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? Some but I’d cope None at all 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? I spend to budget all the time A few months or years ago Last Christmas for presents Never3) Which best describes your saving? I save more each year I save a similar amount every year Some years up, some years down I’m usually close to zero in the bank It’s all going to the Mortgage/Rent4) Which has the highest interest rate (in general)? Mortgage Credit Card Personal Loan I have no idea5) 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 “Cost plus” – Product Costs $10, Sell it for $11 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 someone who’s there to do a quick fix Get the equipment supplier to quote 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 quickly fix it to a function level 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 possible9) How well did you enjoy solving science or mathematical problems in school? 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 point I never did maths or science10) How well do you deal with the problems life throws at you? 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 times No worries! I always seem to get through11) 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 Often delegate the things you aren't good at, focus on where you make the biggest impact Sometimes work late to get it all done 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 a little apprehensive but think I can do it I don’t know how I’d pay my bills I’m eager to do it and think I can manage it I’m apprehensive about the loss of security13) What’s the riskiest thing you’ve done? I haven’t done anything too risky I’m responsible but willing to bet on myself I ride motorcycles, race cars and generally like risk I’ve bungee-jumped/sky dived/other adventure sport 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: 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 Reconsider my business model Very nervous Not too worried, these things tend to work themselves out15) When you take risks, they usually produce results that are: Rarely as good as expected Sometimes succeed, sometimes fail Usually better than expected Acceptable16) Which best describes your experience at supervising people? I’ve never supervised people I’ve successfully supervised 10+ 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? There were no complaints and it worked OK They loved it and me. We worked as a team! They weren’t a happy bunch It was a disaster! There were some unhappy people I've never supervised anyone18) How do other people work with you? We like to work together as a team I prefer to work alone We’ll work in a team if we have to Some of the other people are turkeys19) If you have never supervised people, why not? 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 Managers don't seem to do much, so I don't want to be one20) 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 Hiring the people with the right talents Managing the bad apples and rewarding the top performers 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? Many people could do it Most people could do it One-in-ten One-in-a hundred Only one-in-a-thousand could do it22) How would you describe your last exciting project? I’ve never had an exciting project It could’ve been good, except... 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 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? New projects Habit, I like to get things done early The need to tackle my never ending “To do” list Not much, I prefer to sleep in Interacting with my colleagues25) What do you do with most of your spare time? Tackle side projects Socialize Participate in team sports or exercise Watch TV/movies Spend time with family26) How do you relax or recover from periods of high stress? Just power through it Sleep Socialize with friends High impact exercise Listen to music/take a walk/yoga/meditatePlease enter your email address so we can be in touch about your results. Email
