Yes, Entrepreneurial Capability Can Be Measured
Entrepreneurial Mindset
We can only improve our entrepreneurial capacity if we can measure it, make a plan, and follow through.
Many times people ask me: "So, do I have what it takes to be an entrepreneur or not? How can I be sure?" The bad news... there is no single "measure" or unique answer that tells you, "Yes, you will be an excellent entrepreneur" or "No, don't even try." The good news... it is absolutely possible to "measure" some characteristics that can indicate whether you have the tools that could increase your chances of success if you decide to pursue entrepreneurship. Yes, the capacity for entrepreneurship can be measured!
The world of measurement is very complex. There are objective measures. If, for example, we are asked about our height, with only slight differences due to the precision of the instrument, various measurements will yield a very similar result. Our height measurement, then, is a universal language. Once we agree on the metric system used, we all have a clear idea of the height of, for example, Rose, if we are told that Rose is 162 cm or 5 feet and 3 inches tall.
Measuring Psychological Variables
Other measurements are more complicated to take, understand, apply, and generalize. This is particularly true when we talk about psychological characteristics, which relate to the internal world of people, their emotions, perceptions, and personality. In these cases, the scenario becomes a bit blurrier, and we start to think that the subjective component begins to carry more weight.
However, a large number of highly reliable tests have been developed, which professionals in the field of psychology use to evaluate their clients. The branch of knowledge that studies and develops these measurement tools is known as Psychometrics.
To give you an example, possibly one of the most universally known psychological tests is the measurement of intelligence, or IQ (Intelligence Quotient), which has become quite generalized.
In general, it is not strange to hear that a person has an IQ of 135 or 115. We tend to understand that someone with an IQ of 135 is considered "more intelligent" than someone with an IQ of 115. It's common for the IQs of famous and recognized people to be mentioned, and it's common for most of us to be curious about our particular measurement on that scale.
Just like the IQ measurement scale, many other extremely reliable scales have been developed. All have been validated with studies, data, and standards that support them, to measure attitudes, values, personality traits, emotions, and a myriad of psychological variables.
Can we measure the Capacity for Entrepreneurship?
To answer this question, I’ll start by declaring my strong professional bias in this aspect. I love measurement systems and have been fascinated throughout my career as a social psychologist by the development and application of systems that allow me to “measure” what others consider impossible to measure. A large part of my professional life has been dedicated to measuring attitudes, values, and perceptions.
That's why, when I decided to dedicate myself to helping micro and small entrepreneurs, and faced with the constant question of "Can I be an entrepreneur?" I set out to find a more "quantifiable" answer to whether the capacity for entrepreneurship can be measured. Thus began my search for systems specifically developed to measure variables related to entrepreneurship.
You know that my mission with this blog is to understand the internal world of the entrepreneur. I seek to help entrepreneurs like you develop the best internal conditions that can increase the chances of their business success. For this, the ability to measure the variables we work with is fundamental to me.
I must tell you that I didn’t find as many options as I expected. However, I found some extremely interesting and useful ones.
There are scales to measure Entrepreneurial Intention, defining this as the willingness of people to develop new business ideas and start new companies. There are also scales to separately measure various characteristics considered relevant for entrepreneurial success, such as creativity scales or risk-taking propensity scales.
In this search to understand these internal aspects of the entrepreneur and to evaluate or measure them, I discovered a fantastic tool that confirmed that the capacity for entrepreneurship can indeed be measured and that I want to share with you. It’s called the EMP, for Entrepreneurial Mindset Profile.
EMP – Entrepreneurial Mindset Profile
Let me briefly tell you about this tool I discovered a couple of years ago, the EMP or Entrepreneurial Mindset Profile. It’s an exceptional resource to evaluate your profile across 14 critical personality and performance dimensions for entrepreneurial success.
Developed at Eckerd College (FL, USA) with extensive research, the EMP has helped thousands of entrepreneurs and managers expand their entrepreneurial potential since 2013. It highlights strengths and identifies areas with opportunities for development. Additionally, having an "Entrepreneurial Mindset" is a key element for innovation and generating business growth.
The theoretical approach underlying the EMP sought to develop a tool that measures both the internal and innate aspects that define entrepreneurs and differentiate them from non-entrepreneurs, as well as the skills that can be learned and enhance their chances of entrepreneurial success.
In developing this instrument, the creators defined a total of 72 items representing 14 dimensions: 7 personality dimensions and 7 performance dimensions, as follows:
Personality Dimensions: Independence, Preference for Limited Structure, Nonconformity, Risk Acceptance, Action Orientation, Passion, and Need for Achievement.
Performance Dimensions: Future Focus, Idea Generation, Execution, Self-Confidence, Optimism, Persistence, and Interpersonal Sensitivity.
The EMP assessment tool has solid normative references to establish comparisons of the evaluated profiles. The EMP results compare your individual score with norms developed for groups of entrepreneurs and corporate managers.
Why Measure the Entrepreneurial Mindset?
You might ask, since we know that the capacity for entrepreneurship can be measured, why is it useful to measure your entrepreneurial capacity?
To make it clear, let me give you a comparative example. There are numerous objective measures that determine the state of our body, our overall health. When you go to the doctor because you feel unwell, it’s most likely that they’ll request tests to diagnose your condition. Based on that, they can give you recommendations for habits and treatments that can optimize those measures and increase the likelihood of your body functioning at its best.
It's the same with entrepreneurship.
By finding "analyses" that account for your current state regarding aspects relevant to entrepreneurial activity, this information will offer a diagnosis. This diagnosis will guide us regarding measures you should take to leverage the strengths found or improve those aspects where you have development and growth opportunities.
The ultimate goal is to outline an action plan to increase the probability of your entrepreneurial success.
Notice that I haven’t said: "The ultimate goal is to determine whether you should or shouldn't be an entrepreneur." Once again, there is no single answer. What’s important is to know where you are right now and what you can do to optimize your conditions.
We can only improve our capacity for entrepreneurship if we can measure it, make a plan, and follow it.
You can get more information about the EMP – Entrepreneurial Mindset Profile at the following link: https://www.emindsetprofile.com/
I'm pleased to tell you that once I discovered the tool, I found it so useful and interesting that I became certified at Eckerd College to administer the EMP and interpret the results with you. If you're interested in getting more information about this consulting service, you can check my professional consulting website: celiasoonets.com.
Why did I decide to get certified in this tool?
It has a solid foundation of scientific and academic research.
It considers both innate aspects (personality) and learned skills.
It takes context into account to understand a result.
Its results are entirely actionable and help you make specific decisions to increase the chances of success.
It is continuously researched and developed, ensuring ongoing improvement of the tool.
I invite you to visit my professional website (celiasoonets.com) and learn more in detail about how I can help you through the application of this tool.