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’d need a loan Lots. I don’t know if I’d cope None at all Some but I’d cope2) When was the last time you made and spent to a budget? Last Christmas for presents A few months or years ago Never I spend to budget all the time3) Which best describes your saving? Some years up, some years down I save more each year I’m usually close to zero in the bank It’s all going to the Mortgage/Rent I save a similar amount every year4) Which has the highest interest rate (in general)? I have no idea Credit Card Personal Loan Mortgage5) 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? I have no idea Fix a price and discount until it starts to sell “Cost plus” – Product Costs $10, Sell it for $11 Research the market pricing then work to reduce costs to deliver7) 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 the equipment supplier to quote Get someone who’s there to do a quick fix Fly back and try to fix the problem I wouldn’t be on holidays at that time8) You have a generic, non-critical problem. What do you do? Try and fix it perfectly, as soon as possible Work out when it really needs to be fixed Delay fixing it until it’s really necessary Try and quickly fix it to a function level9) How well did you enjoy solving science or mathematical problems in school? I enjoyed solving some problems I really enjoyed solving problems It was OK but I didn’t see the relevance I didn’t enjoy it and never saw the point I never did maths or science10) How well do you deal with the problems life throws at you? No worries! I always seem to get through I seem to cope OK. Sometimes it gets to me I am overloaded with problems I tend to have a lot on my plate, most times11) When faced with competing demands on your time you: Sometimes work late to get it all done Focus on the most urgent right now and ignore the rest Systematically prioritise & tackle based importance/urgency Focus on the most important right now and ignore the rest Often delegate the things you aren't good at, focus on where you make the biggest impact Usually strive to satisfy all the demands on your own12) How do you feel about giving up a full-time job to start your own business? 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 bills I’m a little apprehensive but think I can do it 13) What’s the riskiest thing you’ve done? I haven’t done anything too risky I’ve gambled a bit I’ve bungee-jumped/sky dived/other adventure sport Trekking/traveling around the world I ride motorcycles, race cars and generally like risk I’m responsible but willing to bet on myself14) Does knowing that you/your business will go into debt for a certain amount of time make you: Not too worried, these things tend to work themselves out Reconsider my business model Uncertain how to calculate this duration and amount of debt Comfortable with the risk since I have a good estimate and understanding of funding sources Very nervous15) When you take risks, they usually produce results that are: Acceptable Rarely as good as expected Usually better than expected 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 supervised people but it didn’t work out I’ve successfully supervised people17) If you’ve supervised people, how would you describe how they responded to you? It was a disaster! They weren’t a happy bunch There were no complaints and it worked OK I've never supervised anyone There were some unhappy people They loved it and me. We worked as a team!18) How do other people work with you? We’ll work in a team if we have to We like to work together as a team I prefer to work alone Some of the other people are turkeys19) 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? Managing the bad apples and rewarding the top performers Creating the right structure Hiring the people with the right talents Hiring the right mix of people to form the right team Making sure they get their work done21) 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 Many people could do it Only one-in-a-thousand could do it One-in-a hundred22) How would you describe your last exciting project? It could’ve been good, except... I’ve never had an exciting project It was great! The team really did well It went OK but some people made mistakes23) The last time you had a good/great project to work on, what did you do? 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 hours It was OK. I’ve never worked on a great project 24) What makes you excited to get up in the morning? Not much, I prefer to sleep in New projects The need to tackle my never ending “To do” list Interacting with my colleagues Habit, I like to get things done early25) What do you do with most of your spare time? Watch TV/movies Tackle side projects Spend time with family Socialize Participate in team sports or exercise26) How do you relax or recover from periods of high stress? Sleep High impact exercise Listen to music/take a walk/yoga/meditate Socialize with friends Just power through itPlease enter your email address so we can be in touch about your results. Email
