Pop Quiz: Should you Start a Business?

Written by Susan T. Spencer Thursday, June 23 2011

Do you have what it takes to start your own business today? Find out by answering “yes” or “no” to the 10 questions below:

1. Passion and Drive. Can you keep your nose to the grindstone for 10 to 12 hours a day, seven days a week for the first two years?

2. Diligence. Do you have the ability to research a business opportunity or idea thoroughly and objectively to determine which businesses suit your skills?

3. Persistence. Can you take “no” for an answer and keep moving forward without taking that “no” personally?

4. Flexibility. Are you eager to take on new projects that might not be in an area where you excel?

5. Adaptability. Can you change course in midstream when someone else shows you a better option?

6. Reaching out for Help. Are you comfortable asking others for help and then accepting it?

7. Discipline. Can you live on a tight budget?

8. Cash Flow Savvy. Do you have the ability to handle your finances by “robbing Peter to pay Paul?”

9. Sense of Humor. Can you laugh at yourself when you make a dumb mistake?

10. Doing your Homework. Are you or were you one of those students who always made sure they handed in homework assignments on time and complete?

Success Key:

9 to 10 “Yes” Answers: You have passed the first threshold; the heavy lifting lies ahead.

7 to 8 “Yes” Answers: Your chances are 20 to 1 unless you are able to work on the “nos.”

1 to 6 “Yes” Answers: Stop dreaming and get a job!

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Susan T. Spencer was an entrepreneur and business professional before many women had the courage to play in the big leagues with men. Her companies reached annual revenues of $50 million, and she was the first and only female to hold the position as general manager of an NLF team, the Philadelphia Eagles.

After her time with the team, Spencer added three more exclusively male businesses to her ventures, one in food distribution and two in meat processing, one of which she owned and ran for more than 20 years. Spencer’s beef company was the only woman-owned company that sold millions of pounds of meat products to national chains including McDonald’s, Chili’s, Dairy Queen, and Jack in the Box.

Her new book, Briefcase Essentials, was published in March.

Spencer earned her bachelor of arts from Boston University, her master’s in education/economics from Hofstra University, and her law degree from Villanova University.