FranUnite Small Franchise Business Owner Aptitude Profile – Part I

What is your Small Franchise Business Owner Aptitude? Studies of highly successful entrepreneurs define a profile of fairly common family background, childhood experiences, core values, personalities, and many more characteristics. Find out how you fit that mold by determining your Entrepreneurial Quotient (EQ). The following test is no guarantee of your future success or failure as a small franchise business owner, but it may show you where you excel and where you need to improve to help make your business soar. Answer the following questions with a "yes" or "no," and total your score at the end to determine your EQ.

1. Did your parents immigrate to the United States?

2. Were you a top student in school?

3. Did you enjoy participating in group activities when you were in school, such as clubs, team sports, or double dates?

4. Did you prefer to be alone as a youngster?

5. Did you run for a school office or initiate enterprises such as a lemonade stand, a family newspaper, or greeting card sales?

6. Were you a stubborn child?

7. Were you cautious as a youngster?

8. Were you daring or adventurous as a child?

9. Do the opinions of others matter a lot to you?

10. Would changing your daily routine be an important motivator for starting your own enterprise?

11. You might really enjoy work, but are you willing to work overnight?

12. Are you willing to work as long as it takes with little or no sleep to finish a job?

13. When you complete a project successfully, do you immediately start another?

14. Are you willing to commit your savings to start your own business?

15. Would you be willing to borrow from others?

16. If your business should fail, would you immediately work on starting another?

17. Or would you immediately start looking for a job with a regular paycheck?

18. Do you believe being an entrepreneur is risky?

19. Do you put your long and short term goals in writing?

20. Do you believe you have the ability to deal with cash flow in a professional manner?

21. Are you easily bored?

22. Are you an optimist?

Score your results as follows:

1. Yes = +1; No = -1. Significantly high numbers of entrepreneurs are children of first generation Americans.

2. Yes = -4; No = +4. Successful entrepreneurs are not, as a rule, top achievers in school.

3. Yes = -1; No = +1. Entrepreneurs are not especially enthusiastic about participating in group activities in school.

4. Yes = +1; No = -1. Studies of entrepreneurs show that, as youngsters, they often preferred to be alone.

5. Yes = +2; No = -2. Enterprise usually can be traced to an early age.

6. Yes = +1; No = -1. Stubbornness as a child seems to translate into a determination to do things your own way – a hallmark of successful entrepreneurs.

7. Yes = -4; No = +4. Caution may involve an unwillingness to take risks, a handicap for those embarking on previously uncharted territory. However, this should not affect your future as a franchisee since in most cases the franchisor has assumed most of the start-up risks.

8. Yes = +4; No = 0

9. Yes = -1; No = +1. Entrepreneurs often have the faith to pursue different paths despite others’ opinions.

10. Yes = +2; No = -2. Being tired of daily routine often precipitates an entrepreneur’s decision to start an enterprise.

11. Yes = +2; No = -6.

12. Yes = +4; No = 0.

13. Yes = +2; No = -2. Entrepreneurs generally enjoy their work so much, they move from one project to another nonstop.

14. Yes = +2; No = -2. Successful entrepreneurs are willing to use their savings to finance a project.

15. Yes = +2; No = -2.

16. Yes = +4; No = -4.

17. Yes = -1; No = 0.

18. Yes = -2; No = +2.

19. Yes = +1; No = -1. Many entrepreneurs make a habit of putting their goals in writing.

20. Yes = +2; No = -2. Handling cash flow properly is critical to entrepreneurial success.

21. Yes = +2; No = -2. Entrepreneurial personalities generally seem to be easily bored.

22. Yes = +2; No = -2. Optimism can fuel the drive to press for success in unchartered waters

Your Total Score___________

Interpretation:

Your background, your personality traits, your skills, and your talents compared to the characteristics common to highly successful entrepreneurs indicate the following Entrepreneurial Quotient (EQ).

SCORE RATING

35 to 44 Exceptionally well suited to run a franchise business; a natural born entrepreneur!

15 to 34 Very well suited to running your own franchise business.

0 to 14 Good chance for success with self discipline.

-15 to -1 Complete Phase II of this test to determine if you have the mindset and commitment that you need to be a success franchise business owner.

-43 to -16 Profile is not consistent with highly successful entrepreneurs. Indicates high risk that you would not be very happy or successful as a franchise business owner.

Thanks for taking the time to complete your EQ Profile. We hope that it has been helpful to you.

Please continue to Part II

Note:  While the results of this test are based on traits, characteristics, and qualities of successful business owners,  FranUnite does not guarantee or take responsibility of the success or failure of any business based on the results of this test.