Entrepreneurial Appetite Test - EAT

When we—and you—talk about doing good, it isn’t just a bunch of empty words and aspirations. Whether or not your motives are for the benefit of all humanity, you will definitely be improving the product base in your chosen field. As far as doing good goes, we think that’s pretty good. As well, freedom is an excellent motivator. You know its value if you’ve ever been stuck with conforming to someone else’s expectations. Making your own choices in your own time about your own talents and interests is a surefire formula for success. Of course, the business aspect of things will be the main factor in the outcome, but business without heart is much harder to begin. Remember, though, that yours isn’t the only way—find a partner, collaborator, or even just a listening ear to check your sanity. It comes down to this: whatever you love, whatever you care about, whatever you’re good at—you can create a business around it! Maybe you want to own an ice cream shop that dedicates a part of its proceeds to children in underprivileged neighborhoods. Maybe your fledgling consulting firm will sponsor neighborhood Little League teams. Keeping in mind that sometimes your passion just doesn’t hit a wave, use your talents and experiences to generate new ideas. Channel your passion to follow new opportunities as they arise. Your motivation is excellent. Don’t ever lose sight of that bigger picture of freedom and goodness, and your bootstrapping mentality will flourish. Find more on developing and taking ownership for your ideas in “Juice to the Light Bulb,” chapter two in The $5,000 Millionaire. Pre-order your copy now!

Find more on the grit you’ve got to get to grow your venture in “Fire in the Belly, Nerves of Steel,” chapter one in The $5,000 Millionaire. Pre-order your copy now!

You’re right. There’s a lot of structure in the corporate world. Big business needs that. Yes, with a small business, you can set your own hours—you can afford to wash your car in the middle of the day or clock out at three to grab some groceries—but especially at the beginning, your startup could drain all of your time, free or not. You need to be willing to do what it takes to succeed. That includes reality-checking the idea of being your own boss. Everyone has a boss. In your corporate job, it was that cranky guy in the office down the hall who handed out the deadlines. As an entrepreneur, your boss is your customer. With your desire for free time and maneuverability, you evidence that you have the attitude of an entrepreneur, but keep in mind that you need to have firmer-rooted motivations as well. In the beginning, conviction may be all that you have to hold on to. While you will be free to do it your way and make the ultimate decisions, you won’t be free from deadlines or responsibility. If you work hard now, you will have that freedom that you want. Find more on understanding and using motivation in “Embrace Accountability,” chapter seventeen in The $5,000 Millionaire. Pre-order your copy now!

Find more on the grit you’ve got to get to grow your venture in “Fire in the Belly, Nerves of Steel,” chapter one in The $5,000 Millionaire. Pre-order your copy now!

We’ll be honest with you: we probably wouldn’t mind a little more cash, either. Money is useful (and a realistic desire), but not always the best motivator. You may or may not build a wildly profitable business, so make sure you’re doing something that matters more to you than just a paycheck. A bigger goal or a higher purpose can motivate you to work through the tough spots. Once you’re through, you will have something tangible to remind you to always strive higher. After all, you’re thinking of leaving the corporate world. Ethics are one of your strongest assets as a small business owner. Find more on the real skills and drive needed for bootstrapping in “The Heart and Head of an Entrepreneur,” chapter twelve in The $5,000 Millionaire. Pre-order your copy now!

Find more on the grit you’ve got to get to grow your venture in “Fire in the Belly, Nerves of Steel,” chapter one in The $5,000 Millionaire. Pre-order your copy now!

Great attitude! Most people are afraid to leave corporate jobs to begin their own venture because they don’t want to give up job stability. Truth be told, any job is unstable. Even mail carriers secretly dread the day that packages can simply be teleported from point A to point B. Why do people stay? Willing ignorance can sometimes have pretty blissful moments; as an employee, you aren’t pushing and pulling the financial levers yourself. Anyone who has sat in executive board meeting knows that the game of “Who can we lay off this month?” is not an idle mental exercise. If you take full responsibility for your venture it can be a lot more stable than your corporate tether but there are going to be some scary moments when you get started. Know your assets, carefully calculate your risks, and if you think they balance, then take them! It might be wise to hold on to your day job until things pan out, but if you’re prepared with a budget and a gridiron attitude, go for it!

Find more on the grit you’ve got to get to grow your venture in “Fire in the Belly, Nerves of Steel,” chapter one in The $5,000 Millionaire. Pre-order your copy now!

