Starting a business or buying a franchise can be a nerve-wracking experience.
Many entrepreneurs are kept awake at night wondering whether their business plans have covered all the bases. How do I hire the right employees? Will what I’m getting into satisfy my professional ambitions? How will I solve the problems I haven’t identified yet?
Before getting too deep into the planning and launch process, it makes sense to take a breath and assess your strengths, weaknesses, opportunities, and threats to your success as a small business owner.
You can gain that objective perspective by validated assessments that can help you:
- Learn about your working style, what you can build on, and what you can change
- Discuss what motivates you with your team
- Recognize toxic patterns and know when you need help
- Seek help along the way when necessary
Although there are many tests, we will cover the top 9 tests for you to take.
1. The entrepreneur equation
The entrepreneur equation test book (and its online version) is a DIY blend of exercises and assessments to help you identify your business personality. It allows entrepreneurs to assess their mindset, timing, and how they view opportunities.
Forty-five percent of entrepreneurs who responded to a survey said greater job satisfaction motivated them to go into business for themselves, and nearly 7 out of 10 want to start a business that aligns with a personal passion.
The creators of this test believe that while personality plays a significant role in defining your success, winning also depends on timing. A self-assessment test such as this one can help individuals understand their strengths and weaknesses and where they need to improve.
2. The Myers-Briggs Type Indicator
Around 1.5 million people take the Myers-Briggs Type Indicator test every year. Hence, it is very well known. The MBTI comprises 93 questions that evaluate how you perceive information, make decisions and act. Entrepreneurs can use such objective analyses to gain a competitive advantage. Visiting a professional to take the MBTI test is a good idea to succeed as an entrepreneur.
3. Wealth Dynamics personality test
Wealth Dynamics identifies eight different career profiles: trader, accumulator, lord, mechanic, creator, star, supporter, and deal maker.
It is also helpful in making hiring decisions. For instance, a candidate for a sales position who scores low on being an extrovert likely will not do well in a position that requires people skills.
Individuals who take this test will understand which career path to choose, where to invest, etc. They will also gain clarity and be able to understand their clients better. Currently, more than 500,000 entrepreneurs have signed up with Wealth Dynamics.
4. Prevue HR systems
Another test that is useful in the hiring process, the Prevue HR assessment measures candidates’ motivations, personalities, and interests. Major organizations use this test regularly to hire the right employees for various roles, which is vital in an entrepreneurial setting.
The Team-ability self-assessment measures how people work and collaborate, how they clear obstacles, and how they can improve. Understanding employees’ working styles and motivators is essential to building and maintaining esprit de corps and an efficient workforce.
6. Professional DynaMetric Programs
Business owners who want to change the workplace dynamics and HR managers who evaluate talent in the hiring process use PDP to assess morale, communication skills, and team dynamics to promote efficiencies, productivity, and profitability.
7. The FourSight Thinking Profile
The FourSight system assesses individual team members’ thinking preferences: Ideators are big thinkers; developers are detail driven. Implementers make things happen; and clarifiers break things down. Understanding those preferences enables business owners to assemble problem-solving teams to optimize collaboration, productivity, effectiveness, and innovation.
8. Smart Work Assessments’ Self-Employment Profile
SMART is an acronym for different categories of leadership: Sharing responsibility for success; Mindshifting or going from “me” to “our;” Adapting to challenges that do not have identified solutions; Relating, connecting, and encouraging others; and Technical expertise. The evaluation helps business owners identify weakness and strengths and develop appropriately to succeed.
Smart Work assessments self-employment profile allows individuals to incorporate a business mindset with their characteristics. These characteristics include the need for a structure, learning capabilities, managing prospects, and handling rejection. It can help budding entrepreneurs identify if they should own a stand-alone business or operate in a franchise.
9. The PAVF Assessment
This self-assessment tool is a customized personality test that identifies how individuals are wired. It goes beyond a personality inventory to describe how personality affects a team.
Use these assessment tools to get a clear view of whether an individual can be an entrepreneur. Learn to assess these indicators that would help gauge the attributes and qualities that can help individuals stand out from the rest.