
You most likely want to keep your present job and just earn money on the side. You might have already done your homework finding a low interest personal loan to help you fund your “sideline.”If it works for you, then so be it. But sooner or later, you will have to choose between the two. Otherwise you will be exhausting yourself. As an adage goes, you cannot serve two masters at the same time. Give it a year or two, when you feel prepared you will know when to take that plunge.
If you answered mostly ‘D’
You’re the volatile kind—and you have to change that soon!
There’s a fine line between taking calculated risks and just being a risk-taker. Sure, if your gamble pays off then the cash will rake in. But what if it doesn’t? You don’t want to lose everything in one go. Stop thinking a little less about profit and more about honing your entrepreneurial skills. You already have it; it just need a little more tweaking. You can invest in training and seminars, the kind the Department of Trade and Industry and other reputable entrepreneurial organizations give out.
This article was first published in October 2017 and has been updated for freshness, accuracy and comprehensiveness.