Most people are afraid to leave corporate jobs to begin their own venture because they don’t want to give up job stability. Truth be told, any job is unstable. Even mail carriers secretly dread the day that packages can simply be beamed from point A to point B. Why do people stay? Willing ignorance can sometimes have pretty blissful moments; as an employee, you aren’t pushing and pulling the financial levers yourself. Anyone who has sat in executive board meeting knows that the game of “Who can we lay off this month?” is not an idle mental exercise. If you’re still in the corporate world, look into how secure your job really is. What are your company’s layoff stats? If you are considering or already working on your own venture, you may want to put a little more effort into it. If you’re good at what you do, you will always have a job—it just may not be the same one. Use your instinct and hold on to that job you have until your venture is ready to support you—but don’t be afraid to take the leap when that time comes.

Find more on the grit you’ve got to get to grow your venture in “Fire in the Belly, Nerves of Steel,” chapter one in The $5,000 Millionaire. Pre-order your copy now!

Most people are afraid to leave corporate jobs to begin their own venture because they don’t want to give up job stability. Truth be told, any job is unstable. Even mail carriers secretly dread the day that packages can simply be beamed from point A to point B. Why do people stay? Willing ignorance can sometimes have pretty blissful moments; as an employee, you aren’t pushing and pulling the financial levers yourself. Anyone who has sat in executive board meeting knows that the game of “Who can we lay off this month?” is not an idle mental exercise. If you’re still in the corporate world, look into how secure your job really is. What are your company’s layoff stats? How about your department? Don’t let any of that scare you, but take your job security with a grain of salt. Entrepreneurs go it on their own because they are able to accept calculated risks. Don’t worry—you don’t have to quit your job just yet—but put all the energy that you can into your venture right now. That way, when you step out of the corporate and into the bootstraps, you can make the transition as comfortable for yourself as possible.

Find more on the grit you’ve got to get to grow your venture in “Fire in the Belly, Nerves of Steel,” chapter one in The $5,000 Millionaire. Pre-order your copy now!

It feels good to accomplish something, doesn’t it? Or maybe working overtime has just become a habit. Whichever is closest to the truth, and whether your overdrive has come from necessity or zeal, be sure to keep things in balance. In spite of how it may logically appear, the ones that stop to smell the roses often leap into first place. (After all, without rose-sniffers, how would anybody start a multibillion-dollar perfume company?) In the early stages of your venture, you can tap into this ability of yours to go overboard. Chances are your enterprise will need it. Even so, make sure you take time out to recharge your batteries. If you cut everything too close you might start making costly mistakes and shut yourself off from valuable idea time.

Find more on striking the balance between business and everything else in “The Heart and Head of an Entrepreneur,” chapter twelve in The $5,000 Millionaire. Pre-order your copy now!

You may have made a habit of working overtime. That’s all right—in moderation. Since you only put in a few extra hours here and there, that’s probably all right. Some people probably work harder than you do (or at least longer), but you’ve got a sense of working smart. Whether your venture requires that you put those hours in (if you do the actual hands-dirtying research, you might not be able to let things lie still for too long at first) or whether it’s just your style, remember that feeling of satisfaction and treasure it. You don’t ever want to reach the stage that working overtime becomes a chore. You probably know that you need to take time out to recharge your batteries, but if not: do it. Burning out your entrepreneurial genius doesn’t do anybody any good. Sometimes, working weekends or sleeping in the office will be the only way to make things happen; sometimes, going swimming with your kids will have to take precedence over frustration in front of a monitor. Know when you need what you need. Besides—some of the best ideas come in the pool.

Find more on striking the balance between business and everything else in “The Heart and Head of an Entrepreneur,” chapter twelve in The $5,000 Millionaire. Pre-order your copy now!

Find more on the grit you’ve got to get to grow your venture in “Fire in the Belly, Nerves of Steel,” chapter one in The $5,000 Millionaire. Pre-order your copy now!

A regular pattern in life is wonderful. Family values are crucial. We applaud you for those desires—we just want to point out that such a stability of schedule is usually associated with white collars and cubicles. When it comes to kicking off your entrepreneurial endeavor, keep in mind that complete accountability will require some extreme schedules. Are you willing to make the sacrifice to achieve success? Remember: sacrificing family time up front is not sacrificing ethics or morality. When quantity time isn’t available, you’ve got to shoot for quality—and for a short duration, that’s an acceptable alternative. Just don’t let yourself get so caught up in the five-am-to-midnight bootstrapping mindset that you never get out. You probably won’t have a problem with that, but we caution you anyway. Back to the flip side, it’s tempting to think that running your own business would afford you cozy mornings in bed and tons of free time. That might be true for some businesses, sometimes. Entrepreneurship done right allows for flexibility, but it also requires big pushes from time to time. It may be that you have to work that five-am-to-midnight schedule some weeks—but then you can take a long weekend from time to time. If you and your family can take that sort of shifting schedule, go for it. If not, be very careful in your entrepreneurship.

Find more on striking the balance between business and everything else in “The Heart and Head of an Entrepreneur,” chapter twelve in The $5,000 Millionaire. Pre-order your copy now!

