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? None at all Lots. I’d need a loan Some but I’d cope Lots. I don’t know if I’d cope2) When was the last time you made and spent to a budget? I spend to budget all the time Last Christmas for presents Never 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)? Credit Card I have no idea Mortgage Personal Loan5) Which will accrue the most COMPOUND INTEREST in 3 years? I have no idea A $250,000 mortgage at 4% p.a. A $100,000 loan at 10% p.a. $40,000 on a credit card at 25% p.a.6) Which pricing method works best? Fix a price and discount until it starts to sell Research the market pricing then work to reduce costs to deliver “Cost plus” – Product Costs $10, Sell it for $11 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 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? 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? I never did maths or science I didn’t enjoy it and never saw the point It was OK but I didn’t see the relevance 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 No worries! I always seem to get through I seem to cope OK. Sometimes it gets to me 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 Systematically prioritise & tackle based importance/urgency 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 don’t know how I’d pay my bills 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 13) What’s the riskiest thing you’ve done? I’m responsible but willing to bet on myself I’ve gambled a bit I’ve bungee-jumped/sky dived/other adventure sport I ride motorcycles, race cars and generally like risk Trekking/traveling around the world I haven’t done anything too risky14) Does knowing that you/your business will go into debt for a certain amount of time make you: Very nervous 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 Reconsider my business model Uncertain how to calculate this duration and amount of debt15) When you take risks, they usually produce results that are: Sometimes succeed, sometimes fail Usually better than expected Rarely as good as 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 It was a disaster! They loved it and me. We worked as a team! I've never supervised anyone There were no complaints and it worked OK There were some unhappy people18) How do other people work with you? We’ll work in a team if we have to I prefer to work alone We like to work together as a team 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 Never had the chance but always looking for an opportunity Never asked to take on the role/don't have the right skills yet Currently getting training/working with a mentor to move into a management role20) 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 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? One-in-a hundred Most people could do it Only one-in-a-thousand could do it Many people could do it One-in-ten22) How would you describe your last exciting project? I’ve never had an exciting project It went OK but some people made mistakes It could’ve been good, except... It was great! The team really did well23) The last time you had a good/great project to work on, what did you do? It was great! We put in lots of extra hours It was OK. I’ve never worked on a great project 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? New projects Interacting with my colleagues The need to tackle my never ending “To do” list Habit, I like to get things done early Not much, I prefer to sleep in25) What do you do with most of your spare time? Participate in team sports or exercise Watch TV/movies Spend time with family Tackle side projects Socialize26) How do you relax or recover from periods of high stress? Listen to music/take a walk/yoga/meditate High impact exercise Socialize with friends Just power through it SleepPlease enter your email address so we can be in touch about your results. Email
