Entrepreneurial Potential Self-assessment
By: R100022
By: R100022
For this factors paper, I took the Entrepreneurial Potential Self-assessment test by the Business Development Bank of Canada (BDC). According to BDC's website, this self-assessment test will help measure my entrepreneurial potential. The questionnaire is composed of 50 statements, which I was tasked to rate how strongly I agreed with using a 4 point scale (totally agree, somewhat agree, somewhat disagree, totally disagree). I like the fact that they did not include a "neutral" point in the scale, since I believe there is no such thing as neutral. We always have a tendency towards one or the other side. The test judged my entrepreneurial potential based on three criteria: motivation, aptitudes, and attitudes. My score was then compared to an average score obtained by entrepreneurs, somewhat like a benchmark.
The figure as seen in this link (http://i54.tinypic.com/1zedq89.jpg) shows a summary of my self-assessment results. The vertical bar represents the benchmark while the horizontal bar represents my score. As seen below, my general profile (with a score of 166) is a hairline short of the average for entrepreneurs. My aptitudes and attitudes are both within acceptable range despite not greatly exceeding the benchmark score. However, my motivation falls a little short of the benchmark.
MOTIVATION
Since motivation factors determine behaviour, it is important to drill down the reason for my low score in this criterion. Looking into a more detailed view of the breakdown of my motivation assessment, it is seen in this link (http://i51.tinypic.com/4hrb7.jpg - this contains scores for the individual factors per criterion) that I did ok in 3 out of the 4 factors in this criteria. In fact, I greatly exceeded the benchmark for the need for challenges/ambition factor. According to BDC, challenge and ambition are closely related to the need to achieve. [Entrepreneurs] are constantly looking for ways to take on difficult projects, achieve their dreams. They have a constant need to learn. However, the factor that greatly affected my score was the self-sufficiency and freedom factor. Again, according to BDC, people who are looking for independence and freedom want to be their own boss and be able to make their own choices, set their own constraints - in short, make decisions independently. Reflecting on my own situation, I do agree that although I am energized by challenges and thrive on a constant need to learn, I do lack the need to desire to be self-sufficient and free from the constraints of working for someone else. Perhaps it is because I am currently satisfied with my situation in my company.
APTITUDES
According to BDC, aptitudes are natural inclinations, competencies, and abilities. The factors for this criterion predispose certain individuals to being an entrepreneur and should therefore be desirable if I want to be one. Thankfully, I scored relatively high in all but one factor, namely tolerance towards ambiguity/resistance to stress. This means that although I have perseverance, determination, self-confidence, enthusiasm, creativity, and imagination, I have a low tolerance for ambiguity and low resistance to stress. Ok, I admit it; I have subjected myself to highly stressful situations, which is probably why I have developed a certain aversion towards stress. The effect is quite contrary, seeing that this makes me more prone to stress. I realize that I must learn to manage stressful situations better and develop a resistance to stress, since this is an important characteristic in an entrepreneur. (Score can be seen here: http://i51.tinypic.com/4hrb7.jpg)
ATTITUDES
Lastly, according to BDC, attitudes are made up of perceptions, our feelings about something. They are judgements we make, ways we look at things. For this criterion, there are only two factors included. As seen in this link (http://i51.tinypic.com/4hrb7.jpg) I scored high in terms of perception to act upon one's destiny. This means that I have a strong belief that my actions greatly influence the events in my life. I do not believe in the phrase "bahala na si Batman" which is used whenever one leaves a situation or outcome to chance. However, according to the self-assessment, I lack the action oriented attitude. According to BDC, one fundamental characteristic of the entrepreneur is being action-oriented. Eagerness to take action and diligence are fairly common traits of entrepreneurs. They believe they have to act to be successful. I need to be less lazy and start taking action in order to take advantage of my all the other factors that make me a potential entrepreneur. After all, thought without action is as good as no thought at all.
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