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? Never I spend to budget all the time A few months or years ago Last Christmas for presents3) Which best describes your saving? It’s all going to the Mortgage/Rent I save a similar amount every year I’m usually close to zero in the bank I save more each year Some years up, some years down4) Which has the highest interest rate (in general)? I have no idea Personal Loan Credit Card Mortgage5) Which will accrue the most COMPOUND INTEREST in 3 years? A $100,000 loan at 10% p.a. $40,000 on a credit card at 25% p.a. I have no idea 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 Fix a price and discount until it starts to sell I have no idea “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? 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? Delay fixing it until it’s really necessary 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 possible9) How well did you enjoy solving science or mathematical problems in school? I didn’t enjoy it and never saw the point I really enjoyed solving problems It was OK but I didn’t see the relevance I never did maths or science I enjoyed solving some problems10) 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 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: 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 Systematically prioritise & tackle based importance/urgency Focus on the most important right now and ignore the rest Focus on the most urgent right now and ignore the rest 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 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’ve bungee-jumped/sky dived/other adventure sport I’m responsible but willing to bet on myself 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 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 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 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? There were some unhappy people It was a disaster! I've never supervised anyone They weren’t a happy bunch There were no complaints and it worked OK 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? Creating the right structure Hiring the right mix of people to form the right team Making sure they get their work done Hiring the people with the right talents Managing the bad apples and rewarding the top performers21) 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? Most people could do it Many people could do it One-in-a hundred Only one-in-a-thousand could do it One-in-ten22) How would you describe your last exciting project? It was great! The team really did well It could’ve been good, except... It went OK but some people made mistakes 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? Not much, I prefer to sleep in Interacting with my colleagues Habit, I like to get things done early New projects The need to tackle my never ending “To do” list25) What do you do with most of your spare time? Socialize Watch TV/movies Participate in team sports or exercise Tackle side projects Spend time with family26) How do you relax or recover from periods of high stress? High impact exercise Sleep 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