Hopefully you feel so confident because of your careful preparation and not because you have a kamikaze mindset. There is a time and a place for taking a deep breath and jumping off into the deep—just don’t do it every month. If one month without income looks manageable, you should be good to go. Depending on your venture, you’re probably in a better position to launch it if you can stomach even a second or third paycheck-deprived month. You shouldn’t thrive on the edge of failure, but if you can skirt that edge without extreme intimidation or carelessness, you’re set.

Find more on the grit and gumption you need to make your venture work in “Fire in the Belly, Nerves of Steel,” chapter one in The $5,000 Millionaire. Pre-order your copy now!

Well, your paycheck may or may not come back next month (though, hopefully, it will come back sooner than later). Often, the juice required to get your venture running consumes all of the resources that you have (and some that you didn’t know you had). A little nervousness about that is okay. Bootstrapping can be a scary thing! Terror is a pretty good motivator. It keeps your senses heightened and your mind alert, helping you to stay focused on that eventual foundation of income that will eliminate the source of your unease. With that said, however, fear can force costly mistakes, so be sure to keep your wits about you. If you normally thrive under a little bit of pressure, go ahead and get started; if pressure is one of those things that might make you cave in, consider holding off until you have a little more financial stability. Remember, though: no matter where you fall in the readiness spectrum, you will always have that moment of near-abject fear when all you can do is take the plunge.

Find more on swallowing hard and jumping into the dark in “Fire in the Belly, Nerves of Steel,” chapter one in The $5,000 Millionaire. Pre-order your copy now!

Panic is okay in small doses. Same with terror. When every avenue seems closed, you discover creative ways for escaping financial distress. Making it through a miniature Odyssey can often boost your confidence afterward. While you shouldn’t let your fears paralyze you, do be sure to listen to your gut. Do recognize, though, that new ventures often eat up many of your resources. You may or may not be able to pay yourself right from the beginning. Are you ready to go a month or more without income? Readiness takes both a financial and an emotional preparation. If either one of those is lacking, have some caution; if you have both, proceed! Don’t let your stability stagnate you. If you really are unready, though, take some time to build a savings buffer or find a way to secure a steady income. With one or both of those in place, you will be better able to concentrate on your venture.

Find more on pre-entrepreneurial preparation and letting terror motivate you in “Fire in the Belly, Nerves of Steel,” chapter one in The $5,000 Millionaire. Pre-order your copy now!

It looks like you have a strong support system, which is one of the most valuable assets an entrepreneur can have. However the two of you handle the finances, be sure to keep each other clued in. Whether it is you or the other (or both) who does the actual checkbook balancing, don’t keep each other in the dark. Especially don’t take advantage of the trust that comes with your relationship. Keep things in the open—but it sounds like you two can probably handle the uncertainty of starting a new venture. Also, make sure you are prepared to pull your financial weight in the relationship. Whatever your fiscal responsibilities, don’t use your startup as a cop-out from providing for your family. Communicate your plan clearly and keep each other updated so things roll ahead smoothly when it comes to periods without a steady paycheck.

Find more on creating and strengthening your support network in “Building a Killer Team,” chapter fifteen in The $5,000 Millionaire. Pre-order your copy now!

Uh-oh—that sounds like a little bit of dissent. At least you have someone who is willing to roll with the hits when they first come. Be sure to maintain open communication and stay completely accountable for everything regarding your venture. The more that you share, the easy it will be for others to see that you are doing what you have to do to provide. If you close yourself off and try to hide the missing paychecks, things will not bode well either for your venture or for your relationship.

Find more on creating and strengthening your support network in “Building a Killer Team,” chapter fifteen in The $5,000 Millionaire. Pre-order your copy now!

If the most important person in your life isn’t behind your venture, you are risking both your relationship and your business. Make clear the possible outcomes. If a month with a significantly reduced income is unacceptable, find a compromise. Be willing to wait a while, too, or to explore other avenues for propelling your idea. You don’t want to be in the position of choosing between your significant other and your venture. It is better to take time to prepare and discuss things than to push through when you two aren’t ready. When both of you are on board, go for it!

Find more on creating and strengthening your support network in “Building a Killer Team,” chapter fifteen in The $5,000 Millionaire. Pre-order your copy now!

Well, that sure simplifies things! Keep in mind the importance of maintaining a support system in your life and proceed to question six.

Find more on creating and strengthening your support network in “Building a Killer Team,” chapter fifteen in The $5,000 Millionaire. Pre-order your copy now!

