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 Lots. I don’t know if I’d cope Lots. I’d need a loan None at all2) When was the last time you made and spent to a budget? I spend to budget all the time Never Last Christmas for presents A few months or years ago3) Which best describes your saving? I save a similar amount every year I save more each year I’m usually close to zero in the bank It’s all going to the Mortgage/Rent Some years up, some years down4) Which has the highest interest rate (in general)? Personal Loan Mortgage Credit Card I have no idea5) Which will accrue the most COMPOUND INTEREST in 3 years? I have no idea A $100,000 loan at 10% p.a. A $250,000 mortgage at 4% p.a. $40,000 on a credit card at 25% p.a.6) Which pricing method works best? I have no idea Fix a price and discount until it starts to sell “Cost plus” – Product Costs $10, Sell it for $11 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 Fly back and try to fix the problem Get the equipment supplier to quote Get someone who’s there to do a quick fix8) You have a generic, non-critical problem. What do you do? Work out when it really needs to be fixed Delay fixing it until it’s really necessary Try and fix it perfectly, as soon as possible Try and quickly fix it to a function level9) How well did you enjoy solving science or mathematical problems in school? I really enjoyed solving problems It was OK but I didn’t see the relevance I never did maths or science 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 am overloaded with problems I tend to have a lot on my plate, most times No worries! I always seem to get through I seem to cope OK. Sometimes it gets to me11) When faced with competing demands on your time you: 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 rest Sometimes work late to get it all done Systematically prioritise & tackle based importance/urgency Often delegate the things you aren't good at, focus on where you make the biggest impact12) 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’m eager to do it and think I can manage it I’m apprehensive about the loss of security I don’t know how I’d pay my bills13) What’s the riskiest thing you’ve done? Trekking/traveling around the world I ride motorcycles, race cars and generally like risk 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: Not too worried, these things tend to work themselves out 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 Very nervous Reconsider my business model15) 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 10+ people I’ve never supervised people I’ve successfully supervised people I’ve supervised people but it didn’t work out17) If you’ve supervised people, how would you describe how they responded to you? It was a disaster! They weren’t a happy bunch I've never supervised anyone They loved it and me. We worked as a team! There were some unhappy people There were no complaints and it worked OK18) How do other people work with you? I prefer to work alone We like to work together as a team 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? 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 opportunity 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? Managing the bad apples and rewarding the top performers Making sure they get their work done Creating the right structure Hiring the people with the right talents 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-a hundred Most people could do it Many people could do it 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... I’ve never had an exciting project 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 good. We enjoyed the work It was amazing! We worked until late at night It was great! We put in lots of extra hours24) What makes you excited to get up in the morning? Not much, I prefer to sleep in The need to tackle my never ending “To do” list Habit, I like to get things done early New projects Interacting with my colleagues25) What do you do with most of your spare time? Watch TV/movies Spend time with family Participate in team sports or exercise Socialize Tackle side projects26) How do you relax or recover from periods of high stress? Just power through it High impact exercise Socialize with friends Listen to music/take a walk/yoga/meditate SleepPlease enter your email address so we can be in touch about your results. Email
