What sort of personality does an entrepreneur need?

Who among us hasn't considered going it alone at some point? Imagine it, flexible hours, quality time with the people you love, a better standard of living and lifestyle, but you must first find out whether or not you have the right personality...

Perhaps you're the one in the firm that keeps the clients coming back or keeps a project on track, on budget and delivered on time, you've already got all the business contacts you'll ever need, you understand the market back to front and you can raise the finance no trouble... the answer seems obvious - to set up on your own.

However, as an individual, have you got what it takes to survive the troughs as well as the peaks? When the stakes are so high, have you got the nerve to face down the competition or weather the storm when things go awry? Could you inspire and motivate your employees, be ruthless enough to sack some of your workforce and savvy enough to know you need to follow set procedures if you don’t want to wind up facing an employment tribunal?

Running your own business successfully requires a wide gambit of skills and personal attributes, and before going it alone you must be sure that you fit the bill. Below is a list of questions you should be asking yourself if you're serious about taking the helm in your own commercial enterprise. Be honest with yourself when answering. The truth can be harsh but it's better to face it before going ahead with your venture than six months down the line.

• Do you really believe that you will and can succeed come what may? Without absolute conviction you are not going to be able to withstand the pressures put upon you on those occasions when self-doubt creeps in.
• Is your judgement sound? What about your instincts and gut-feelings about situations? Are they normally right first time or do you often make a bad decision when acting on impulse?
• What is your motivation behind starting up? Be clear what it is that you intend to achieve and use those objectives as your focal point.
• Are you confident in your product or service and do you know why customers will buy it?
• Are you comfortable selling it and believe that it is the best product on the market at the price?
• Have you got a ruthless streak?
• Everyone likes to be liked, of course, but how would you feel about undercutting a competitor to land a contract?
• Do you accept that success will not be overnight?
• Ambition must be tempered with a degree of patience - can you live with that?
• Are you mentally resilient enough to grit your teeth and forge on when things aren't going well? There's no point in proceeding if you crumble at the first sign of trouble.
• How much does your job security mean to you? Your income may not be regular and there is always the ever-present risk of failure. Can you cope in these circumstances?
• Are innovation and imagination strengths of yours?
• Are you open to new ideas and opportunities?
• How do you react to criticism?
• Do you learn by your mistakes or refuse to face up to them? To develop and evolve your business you need to be receptive and reactive to feedback, both positive AND negative.
• Do you have the support of your family and friends? Are they prepared for you working longer hours at first and are they there to offer counsel and help?
• Are you self-disciplined enough? Are you prepared to make sacrifices in pursuance of your goals? Are you willing to push yourself to your limits?

If you have answered no to more than a handful of these questions, you might be better advised to reconsider whether starting up a business is really for you. It really is a massive undertaking and not having the proper attributes and character traits may well spell the difference between the success and failure of your venture.