Owning your own business requires you to wear more than a few different hats. You will have to handle the finances, customer service, production, distribution, marketing, and any number of other responsibilities. If that very thought fills you with terror, don’t back off just yet. If you are committed to your business ideas and entrepreneurial desires, you will find a way to make the rest happen. You will learn as you go. We suggest looking for a partner to help share some of the load. Also, determine what scares you most about heavy work requirements. Is it the responsibility? The time management? Sit down and write out the tasks that you will be responsible for and determine how to prioritize, delegate, and arrange them to remove the greatest possible amount of stress.

Find more on prioritizing tasks and keeping your sanity in “Confusing Motion with Momentum,” chapter ten in The $5,000 Millionaire. Pre-order your copy now!

Being able to concentrate on various critical tasks is essential to your success. Your ability to manage different projects will be an invaluable tool. The number four is purely arbitrary; but when you think of finances, accounts receivable, contacts, production, distribution, marketing, contracting, and other responsibilities associated with bootstrapping a young business, it’s easy to see that the number of important projects can grow rather quickly. You seem pretty committed to your ability to handle a number of projects. Use planning, goal-setting, and time management skills to allocate those tasks in an order and manner that will help you handle them. As you start to work, you will discover unknown capacities for work. Keep your confidence and remember: you don’t have to fly solo forever. Your goal is to grow, after all.

Find more on prioritizing tasks and keeping your sanity in “Confusing Motion with Momentum,” chapter ten in The $5,000 Millionaire. Pre-order your copy now!

That’s the attitude! Remember, though: plenty of highly capable people have taken on altogether too many tasks only to burn out a few weeks later. Sometimes it’s the mediocre folks with a knowledge of their limits who make the most happen. Learn from them but keep your confidence and your drive. Delegate whenever necessary and prioritize your tasks. Push the right buttons at the right time and don’t feel like everything has to be done all at once (even if you’re able to do that). You might think you can handle it all, but you may inevitably spread your resources so thin that nothing will get done. Focus on the most important things. With your work ethic, things will get done. Keep your patience and learn how to be effective. You’re off to a great start!

Find more on prioritizing tasks and keeping your sanity in “Confusing Motion with Momentum,” chapter ten in The $5,000 Millionaire. Pre-order your copy now!

A good leader is often required to stand alone. You have to be the one to make tough decisions. What makes a tough decision tough? You have to weigh options. Sometimes, one of those options will be your popularity. You won’t always have full support in what you do but you have to be willing to stick to what makes sense and feels right. Do not let your desire for popularity affect the way you think about clients, vendors, team members, or anyone else. The great thing about doing what is right is that it is hard. Hard things give you a clearer understanding of yourself, your team, and your business. Besides—when it pans out, you gain respect. Respect is worth twice its weight in popularity.

Find more on developing character and maintaining integrity in “The Heart and Head of an Entrepreneur,” chapter twelve in The $5,000 Millionaire. Pre-order your copy now!

Never forget that you said you would listen. Keep that promise. Integrity within yourself should never be confused with self-righteousness. After listening, doing what you have to do shows excellent confidence. Remember that while some wise friends will take a critical stance at times, there may be some who are just plain critical. As you learn to tell the difference between sound advice and unabashed whining, you will build the character to really lead your team to success. A strong front may leave you out of the fun lunches from time to time, but know that the line you guard is important. The success of your business hinges on your ability to motivate and inspire and on your business skills. People skills and a sense of humor add to the business flavor but are not your aim. They are simply tools as you build your venture. As you maintain the high ground, keep an ear open for wisdom and be firm but understanding; stepping on toes does no good, but doing good does.

Find more on developing character and maintaining integrity in “The Heart and Head of an Entrepreneur,” chapter twelve in The $5,000 Millionaire. Pre-order your copy now!

It’s tough to give a hard and fast answer, isn’t it? Deciding ahead of time what you will do in a given scenario can help. Resolve now to stick to what is best for the business—even if it means a couple of stubbed toes and bruised egos. We know what you’re thinking, though: it’s always the scenario that you never imagine that comes to confront you. Those are the moments that test your mettle. Build confidence through small acts of integrity and firmness so that when criticism comes, you can stand firm. You’re already predisposed to listen to others’ opinions, which is good. If they are saying something of value, incorporate it into what you do. Remember, though: the measuring stick for value is the standing of your business, not your cool points on casual Friday.

Find more on developing character and maintaining integrity in “The Heart and Head of an Entrepreneur,” chapter twelve in The $5,000 Millionaire. Pre-order your copy now!

So what if friends call you a tightwad? Knowing where you stand financially is not just an important life skill; it is a crucial bootstrapping talent. One of the biggest reasons small businesses fail in their first year is because they let their attention slide away from their receivables and payables. Cash flow is the lifeblood of your business. Know it. There are thousands of systems you can use to organize your money, but the most important aspect of any system is awareness.

Find more on financing your venture and making money from the get-go in “Got Gas?,” chapter four in