Some people are born to be entrepreneurs, most acquire the necessary skills along the way. See how far along you are by completing this quick quiz. Check your score at the end to see if you should improve some skills or get to work on your big idea. Check out the book Ready to Launch? to find out how! There are 26 questions in total ranging across 5 categories. Don't think too hard, just pick the best answer and be honest. Once selected your answer cannot be changed. The goal is NOT a high score but an ACCURATE score. The first principle is that you must not fool yourself, and you are the easiest person to fool. - Richard Feynman 1) How much stress would you be under if your next pay packet was delayed by a month? Lots. I don’t know if I’d cope Lots. I’d need a loan None at all Some but I’d cope2) When was the last time you made and spent to a budget? I spend to budget all the time Never A few months or years ago Last Christmas for presents3) Which best describes your saving? Some years up, some years down It’s all going to the Mortgage/Rent I’m usually close to zero in the bank I save more each year I save a similar amount every year4) Which has the highest interest rate (in general)? Credit Card Mortgage Personal Loan I have no idea5) Which will accrue the most COMPOUND INTEREST in 3 years? I have no idea A $100,000 loan at 10% p.a. $40,000 on a credit card at 25% p.a. A $250,000 mortgage at 4% p.a.6) Which pricing method works best? “Cost plus” – Product Costs $10, Sell it for $11 I have no idea Research the market pricing then work to reduce costs to deliver Fix a price and discount until it starts to sell7) You run a toy factory. At peak production before Christmas, your new toy production line breaks down and it’s while you’re on holiday. What do you do? Get someone who’s there to do a quick fix I wouldn’t be on holidays at that time Get the equipment supplier to quote Fly back and try to fix the problem8) You have a generic, non-critical problem. What do you do? Delay fixing it until it’s really necessary Work out when it really needs to be fixed Try and fix it perfectly, as soon as possible Try and quickly fix it to a function level9) How well did you enjoy solving science or mathematical problems in school? I really enjoyed solving problems It was OK but I didn’t see the relevance I enjoyed solving some problems I never did maths or science I didn’t enjoy it and never saw the point10) How well do you deal with the problems life throws at you? I tend to have a lot on my plate, most times No worries! I always seem to get through I am overloaded with problems I seem to cope OK. Sometimes it gets to me11) When faced with competing demands on your time you: Often delegate the things you aren't good at, focus on where you make the biggest impact Focus on the most important right now and ignore the rest Focus on the most urgent right now and ignore the rest Usually strive to satisfy all the demands on your own Systematically prioritise & tackle based importance/urgency Sometimes work late to get it all done12) How do you feel about giving up a full-time job to start your own business? I’m a little apprehensive but think I can do it I’m eager to do it and think I can manage it I’m apprehensive about the loss of security I don’t know how I’d pay my bills13) What’s the riskiest thing you’ve done? I’ve gambled a bit I’m responsible but willing to bet on myself Trekking/traveling around the world I haven’t done anything too risky I ride motorcycles, race cars and generally like risk I’ve bungee-jumped/sky dived/other adventure sport14) Does knowing that you/your business will go into debt for a certain amount of time make you: Uncertain how to calculate this duration and amount of debt Very nervous Comfortable with the risk since I have a good estimate and understanding of funding sources Reconsider my business model Not too worried, these things tend to work themselves out15) When you take risks, they usually produce results that are: Usually better than expected Rarely as good as expected Acceptable Sometimes succeed, sometimes fail16) Which best describes your experience at supervising people? I’ve successfully supervised 10+ people I’ve never supervised people I’ve successfully supervised people I’ve supervised people but it didn’t work out17) If you’ve supervised people, how would you describe how they responded to you? They loved it and me. We worked as a team! There were no complaints and it worked OK They weren’t a happy bunch I've never supervised anyone It was a disaster! There were some unhappy people18) How do other people work with you? Some of the other people are turkeys We like to work together as a team I prefer to work alone We’ll work in a team if we have to19) If you have never supervised people, why not? Never asked to take on the role/don't have the right skills yet Currently getting training/working with a mentor to move into a management role Managers don't seem to do much, so I don't want to be one Never had the chance but always looking for an opportunity20) What do you think will be your biggest people challenge? Hiring the right mix of people to form the right team Creating the right structure Making sure they get their work done Hiring the people with the right talents Managing the bad apples and rewarding the top performers21) Recall a situation where you needed to use all your energy to achieve a result. Was that something only one-in-ten people could achieve? Or only one-in-a-thousand people? One-in-ten Most people could do it Only one-in-a-thousand could do it One-in-a hundred Many people could do it22) How would you describe your last exciting project? It was great! The team really did well I’ve never had an exciting project It went OK but some people made mistakes It could’ve been good, except...23) The last time you had a good/great project to work on, what did you do? It was OK. I’ve never worked on a great project It was amazing! We worked until late at night It was good. We enjoyed the work It was great! We put in lots of extra hours24) What makes you excited to get up in the morning? The need to tackle my never ending “To do” list New projects Habit, I like to get things done early Not much, I prefer to sleep in Interacting with my colleagues25) What do you do with most of your spare time? Socialize Tackle side projects Participate in team sports or exercise Watch TV/movies Spend time with family26) How do you relax or recover from periods of high stress? Socialize with friends High impact exercise Sleep Just power through it Listen to music/take a walk/yoga/meditatePlease enter your email address so we can be in touch about your results. Email
