Safepreneur

Thank you for taking my entrepreneurial test.

Based on your answers you profile as a…Safepreneur

You like the idea of freedom that comes with being an entrepreneur but can be risk averse when it comes to committing fully to a business.

If you are just starting out on your entrepreneurial journey, you may find it difficult to break from your current job, even though you know it is not right for you – just to earn the salary.  Or you may find it difficult to commit to the finance needed to start your own business, especially if this involves putting your savings on the line, or risking the security of your family.

If you are already running a business, you may find its growth and development held back by a reluctance to trial new products or to commit development capital to take the business to the next level.  Bear in mind that the market is constantly changing and therefore resisting change may be the riskiest option you can take in business.

Safepreneurs at the start of their business journey can also often underestimate the sheer amount of work and energy it takes to get a new business off the ground, while being over-optimistic about the amount of money the business will generate.  Remember, many new businesses do not generate a profit in the first two years – and that is a long time to keep motivation and resources going.

This is particularly important, as you also have a tendency to lose interest and motivation in projects when the going gets tough.  Bear in mind that determination and persistence are key to business success.

If you are just starting out, you may be best suited to a business where you can work freelance from home with minimal overhead and build up a client base from there.  This would also give you the freedom to work as much or as little as you like and allow the business to grow organically over time.  Remember, the best form of marketing is word of mouth, so consistently delivering great service or products over time is a good strategy if you are creating a business on a shoe-string budget.

You might also want to consider entering into Joint Ventures which allow you to pick up business from other companies which already have their own momentum, which offer complementary services to your own, or which focus on larger project work/contracts and might be happy to pass smaller clients on to you.

Alternatively you may want to consider buying into an existing business opportunity or starting up a franchise business – which at least has its own momentum and where the chances of success are far higher.  Something like two thirds of all new businesses fail within their first two years whereas the failure rate for franchises is less than 5%.  By going for a franchise opportunity you therefore dramatically increase your chances of business success.

For more information on how the test is compiled, please have a look at How_The_Test_Works

If you have any feedback on your result please do write and let me know at rachel.elnaugh@rachelelnaugh.com. 

I would value your input.

Regards,