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? Never Last Christmas for presents A few months or years ago I spend to budget all the time3) Which best describes your saving? I save a similar amount every year I’m usually close to zero in the bank Some years up, some years down I save more each year It’s all going to the Mortgage/Rent4) Which has the highest interest rate (in general)? Mortgage Credit Card Personal Loan I have no idea5) Which will accrue the most COMPOUND INTEREST in 3 years? I have no idea $40,000 on a credit card at 25% p.a. A $250,000 mortgage at 4% p.a. A $100,000 loan at 10% p.a.6) Which pricing method works best? Fix a price and discount until it starts to sell I have no idea “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? Get someone who’s there to do a quick fix I wouldn’t be on holidays at that time Get the equipment supplier to quote Fly back and try to fix the problem8) You have a generic, non-critical problem. What do you do? Delay fixing it until it’s really necessary 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 possible9) How well did you enjoy solving science or mathematical problems in school? 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 problems I really enjoyed solving problems10) How well do you deal with the problems life throws at you? I tend to have a lot on my plate, most times I am overloaded with problems 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: Systematically prioritise & tackle based importance/urgency Sometimes work late to get it all done Usually strive to satisfy all the demands on your own Often delegate the things you aren't good at, focus on where you make the biggest impact Focus on the most important right now and ignore the rest Focus on the most urgent right now and ignore the rest12) How do you feel about giving up a full-time job to start your own business? I’m apprehensive about the loss of security I’m eager to do it and think I can manage it 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’ve gambled a bit Trekking/traveling around the world I haven’t done anything too risky I’ve bungee-jumped/sky dived/other adventure sport I ride motorcycles, race cars and generally like risk 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: Not too worried, these things tend to work themselves out Comfortable with the risk since I have a good estimate and understanding of funding sources Uncertain how to calculate this duration and amount of debt Reconsider my business model Very nervous15) When you take risks, they usually produce results that are: Rarely as good as expected Usually better than expected Sometimes succeed, sometimes fail Acceptable16) 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 10+ people 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! They loved it and me. We worked as a team! There were no complaints and it worked OK I've never supervised anyone They weren’t a happy bunch18) How do other people work with you? Some of the other people are turkeys We’ll work in a team if we have to I prefer to work alone We like to work together as a team19) 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 Managing the bad apples and rewarding the top performers Hiring the right mix of people to form the right team Making sure they get their work done Hiring the people with the right talents21) 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 Most people could do it Many people could do it One-in-a hundred One-in-ten22) 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 OK. I’ve never worked on a great project It was great! We put in lots of extra hours It was good. We enjoyed the work It was amazing! We worked until late at night 24) What makes you excited to get up in the morning? New projects Not much, I prefer to sleep in The need to tackle my never ending “To do” list Interacting with my colleagues Habit, I like to get things done early25) What do you do with most of your spare time? Socialize Participate in team sports or exercise Tackle side projects Watch TV/movies Spend time with family26) How do you relax or recover from periods of high stress? Listen to music/take a walk/yoga/meditate Socialize with friends High impact exercise Sleep Just power through itPlease enter your email address so we can be in touch about your results. Email
