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 None at all Lots. I’d need a loan Some but I’d cope2) When was the last time you made and spent to a budget? I spend to budget all the time A few months or years ago Never Last Christmas for presents3) Which best describes your saving? 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 year Some years up, some years down4) Which has the highest interest rate (in general)? Personal Loan I have no idea Mortgage Credit Card5) Which will accrue the most COMPOUND INTEREST in 3 years? $40,000 on a credit card at 25% p.a. I have no idea A $250,000 mortgage at 4% p.a. A $100,000 loan at 10% p.a.6) Which pricing method works best? I have no idea Research the market pricing then work to reduce costs to deliver Fix a price and discount until it starts to sell “Cost plus” – Product Costs $10, Sell it for $117) 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? I wouldn’t be on holidays at that time Get someone who’s there to do a quick fix 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? 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 level Delay fixing it until it’s really necessary9) How well did you enjoy solving science or mathematical problems in school? I didn’t enjoy it and never saw the point I never did maths or science I really enjoyed solving problems It was OK but I didn’t see the relevance I enjoyed solving some problems10) How well do you deal with the problems life throws at you? No worries! I always seem to get through I am overloaded with problems I seem to cope OK. Sometimes it gets to me I tend to have a lot on my plate, most times11) When faced with competing demands on your time you: Usually strive to satisfy all the demands on your own Systematically prioritise & tackle based importance/urgency Focus on the most urgent right now and ignore the rest 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 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 don’t know how I’d pay my bills I’m apprehensive about the loss of security13) What’s the riskiest thing you’ve done? I’m responsible but willing to bet on myself I’ve bungee-jumped/sky dived/other adventure sport I haven’t done anything too risky I ride motorcycles, race cars and generally like risk Trekking/traveling around the world I’ve gambled a bit14) Does knowing that you/your business will go into debt for a certain amount of time make you: Very nervous Comfortable with the risk since I have a good estimate and understanding of funding sources Uncertain how to calculate this duration and amount of debt Not too worried, these things tend to work themselves out Reconsider my business model15) When you take risks, they usually produce results that are: Sometimes succeed, sometimes fail Acceptable Rarely as good as expected Usually better than expected16) Which best describes your experience at supervising people? I’ve successfully supervised 10+ people I’ve successfully supervised people I’ve never 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? It was a disaster! They loved it and me. We worked as a team! There were some unhappy people There were no complaints and it worked OK They weren’t a happy bunch I've never supervised anyone18) How do other people work with you? We like to work together as a team Some of the other people are turkeys We’ll work in a team if we have to I prefer to work alone19) If you have never supervised people, why not? Managers don't seem to do much, so I don't want to be one Never had the chance but always looking for an opportunity 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 role20) 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 Managing the bad apples and rewarding the top performers Making sure they get their work done Hiring the people with the right talents21) 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? Only one-in-a-thousand could do it Most people could do it Many people could do it One-in-a hundred One-in-ten22) How would you describe your last exciting project? I’ve never had an exciting project It was great! The team really did well 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 good. We enjoyed the work It was amazing! We worked until late at night It was OK. I’ve never worked on a great project 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 Interacting with my colleagues Not much, I prefer to sleep in New projects Habit, I like to get things done early25) What do you do with most of your spare time? Participate in team sports or exercise Socialize Tackle side projects Spend time with family Watch TV/movies26) How do you relax or recover from periods of high stress? Listen to music/take a walk/yoga/meditate Just power through it Sleep High impact exercise Socialize with friendsPlease enter your email address so we can be in touch about your results. Email
