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Better Decisions
How much of an entrepreneur are you?Take this simple self-assessment test to see how equipped you are to take on any value-added farm ventures by CARL FLETCHER There is an age-old debate over whether entrepreneurs are born or made. Clearly, some people are born with a higher entrepreneurial nature, but each of us can learn and improve our entrepreneurial talent. What makes someone an entrepreneur? Are you the entrepreneurial type? The following test is based on the results summary of the “Am I the Entrepreneurial Type?’ self-assessment found on the Business Tools section of the Business Development Bank of Canada’s Web site at www.bdc.ca . The original Web site survey has 50 questions that you answer simply by clicking your response. Based on the answers given, the survey provides you with your entrepreneurial score. The questions are based on research and observations of Canadian entrepreneurs in all industry sectors. In general, entrepreneurs score more highly than the general population for the traits summarized in the survey. Maybe completing this article’s sample survey will encourage you to have more fun taking the Web site survey on your own. This test rates three aspects of entrepreneurship: motivations, aptitudes and attitudes. 1. Your motivations Motivations are factors that determine behaviour. They are the underlying reasons that induce someone to act.
2. Your aptitudes Aptitudes are natural inclinations, competencies and abilities. Certain aptitudes predispose someone to be an entrepreneur.
3. Your attitudes Attitudes are made up of perceptions, our feelings about something. They are judgments we make, ways of looking at things.
The higher the ratings you score, the more you fit the entrepreneurial type. Clearly, taking the original test of the 50 more direct questions gives a more complete result and I encourage readers to do so. Certainly, no one test is the last word in determining a person’s entrepreneurial potential, but it does allow you to compare yourself against a group of entrepreneurs and see how you rate. Why is entrepreneurship important in starting new value-added farm ventures? Gary Morton, one of the authors of an excellent book called Building Added-Value through Farm Diversification, available from the Canadian Farm Business Management Council, discusses the importance of checking your own level of “Entrepreneurship Horsepower” before starting a new farm venture. New ventures take time, resources such as cash and energy, determination and commitment. Can the farm afford to add or divert resources to grow the new venture? Who in the farm operation is the most entrepreneurial and does it make sense for this person to lead the project? If more entrepreneurship “horsepower” is needed, what can be learned and what can be hired in? Do great entrepreneurs make great business owners? Not automatically. Ironically, many of the very same attributes that favour starting a new business can, if not managed appropriately, have a negative impact on business growth. In business, people supply goods and services to meet the needs of other people we call customers. Customers drive sales, cash flow and profits. People skills are crucial to both customer service and managing the people hired as the business grows. Successful entrepreneurs learn to balance their tendency to rely on themselves to do and control everything with creating a team that brings needed expertise to the business. Most often, the business owner’s passion is the production side of the business -- the product or service provided. But the business also needs leadership in marketing, financial management, and human resource (employee) management. Sometimes, other members of the farm family have the passion and abilities to provide this leadership. If not, these skills need to be hired, either by contract or by taking on full-or part-time employees, as appropriate to the business size. Recognizing and understanding how your “entrepreneurship horsepower” contributes to successfully creating and capturing value for your farm can lead to better decisions. Better decisions lead to better farming.BF Carl Fletcher is a Program Lead in Strategic Business Planning with OMAFRA. He can be reached at 1-888-466-2372, ext. 3235, or by email at carl.fletcher@omafra.gov.on.ca .
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