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? None at all Some but I’d cope Lots. I’d need a loan Lots. I don’t know if I’d cope2) When was the last time you made and spent to a budget? Last Christmas for presents Never I spend to budget all the time A few months or years ago3) Which best describes your saving? I save a similar amount every year I save more each year It’s all going to the Mortgage/Rent Some years up, some years down I’m usually close to zero in the bank4) Which has the highest interest rate (in general)? Mortgage Personal Loan I have no idea Credit Card5) 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? Research the market pricing then work to reduce costs to deliver I have no idea “Cost plus” – Product Costs $10, Sell it for $11 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? 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? Try and quickly fix it to a function level 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 necessary9) How well did you enjoy solving science or mathematical problems in school? I never did maths or science I enjoyed solving some problems It was OK but I didn’t see the relevance I really enjoyed solving problems I didn’t enjoy it and never saw the point10) 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: 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 own 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 rest12) How do you feel about giving up a full-time job to start your own business? 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 I’m eager to do it and think I can manage it 13) What’s the riskiest thing you’ve done? I’ve bungee-jumped/sky dived/other adventure sport I ride motorcycles, race cars and generally like risk Trekking/traveling around the world I’m responsible but willing to bet on myself I haven’t done anything too risky I’ve gambled a bit14) 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 Very nervous Uncertain how to calculate this duration and amount of debt Reconsider my business model Comfortable with the risk since I have a good estimate and understanding of funding sources15) When you take risks, they usually produce results that are: Acceptable Sometimes succeed, sometimes fail Rarely as good as expected Usually better than expected16) Which best describes your experience at supervising people? I’ve never supervised people I’ve successfully supervised 10+ 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? It was a disaster! There were no complaints and it worked OK They weren’t a happy bunch There were some unhappy people I've never supervised anyone They loved it and me. We worked as a team!18) How do other people work with you? I prefer to work alone Some of the other people are turkeys We’ll work in a team if we have to We like to work together as a team19) If you have never supervised people, why not? Currently getting training/working with a mentor to move into a management role Never asked to take on the role/don't have the right skills yet 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? Making sure they get their work done Managing the bad apples and rewarding the top performers Creating the right structure Hiring the right mix of people to form the right team 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 One-in-a hundred Many people could do it One-in-ten Most people could do it22) How would you describe your last exciting project? It went OK but some people made mistakes It could’ve been good, except... It was great! The team really did well I’ve never had an exciting project23) The last time you had a good/great project to work on, what did you do? It was great! We put in lots of extra hours 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 work24) What makes you excited to get up in the morning? Habit, I like to get things done early Interacting with my colleagues Not much, I prefer to sleep in New projects The need to tackle my never ending “To do” list25) What do you do with most of your spare time? Participate in team sports or exercise Socialize Spend time with family Watch TV/movies Tackle side projects26) How do you relax or recover from periods of high stress? Just power through it Listen to music/take a walk/yoga/meditate Sleep Socialize with friends High impact exercisePlease enter your email address so we can be in touch about your results. Email
