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 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 A few months or years ago Never Last Christmas for presents3) Which best describes your saving? I’m usually close to zero in the bank It’s all going to the Mortgage/Rent I save a similar amount every year Some years up, some years down I save more each year4) Which has the highest interest rate (in general)? Mortgage Personal Loan I have no idea 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. A $100,000 loan at 10% p.a. I have no idea6) Which pricing method works best? “Cost plus” – Product Costs $10, Sell it for $11 I have no idea Fix a price and discount until it starts to sell 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 the equipment supplier to quote I wouldn’t be on holidays at that time 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? 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 really enjoyed solving problems I never did maths or science I enjoyed solving some problems I didn’t enjoy it and never saw the point10) 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 am overloaded with problems 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 Focus on the most important right now and ignore the rest Focus on the most urgent right now and ignore the rest 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 Sometimes work late to get it all done12) 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? I haven’t done anything too risky I ride motorcycles, race cars and generally like risk I’m responsible but willing to bet on myself I’ve gambled a bit I’ve bungee-jumped/sky dived/other adventure sport Trekking/traveling around the world14) Does knowing that you/your business will go into debt for a certain amount of time make you: Reconsider my business model Very nervous 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 sources15) When you take risks, they usually produce results that are: Usually better than expected Acceptable Rarely as good as expected Sometimes succeed, sometimes fail16) Which best describes your experience at supervising people? I’ve successfully supervised people I’ve successfully supervised 10+ people I’ve never 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? They weren’t a happy bunch It was a disaster! There were no complaints and it worked OK There were some unhappy people I've never supervised anyone 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 I prefer to work alone We like to work together as a team19) If you have never supervised people, why not? 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 Managers don't seem to do much, so I don't want to be one Never had the chance but always looking for an opportunity20) What do you think will be your biggest people challenge? Hiring the people with the right talents Creating the right structure 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? Many people could do it Most people could do it One-in-a hundred Only one-in-a-thousand could do it One-in-ten22) How would you describe your last exciting project? I’ve never had an exciting project It could’ve been good, except... It went OK but some people made mistakes 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 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? Not much, I prefer to sleep in Interacting with my colleagues New projects Habit, I like to get things done early The need to tackle my never ending “To do” list25) What do you do with most of your spare time? Tackle side projects Participate in team sports or exercise Watch TV/movies Spend time with family Socialize26) How do you relax or recover from periods of high stress? Listen to music/take a walk/yoga/meditate Just power through it Sleep High impact exercise Socialize with friendsPlease enter your email address so we can be in touch about your results. Email
