If you’re currently employed and considering the idea of starting your own business, there’s a method to evaluate your readiness for this transition. You can simply observe your current behavior to accurately gauge your potential for entrepreneurial success.

Successful entrepreneurs exhibit particular behaviors and use specific filters to approach and tackle business challenges. While some aspects of this mindset are inherent, they can also be acquired, honed, and expanded through learning and practice. It’s also possible to assess this mindset, and you’re about to evaluate your inclination toward entrepreneurship in the next 5 to 10 minutes.

While answering three key questions in each of five critical categories (15 questions total), track the number of “yes” and “no” responses. Respond based on your current behavior in your present job, not how you envision yourself as the leader of a future startup.

Generate Value Creatively

Entrepreneurs excel at discovering value in overlooked places. They swiftly assess value propositions to decide which options merit pursuit and which should be discarded. They avoid destroying value and prioritize value creation.

• Question 1: During collaborative problem-solving sessions with colleagues, are you typically the one who generates solutions that are eventually implemented?
• Question 2: Do you consider the financial health of the company a major factor when addressing day-to-day issues?
• Question 3: Does witnessing wasteful spending and a carefree attitude towards expenses frustrate you?

“Persist relentlessly! Never yield! Never, ever, ever!”

Winston Churchill’s stance applies to his challenges and, similarly, when you embark on entrepreneurship, you’ll often feel compelled to give in or give up. However, maintaining determination is crucial. This level of tenacity, akin to a do-or-die mindset, is rare but essential. Remember that solutions always exist; you must analyze and adjust until you uncover them. If it were easy, everyone would be doing it.

• Question 4: Have you gained a reputation for handling assignments that others find too challenging?
• Question 5: When you fail a task, do you view it as a challenge that fuels your determination to succeed?
• Question 6: Are you comfortable making multiple attempts to solve difficult challenges?

Prioritize Giving Before Receiving Compensation

Entrepreneurs understand the need to deliver value first. If their value meets or surpasses customer expectations, rewards will follow. Conversely, many employees believe they shouldn’t give more unless they first receive more. The entrepreneur’s approach, ironically, is also beneficial for employees.

• Question 7: Have significant raises, bonuses, or promotions often resulted from showcasing your abilities without prior incentives?
• Question 8: Are you confident that your superiors will appropriately recognize and reward your outcomes?
• Question 9: Do you believe that even if your exceptional work isn’t immediately rewarded, your knowledge and experience will eventually benefit you?

Rise Above Trivialities

Successful business owners have little tolerance for distractions stemming from narrow thinking. Gossip, self-centeredness, politics, jealousy, and similar issues have no place in a customer-focused business. While prevalent in larger companies, these issues can sink a new venture. Your current handling of these matters indicates your potential as an entrepreneur.

• Question 10: Would your coworkers be unlikely to confide in you about unfair treatment from others in recent meetings?
• Question 11: Do you hold individuals accountable when their self-promotion harms the company?
• Question 12: Have you successfully redirected personal conversations and time-wasting distractions toward core business objectives?

Become a Top-tier Communicator in Your Company

Entrepreneurs wear many hats, but effective communication is paramount. As the owner, you’ll need to articulate your company’s vision and mission. You must excel as a salesperson, mediator, meeting facilitator, and composer of crucial communications. The quality of your communication skills matters greatly.

• Question 13: Are you often asked to proofread written materials before they’re finalized?
• Question 14: Are you frequently chosen to deliver vital presentations to management, clients, or prospects?
• Question 15: Are you regularly called upon to explain processes to new hires or handle disgruntled customers?

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Calculate your Entrepreneurial Readiness score based on your “yes” responses:

Score
0—5: It’s advisable to retain your current job and find contentment in it.
6—10: You possess potential that can be enhanced through effort. Strengthen areas of weakness by reading and seeking coaching. When launching your business, hire for strength in areas where you’re not yet proficient.
11—15: Prepare your business essentials, establish your online presence, and finalize your business plan. Once you secure funding, you’ll be set to launch your business.

*For a more comprehensive view of your strengths and weaknesses, request candid evaluations from three trusted coworkers regarding the 15 survey questions.

Final Thoughts

While we don’t intend to discourage you from entrepreneurship, improving in the areas highlighted in this article could make you a more valuable asset to your current company. As you increase your value contribution, management might incentivize you to stay rather than venture out on your own. It’s a win-win situation. Regardless of your choice, I wish you success in your future endeavors, whether within an existing company or as an entrepreneur.

Feel free to share your insights. You can comment here or contact us at mailer@eli.academy