Could you succeed in small business? - quiz to help assess chances of becoming a successful entrepreneur

Business Horizons, Sept-Oct, 1989 by Henry H. Beam, Thomas A. Carey

We realize that not everyone can make a living by transforming his or her hobby or favorite pastime into a business. Then it becomes necessary to follow the saying, "If you can't do what you like, learn to like what you do." Many individuals grow up with a familiarity with a particular business, often because their parents were involved in it. In such cases they often learn to like what they do, whether by helping in the store or working in the plant. Under these circumstances, familiarity builds interest and opportunity as the years go by.

To be really successful, you need to have the zeal of a missionary about your product or service. If you make pizza, you are convinced yours is the best pizza in town. If you are a veterinarian, you are genuinely interested in the welfare of every pet brought to you. If you open a party store, as two of our students did after graduating, you get excited about helping people give parties. Stated another way, you want your enthusiasm for your product or service to be contagious. You want your customers to feel better about themselves in some way just by having been in contact with your business.

Consider the success that Disney has achieved by having all those adults dress up in mouse and duck costumes. They take their work seriously and literally bend over backwards to make sure every customer feels good about his or her visit to one of Disney's theme parks. Are You Willing To Be Personally Involved? At the end of a presentation to a client who is considering starting a small business, we often ask: "Do you plan to be personally involved in the business?" If the answer is no, we know from experience that the chances of that business failing are almost 100 percent. The single greatest factor in the early demise of new business enterprises is not having the owner personally involved in it. Yet many individuals want to continue their main job, often with a big corporation and the benefits it provides, and hire out all the tasks associated with running a business on the side, such as an instant printing service or a restaurant. Absentee ownership simply doesn't work in small business. The owner needs to be present to set the example in terms of enthusiasm, not just for the employees but for the customers as well. Are You Willing To Stick With It? Having a good idea or identifying an unmet need isn't enough to guarantee success. You need to be relentless in pursuit of your goal of making your business a success. All too often we see prospective small business owners become discouraged because sales aren't up to their initial expectations. Very often these people don't attempt to make the minor adjustments that could make their product of service more attractive. Consider the couple who moved from Michigan to Florida to open a restaurant. They planned to spend their weekends at the beach! That's not the way to be successful in the restaurant business. You need to adjust your hours to your customer's convenience, even if it means working Saturdays, Sundays and holidays. You make your money in a service business by being open when those who work nine-to-five have time off to shop and play. That is why the successful owner of a local shoe store takes Thursdays off and works Saturdays. He wants to be in the store on Saturday, the biggest shopping day of the week for his customers.