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Entrepreneur Readiness Quiz

Do you have what it takes to be an entrepreneur? This entrepreneur readiness quiz will help you find out! Jacob and Blake Morgan Are Husband Wife Entrepreneurs They each have their own successful 7-figure businesses, are best-selling authors, keynote speakers, parents, and have worked with some of the world's leading brands including Comcast, Adobe, Intel, Verizon, Chevron, Pepsi, GE, and countless others. Collectively they have over two decades of entrepreneurial experience and are hosts of the Be Your Own Boss (BYOB) Podcast. Jacob and Blake are passionate about helping you become your own boss too! 

This quiz will take a look at the "Morgan's 4 M's of Entrepreneurship" which are: Mindset, Motivation, Market, and Money. Click the button below to start.

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Market

If you have an incredible business idea, but the market is not ready, your business could fail. Have you done your homework? That's what we look at in this section of the quiz.

Question 2 of 30

Are you, your product, or service, solving a specific customer need or pain point?

A

I think so.

B

Yes, definitely.

C

I'm not sure.

D

Eventually.

E

I'm going to focus on the pain points later.

Question 3 of 30

Why do you think your idea, product, or service, will succeed (pick the closest answer).

A

Because people have asked me for this.

B

Because I have done market research and there's an opportunity.

C

I just have a feeling.

D

Because I like doing it.

Question 4 of 30

Do you have a good sense of who your target customer is?

A

If I build it, they will come.

B

Yes, I've done the research on this.

C

I have some vague idea.

D

Not really.

Question 5 of 30

Do you have a vision of what it is you want to create and how you are going to create it?

A

Yes, definitely.

B

Not yet.

C

I have some ideas but nothing concrete yet.

D

I have a vision but not really sure how to make it a reality.

Question 6 of 30

Do you have a clear way to differentiate yourself, your product, and/or your service?

A

Yes.

B

No.

C

Kind of.

D

I don't need this because I know it will work.

Mindset

Arguably the most important of the four M's. Having the right mindset will determine your success or failure, but what are the elements that make up a successful mindset?

Question 8 of 30

Which of the following statements best describes you when it comes to learning new things?

A

I learn new things all the time but they are usually related to my area of expertise.

B

I don't really have time to or inclination learn new things.

C

I'm willing and comfortable learning new things that are outside of my core area of expertise.

Question 9 of 30

How receptive are you to feedback from others (whether it be positive or negative?)

A

Very receptive.

B

I'm open to feedback if someone really feels they need to share it with me.

C

I'd rather not get feedback from people.

D

I'm open to positive feedback but I'd rather hear anything negative.

E

I'm somewhat receptive to it.

Question 10 of 30

How good are you at asking for help?

A

I have no problem asking for help when I need it.

B

I'd rather just solve my own problems instead of asking for help.

C

I don't like asking for help but if I really have to I will.

D

I don't need anyone's help.

Question 11 of 30

What is your level of self awareness? Meaning, do you know your own strengths and weaknesses and do other people know them too?

A

I haven't really thought about this.

B

I think I'm self aware.

C

I'm self aware and other people have told me I'm self aware.

D

I have a rough idea of what my strengths and weaknesses are.

Question 12 of 30

How good are you at managing your emotions? (when things are going well and not so well).

A

Very good.

B

Good.

C

Not so great.

D

Terrible.

Question 13 of 30

Which one of the following best describes you? "After I fail at something I..."

A

Get a bit upset but I focus on what I learned and how I can improve.

B

Become completely dejected.

C

Obsessively focus on what I did wrong.

D

Start to doubt myself and my abilities.

Question 14 of 30

What is your risk tolerance?

A

I try to avoid any and all risk when I can.

B

I'm ok with a small level of risk.

C

I'm comfortable with a moderate level of risk.

D

Risk doesn't bother me.

Question 15 of 30

How good are you at solving problems by yourself or with limited resources?

A

Very good.

B

Good.

C

Not bad.

D

Pretty bad.

Question 16 of 30

How good are you at managing multiple tasks and projects at the same time?

A

This is a struggle for me.

B

I'm great at it.

C

I try to avoid having to do this.

D

I do this only when I absolutely have to.

Motivation

In this section we look at how prepared you are to run your own business. Motivation is extremely important when you are driving the ship. You're the captain and janitor!

Question 18 of 30

Are you willing to be the janitor AND the CEO?

A

I'm just the CEO.

B

Yes, I'll do whatever it takes.

C

I worked too hard to be the janitor.

D

I'm open to it, but I'd rather not.

Question 19 of 30

Are you good at motivating and pushing yourself to get things done, even if you don't always feel like it?

A

Yes.

B

No.

C

I'm not sure.

D

Sometimes.

Question 20 of 30

How resourceful are you? Meaning, how good are you at finding solutions to things by yourself?

A

I'm not good at this.

B

I've been told I'm quite resourceful.

C

I'm great at this.

D

I'm working on this but I'm not great at it.

Question 21 of 30

Which of the following best describes why you want to pursue your entrepreneurial endeavor?

A

It's something I believe in with all my heart.

B

Because my idea, product, or service will add value and help other people.

C

I hate my regular full-time job and want out.

D

It's an interesting idea that may or may not work.

Question 22 of 30

Do people generally trust you and believe in you?

A

Absolutely.

B

Not really.

C

I'm not sure.

D

Why do people need to trust me and believe in me?

Question 23 of 30

Are you able to stay with a task until it's completed to a high level of quality?

A

Yes.

B

No.

C

Sometimes.

Question 24 of 30

Do you have a few people in your life who will support you emotionally if/when things get tough?

A

Yes, I have lots of support.

B

I don't have a lot of people but I have a few.

C

I don't really have anyone.

D

Do pets count?

E

I don't need emotional support.

Question 25 of 30

Can you work more hours than a traditional full-time job when needed?

A

Yes.

B

No.

Money

This part of the assessment reviews your relationship with money and your basic money management skills. Find out if you have enough financial savvy to strike out on your own.

Question 27 of 30

If you were to fail, how bad would the consequences be?

A

They would be disastrous for me (and/or my family).

B

Unpleasant, but nothing I wouldn't be able to manage and overcome.

C

Not so bad.

Question 28 of 30

Have you put together a budget for your business, meaning you know how much it will take to start and operate?

A

Yes, I know my upfront and ongoing costs.

B

Not really, but I have a vague idea of the costs involved.

C

I've thought about this but I don't have a budget in place.

D

I need a budget?

Question 29 of 30

Have you put together a personal budget for yourself and your family? Meaning you know your monthly expenses and how long you could survive if your business didn't bring in any revenue?

A

Yes, I (and/or my family) have gone through monthly expenses and costs and have a budget.

B

I have a vague idea of my monthly expenses but nothing too detailed.

C

Not yet, but it's on my to-do list.

D

I haven't really thought about this.

Question 30 of 30

Do you have a healthy relationship with money? 

A

Whenever I make money I want to spend it.

B

I don't feel like I deserve the money I get.

C

People tell me I'm overly frugal.

D

I'm not sure.

E

Yes, I know when to save and when to spend and I'm not impetuous.

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