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 Some but I’d cope None at all Lots. I’d need a loan2) When was the last time you made and spent to a budget? I spend to budget all the time Never A few months or years ago Last Christmas for presents3) Which best describes your saving? I save more each year It’s all going to the Mortgage/Rent I save a similar amount every year Some years up, some years down I’m usually close to zero in the bank4) Which has the highest interest rate (in general)? I have no idea Mortgage Personal Loan 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 Fix a price and discount until it starts to sell I have no idea 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? I wouldn’t be on holidays at that time Get the equipment supplier to quote Fly back and try to fix the problem 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 Delay fixing it until it’s really necessary Try and fix it perfectly, as soon as possible 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 I enjoyed solving some problems I didn’t enjoy it and never saw the point I really enjoyed solving problems It was OK but I didn’t see the relevance10) How well do you deal with the problems life throws at you? No worries! I always seem to get through I tend to have a lot on my plate, most times I seem to cope OK. Sometimes it gets to me I am overloaded with problems11) 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 Systematically prioritise & tackle based importance/urgency Sometimes work late to get it all done Focus on the most urgent right now and ignore the rest Usually strive to satisfy all the demands on your own 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 don’t know how I’d pay my bills I’m apprehensive about the loss of security I’m a little apprehensive but think I can do it I’m eager to do it and think I can manage it 13) What’s the riskiest thing you’ve done? I’m responsible but willing to bet on myself I ride motorcycles, race cars and generally like risk I haven’t done anything too risky Trekking/traveling around the world I’ve gambled a bit I’ve bungee-jumped/sky dived/other adventure sport14) Does knowing that you/your business will go into debt for a certain amount of time make you: Reconsider my business model Very nervous 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 Uncertain how to calculate this duration and amount of debt15) When you take risks, they usually produce results that are: Acceptable Rarely as good as expected Sometimes succeed, sometimes fail Usually better than expected16) 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? I've never supervised anyone They weren’t a happy bunch There were some unhappy people It was a disaster! They loved it and me. We worked as a team! There were no complaints and it worked OK18) 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? 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 Currently getting training/working with a mentor to move into a management role Never had the chance but always looking for an opportunity20) What do you think will be your biggest people challenge? Managing the bad apples and rewarding the top performers Creating the right structure Hiring the people with the right talents Hiring the right mix of people to form the right team 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? Most people could do it One-in-ten 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? It went OK but some people made mistakes It was great! The team really did well 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 OK. I’ve never worked on a great project It was great! We put in lots of extra hours 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? Habit, I like to get things done early New projects Not much, I prefer to sleep in 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 Spend time with family Participate in team sports or exercise Tackle side projects Watch TV/movies26) How do you relax or recover from periods of high stress? Socialize with friends Just power through it Listen to music/take a walk/yoga/meditate High impact exercise SleepPlease enter your email address so we can be in touch about your results. Email
