The Owner Mentality

A few days ago I was talking to an entrepreneur who was considering bringing on a business partner, who wanted significant equity. Now, this potential business partner had been a VP at several previous companies but hadn’t started a business and this entrepreneur was concerned if he had the entrepreneurial mentality — the owner mentality.

Here are some questions to ask when determining if the owners mentality is present:

• Are you prepared to personally guarantee the business line of credit and office space, using your house as collateral?
• Are you comfortable with inconsistent cash flows potentially resulting in significantly reduced paychecks?
• Are you prepared to roll up your sleeves and take on any and all tasks to ensure success, even if they take you out of your comfort zone?

What else? What other attributes would you include with the owners mentality?