Whether you aim to embark on a brand new business idea, open your own tiny shopping spot or have dreams to go full “Wolf of Wall Street,” starting your own business isn’t for the faint of heart. Aside from picking out a name and location, keeping a small business afloat — as well as keeping your sanity — can sometimes be daunting for even experienced entrepreneurs like artificial intelligence expert and former Google employee Gurjeet Singh.
Click through and take this quiz to see if you have what it takes to be an entrepreneur.
What percentage of independent business owners do NOT have a four-year degree?
It might be hard to believe, but some of today’s richest entrepreneurs, business owners, co-founders and more don’t have college degrees. But how high — or low — is that percentage? Click through to find out.
Answer: d) 56%
In case you’ve never rocked the cap and gown, don’t fret — a degree doesn’t hold the door open when it comes to starting a business from the ground up. Click through to see more high-paying jobs you can get without a degree.
Best in Business: 9 Questions With Highspot Co-Founder Robert Wahbe
Which is NOT something you should determine during your competitive analysis?
a) Strengths and weaknesses of the competitors within your market
b) Employee benefits program
c) Barriers that can be developed to prevent competition from entering your market
d) Any weaknesses that can be exploited in the product development cycle
If you’re thinking about starting a business, one of the first things you should do is a competitive analysis. Keep reading to find out what you shouldn’t determine during this analysis.
Answer: b) Employee benefits program
Although the perks are sweet — and the top companies tend to offer them — your bottom line should always come first, so don’t let the little things break you.
Which of the following is a common personality trait of entrepreneurs?
c) Steadfast in their ways
Do you have the traits needed to become a business owner? Click through to find out.
Answer: a) Vision
According to Forbes, the five personality traits of an entrepreneur are vision, passion, resilience, strong sense of self and flexibility.
To succeed when learning how to start a small business, you need to have a wild imagination — and the ability to make it into a reality.
Which of the following age groups do you fit into?
a) Under 30 years old
b) 30 to 49 years old
c) 50 to 69 years old
d) 70+ years old
Business owners come in all different ages. But, there is an average age for small-business owners — can you guess what it is?
Answer: c) 50 to 69 years old
People 50 to 69 years old are in the average small-business owner age range. According to Experian, small-business owners have an average age of 50.3 years old.
When you hit 50, you’ve been around the block a few times — which is great when it comes to owning your own business. You’ll have enough experience working for others that you will know exactly what you don’t want to do — and how you aim to do it differently.
What should be your biggest objective as a modern-day business owner?
a) Seeking investors
b) Positive work environment
c) Cash flow
d) Building an audience and/or following on social media
In this day and age, there are a lot of things to think about when starting a business, from social media and your work environment to investors and cash flow. However, click through to find out which one should be your No. 1 objective.
Answer: c) Cash flow
According to Entrepreneur.com, 82 percent of businesses fail because they experience cash flow problems.
Cash usually does rule everything around you when it comes to being an entrepreneur. Here’s a piece of small business advice: Have a steady income flow to make your dreams feasible
Click through to read start-up tips from successful business owners.
More on Small Businesses
- 30 Cities Where Small Business Owners Are Thriving
- 101 Side Business Ideas and How to Start Without Quitting Your Job
- 50 New, Easy Ways to Make Money From Home
- Watch: How One Millennial Turned His Photography Passion Into a Profitable Business
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About the Author
Rachel Holly Farrow is a Digital Content Editor for GOBankingRates.com. She has worked in a multitude of different mediums — traditional print, television, and now digital — before landing with the team at GBR. She also served as a Weekend News Producer and Digital Content Producer for an ABC-affiliate news station WNEP-TV 16 in Scranton, PA.