Think You’re Cut Out for Running a Startup? Take This Short Quiz

You Must Score 100% to Qualify

Running a Startup QuizThere is no denying the steady rise in entrepreneurship in the United States and around the world. Fueled by technology and cultural developments, this movement has generated a variety of products and companies that have changed the way we live.  And as we all know, everyone loves a story about the underdog beating the odds. But don’t quit your day job just yet. Entrepreneurship is not for everyone, and to honest, running a startup is not as glamorous as the end result. Before all the fame and fortune you will have to work endless hours, basically give up your social life and create a plan to fund the company. This is of course after you come up with a brilliant and viable product or service people will want or need. Before you toy with the notion of running a startup, I have compiled a list of questions accompanied by quotes from successful entrepreneurs. The quiz may be short, but if you don’t score a 4/4 you need to forget the whole idea of being the next Zuckerberg. Forever. If you do make the mark, congratulations and keep pursuing your dream. Good luck!

1.)    Am I Ready for the Endless Hours?        Yes or No

“My only leisure activities were running, which I needed to do to keep working anyway, and about fifteen minutes of reading a night. I had a girlfriend for a total of two months during that three year period. Every couple weeks I would take a few hours off to visit a used bookshop or go to a friend’s house for dinner. I went to visit my family twice. Otherwise I just worked.” Paul Graham – programmer, writer, investor and co-founder of Viaweb. Say goodbye to 9:00-5:00, M-F. That does not exist anymore. There is so much to do when starting from nothing that your personal life is overshadowed, more so eclipsed, by your workload. But the thing is – passionate entrepreneurs do not see this as a burden. If they had it their way they would not sleep and just keep working to achieve the next milestone and start sprinting toward the next. If you can’t adjust your current routine to that of an entrepreneur, it would be unwise to try running a startup.

2.)   Can I Secure Early Funding?       Yes or No

“Money is like gasoline during a road trip. You don’t want to run out of gas on your trip, but you’re not doing a tour of gas stations.” Tim O’Reilly, Founder and CEO of O’Reilly Media My most recent blog on how much money a startup will need is chopped full of information on this very topic. It will explain initial startup costs, ongoing startup costs and why you should seek professional advice. Equity crowdfunding will soon be available to startups and early stage companies as well. Remember: startups don’t run on hopes and dreams, so you better have a plan to secure some green.

3.)    Do I Know What My Customers Want?         Yes or No

Customer Satisfaction Guaranteed“Your most unhappy customers are your greatest source of learning.” Bill Gates, Co-Founder of Microsoft To make money, your market must actually want or need what you’re selling. First off, perform market research and create a business plan right away. Next, consult your closest (and smartest) friends and family. Ask them what they like and don’t like about what you’re offering. If you can sell your product or service during the infancy of the company, start surveying customers immediately. The positive reviews will give you confidence and the negative reviews will tell you what to change. If you have no idea your customers want, your ship is already sinking.

4.)    Am I Brave Enough?        Yes or No

“You jump off a cliff and you assemble an airplane on the way down.” Reid Hoffman, Co-Founder of LinkedIn This is loosely tied in with Question #1, but to me it is the most important. Brains and research are fine and dandy, but being an entrepreneur and running a startup takes guts. Risk.  No fear. You have to pour confidence into your business every single day and believe in yourself. There is no long explanation or theories involved with this answer – you either are or you aren’t. [hs_action id=”811″] Thank you again for reading and please leave your comments below!

Posted in Business Plan, Capital Formation, Crowdfunding Advice, Start-ups, Startup Valuation, Uncategorized

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