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? Last Christmas for presents I spend to budget all the time Never A few months or years ago3) Which best describes your saving? I save a similar amount every year It’s all going to the Mortgage/Rent Some years up, some years down I’m usually close to zero in the bank I save more each year4) Which has the highest interest rate (in general)? Mortgage I have no idea Personal Loan Credit Card5) Which will accrue the most COMPOUND INTEREST in 3 years? I have no idea $40,000 on a credit card at 25% p.a. A $100,000 loan at 10% 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 Fix a price and discount until it starts to sell 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 Fly back and try to fix the problem Get someone who’s there to do a quick fix I wouldn’t be on holidays at that time8) You have a generic, non-critical problem. What do you do? Try and quickly fix it to a function level Work out when it really needs to be fixed Try and fix it perfectly, as soon as possible Delay fixing it until it’s really necessary9) 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? I am overloaded with problems I seem to cope OK. Sometimes it gets to me No worries! I always seem to get through I tend to have a lot on my plate, most times11) When faced with competing demands on your time you: Focus on the most important right now and ignore the rest Sometimes work late to get it all done 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 Often delegate the things you aren't good at, focus on where you make the biggest impact12) How do you feel about giving up a full-time job to start your own business? I don’t know how I’d pay my bills I’m eager to do it and think I can manage it I’m a little apprehensive but think I can do it I’m apprehensive about the loss of security13) What’s the riskiest thing you’ve done? I ride motorcycles, race cars and generally like risk I haven’t done anything too risky I’ve gambled a bit I’m responsible but willing to bet on myself I’ve bungee-jumped/sky dived/other adventure sport Trekking/traveling around the world14) Does knowing that you/your business will go into debt for a certain amount of time make you: 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 out Uncertain how to calculate this duration and amount of debt Very nervous15) When you take risks, they usually produce results that are: Usually better than expected Acceptable Rarely as good as expected Sometimes succeed, sometimes fail16) Which best describes your experience at supervising people? I’ve never supervised people I’ve supervised people but it didn’t work out I’ve successfully supervised people I’ve successfully supervised 10+ people17) If you’ve supervised people, how would you describe how they responded to you? They weren’t a happy bunch It was a disaster! They loved it and me. We worked as a team! There were no complaints and it worked OK I've never supervised anyone There were some unhappy people18) How do other people work with you? We’ll work in a team if we have to I prefer to work alone We like to work together as a team Some of the other people are turkeys19) 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 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 20) What do you think will be your biggest people challenge? Managing the bad apples and rewarding the top performers Hiring the right mix of people to form the right team Creating the right structure Hiring the people with the right talents 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 Only one-in-a-thousand could do it Most people could do it Many people could do it One-in-a hundred22) 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 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? Habit, I like to get things done early The need to tackle my never ending “To do” list Interacting with my colleagues Not much, I prefer to sleep in New projects25) What do you do with most of your spare time? Participate in team sports or exercise Tackle side projects Spend time with family Socialize Watch TV/movies26) How do you relax or recover from periods of high stress? Sleep Socialize with friends High impact exercise 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
