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’d need a loan Lots. I don’t know if I’d cope Some but I’d cope None at all2) When was the last time you made and spent to a budget? I spend to budget all the time Last Christmas for presents A few months or years ago Never3) Which best describes your saving? Some years up, some years down 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 year4) Which has the highest interest rate (in general)? Mortgage I have no idea Credit Card Personal Loan5) Which will accrue the most COMPOUND INTEREST in 3 years? A $250,000 mortgage at 4% p.a. $40,000 on a credit card at 25% p.a. I have no idea A $100,000 loan at 10% p.a.6) Which pricing method works best? Research the market pricing then work to reduce costs to deliver I have no idea 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? Get the equipment supplier to quote Get someone who’s there to do a quick fix I wouldn’t be on holidays at that time 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 quickly fix it to a function level 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 didn’t enjoy it and never saw the point I enjoyed solving some problems I really enjoyed solving problems It was OK but I didn’t see the relevance I never did maths or science10) How well do you deal with the problems life throws at you? I am overloaded with problems No worries! I always seem to get through 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: 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 Systematically prioritise & tackle based importance/urgency Focus on the most important right now and ignore the rest Usually strive to satisfy all the demands on your own 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 don’t know how I’d pay my bills I’m a little apprehensive but think I can do it I’m apprehensive about the loss of security I’m eager to do it and think I can manage it 13) What’s the riskiest thing you’ve done? I’ve gambled a bit I ride motorcycles, race cars and generally like risk I haven’t done anything too risky I’ve bungee-jumped/sky dived/other adventure sport Trekking/traveling around the world I’m responsible but willing to bet on myself14) Does knowing that you/your business will go into debt for a certain amount of time make you: Reconsider my business model Not too worried, these things tend to work themselves out 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 sources15) 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 supervised people but it didn’t work out I’ve successfully supervised people I’ve never 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 I've never supervised anyone There were no complaints and it worked OK There were some unhappy people They loved it and me. We worked as a team! It was a disaster!18) 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? 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 Never had the chance but always looking for an opportunity 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 people with the right talents Making sure they get their work done Creating the right structure Managing the bad apples and rewarding the top performers Hiring the right mix of people to form the right team21) 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 Most people could do it Many people could do it 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 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 amazing! We worked until late at night It was great! We put in lots of extra hours It was OK. I’ve never worked on a great project 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 New projects The need to tackle my never ending “To do” list Not much, I prefer to sleep in25) What do you do with most of your spare time? Watch TV/movies Participate in team sports or exercise Socialize Spend time with family Tackle side projects26) How do you relax or recover from periods of high stress? Listen to music/take a walk/yoga/meditate High impact exercise Just power through it Socialize with friends SleepPlease enter your email address so we can be in touch about your results. Email
