Earning Money Without a Job: Starting a Business

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Before you decide to start your own business, figure out whether that’s the right move given your circumstances and personality. Remember, if you go into business for yourself, you will have no one to report to. While that may seem like a blessing, you must also be prepared to do many jobs yourself, at least in the beginning, because there will be no one else to do them.

If you lack the discipline to stay at work until the job is done, or the flexibility to fulfill your work commitments before focusing on your personal life, you will be better off working for someone else.

The following quiz can help you assess your personality and determine whether you’re ready to be an entrepreneur.

The Entrepreneurial Aptitude Test (EAT)
Can you afford to quit your job and still EAT?

 

1. Are you a risk taker?
a. Never — I always avoid risk.
b. If I have to — I’m uncomfortable taking risks, and generally avoid them.
c. Yes — Taking risks is sometimes a smart thing to do and I have no problem doing so when necessary.
d. Yes — I enjoy putting it all on the line.
2. Are you likely to trust your instincts?
a.  No — I find my instincts are usually wrong.
b. Sometimes-when I think I really understand the issue.
c. Often — I have learned through experience that my gut is usually right.
d. Always — I gather information, weigh the facts, and then trust my instincts.
3. Are you a good money manager?
a. Extremely good — I watch every penny.
b. Moderately good — I have a good idea of what I spend.
c. Sometimes good — I try to live within my means.
d. I really don’t pay much attention to money.
4. Are you competitive at sports and work-related activities?
a. Yes — I have to win at all times.
b. Usually — I always give my best effort.
c. Sometimes — If I care about the contest, I try hard to win.
d.  No — I don’t usually care one way or the other.
5. When things don’t work out, what do you usually do?
a. Analyze the situation to figure out what I did wrong.
b. Pick myself up and try again.
c. Get depressed and angry at myself or others.
d. Give up in defeat.
6. Do you look for creative answers to obstacles and problems?
a. No — I usually just do what’s easiest.
b. Sometimes — I am only creative when there is no other solution.
c. Usually — I’m pretty good at problem solving.
d. Yes — I’m extremely resourceful at solving problems.
7. When I set goals, I usually:
a. Write down small steps that progress toward meeting my long-term goals.
b. Create a series of small steps in my mind.
c. Develop the big picture without worrying about how I’ll be able to achieve my goals.
d. I’m not big on setting goals-I just go with the flow.
8. My time management skills are:
a. Excellent — I am a dedicated goal-setter and goal-achiever.
b. All right — some days are better than others.
c. Poor — I don’t manage time, it manages me.
d. A source of anxiety — I never can seem to stick to a schedule.
9. Whether I succeed or fail is:
a. Entirely out of my hands.
b. Mostly a matter of luck
c. Dependent on a combination of luck and my decisions.
d. Entirely in my hands.
10. When faced with several options, I’m most likely to:
a. Evaluate the pros and cons of each option before I decide.
b. Ask colleagues and friends for input, and do what they think.
c. Choose an option quickly and go for it.
d. Avoid making a decision until I’m forced to.
11. If I’m not making money after six months:
a. I’ll keep trying for at least a year.
b. I’ll figure out some alternatives to make extra income while I keep trying.
c. I’ll give up and find something else.
d. I’ll go into bankruptcy.
12. I know I have entrepreneurial aptitude because:
a. I have successfully done it before.
b. I’ve done my research and think I’ve got a great plan.
c. I’ve always been a good employee, and good at managing others.
d. Everyone tells me I’d be good at it.

Scoring:

Add up your score using the numbers in the table below.

Q & A

a b c d
1 1 2 3 4
2 1 2 3 4
3 4 3 2 1
4 4 3 2 1
5 4 3 2 1
6 1 2 3 4
7 4 3 2 1
8 4 3 2 1
9 1 2 3 4
10 4 3 2 1
11 4 3 2 1
12 4 3 2 1

Rating:

37- 48 Entrepreneurial Diva
You show a definite aptitude for entrepreneurship. Your money management skills, drive, and positive attitude will help pave the way for your success. Work hard to develop your strengths and add members to your team who will complement any weak spots you may have.

25 – 36 Entrepreneurial Aspirant
You have some of the skills and attitudes necessary to become an entrepreneur. All you need is a bit of refinement. Review the answers with lower scores and set some small goals to improve them. This will improve your goal-setting skills and any other skill you need to become a more successful entrepreneur.

12 – 24 Entrepreneurially Challenged
You will need to learn and develop more in order to become a successful entrepreneur. Ask family members who are in business for help, or read biographies of great entrepreneurs of history. Attend a Small Business Administration or local community college course on small business development. After a bit of study, you can re-take this quiz to see if you are ready for your next venture!