How to spot future entrepreneurs by their economic intuitions?
Have you ever wondered if you or someone you know has the talent to be an entrepreneur? If not, a test for measuring entrepreneurial aptitude exists. However, the current tests do not measure entrepreneurial aptitude holistically. A report for the Global Entrepreneurship Monitor confirms that there is no shortage of motivation or self-belief among the youth. However, data on small businesses and career exits are sobering. The reason is that the youth pursue entrepreneurship feeling optimistic but may lack the innate talent for it.
In an article published by the Manila Times and authored by Gerardo L. Largoza, the approach he did was to create parameters that will measure aptitude and not achievement. Most tests that measure entrepreneurial aptitude is psychological and not analytical. The test needs more than psychological profiling as entrepreneurship under K12 is a course of study. The aptitude should include questions that test the ability of the students to make an economically sound decision when provided with an ordinary small-business situation even if they cannot formally explain it. To give us an idea, an example for the question that can be asked is if someone told you to store your money in a safe place, which of the following would best summarize your feelings: (a) It’s a good thing because it will be saved (b) It’s not such a good thing because it’s not growing © It’s a good thing because no one will find it (d) It’s not such a good thing because it means I can’t spend it. In this question, the principles in microeconomics have been adapted into an entrepreneurial setting without the jargon that some students will not understand which helps in making the test more accessible.
In conclusion, creating a test that can holistically spot a future entrepreneur can surely help a student in deciding on a profession to pursue. If they score high, they may consider pursuing entrepreneurship because they have an innate talent for it. However, these tests should not restrict someone from pursuing entrepreneurship. If someone scored low, this should not mean that they cannot be entrepreneurs in the future. Remember that it is still hard work, dedication, and love for what you do that will make you good at what profession you choose.
