TEST YOUR ENTREPRENEURIAL I.Q.

The Entrepreneurial I.Q. Test and the following responses can be used to stimulate classroom discussion
on the entrepreneurial profile and related topics introduced in subsequent chapters of the text, or it can
be given simply as a handout for self-study with the suggested answers attached.
Respond by circling True or False to the following statements.
1. As a child you looked for ways of making or earning money instead of
relying on an allowance. True False
2. I am responsible for my own fate. People who rely on luck are irresponsible. True False
3. Just because a product can be sold cheaply doesn’t mean everyone in that
market will buy it. True False
4. I can handle having incomplete information before venturing into a new
project. True False
5. Statistics support the fact that entrepreneurs who have had family members
venture into successful small business ownership before them are more
likely to be successful. True False
6. When I am passionate about something, I can work on it for days on end,
sometimes sacrificing getting the proper rest. True False
7. Hard work and a successful financial backing will not ensure the success of
a small business. True False
8. You should advertise and focus the sale of your product or service to meet
the needs of as many people as possible. True False
9. When you have an idea you feel will be successful, you rarely let anyone
talk you out of it, even if they speak with the voice of reason. True False
10. I am not afraid of taking a calculated risk. True False
SCORING
Score 1 point for each TRUE answer. This number represents your entrepreneurial I.Q.
9-10 Very good – Keeping pace with successful small business strategies in the twenty-first century
will be crucial to successful business survival.
7-8 Satisfactory – Today’s fast-paced small business environment won’t always let you get away
with a few mistakes.
0-5 Questionable – You could lose the farm!