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 Some but I’d cope Lots. I’d need a loan2) When was the last time you made and spent to a budget? Last Christmas for presents Never A few months or years ago I spend to budget all the time3) Which best describes your saving? Some years up, some years down It’s all going to the Mortgage/Rent I save more each year I save a similar amount every year I’m usually close to zero in the bank4) Which has the highest interest rate (in general)? I have no idea Personal Loan Mortgage Credit Card5) 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? “Cost plus” – Product Costs $10, Sell it for $11 Research the market pricing then work to reduce costs to deliver Fix a price and discount until it starts to sell I have no idea7) 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 I wouldn’t be on holidays at that time Get someone who’s there to do a quick fix8) 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 Delay fixing it until it’s really necessary Work out when it really needs to be fixed9) How well did you enjoy solving science or mathematical problems in school? I never did maths or science 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 enjoyed solving some problems10) How well do you deal with the problems life throws at you? 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 through I am overloaded with problems11) When faced with competing demands on your time you: Sometimes work late to get it all done 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 Focus on the most important right now and ignore the rest Focus on the most urgent right now and ignore the rest Systematically prioritise & tackle based importance/urgency12) How do you feel about giving up a full-time job to start your own business? I’m eager to do it and think I can manage it I’m apprehensive about the loss of security I’m a little apprehensive but think I can do it I don’t know how I’d pay my bills13) What’s the riskiest thing you’ve done? I ride motorcycles, race cars and generally like risk Trekking/traveling around the world I’ve bungee-jumped/sky dived/other adventure sport I haven’t done anything too risky I’m responsible but willing to bet on myself 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 Very nervous Uncertain how to calculate this duration and amount of debt Reconsider my business model Not too worried, these things tend to work themselves out15) When you take risks, they usually produce results that are: Sometimes succeed, sometimes fail Rarely as good as expected Usually better than expected Acceptable16) Which best describes your experience at supervising people? I’ve successfully supervised people I’ve supervised people but it didn’t work out I’ve successfully supervised 10+ people I’ve never supervised people17) If you’ve supervised people, how would you describe how they responded to you? I've never supervised anyone There were no complaints and it worked OK There were some unhappy people They weren’t a happy bunch It was a disaster! They loved it and me. We worked as a team!18) How do other people work with you? Some of the other people are turkeys We’ll work in a team if we have to We like to work together as a team I prefer to work alone19) 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? 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 done 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? 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 was great! The team really did well It went OK but some people made mistakes I’ve never had an exciting project 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 good. We enjoyed the work It was OK. I’ve never worked on a great project It was great! We put in lots of extra hours24) What makes you excited to get up in the morning? Habit, I like to get things done early Not much, I prefer to sleep in New projects Interacting with my colleagues 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 Spend time with family Tackle side projects26) How do you relax or recover from periods of high stress? Just power through it Socialize with friends Sleep 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
