Basic 12 Question Entrepreneur Test

By Bruce Firestone | Uncategorized

Sep 30
  1. An Entrepreneur is: a) Someone who aims to start a business with the significant financial backing of a bank; b) Someone who can create $2 of revenues for every $1 that any fool could generate?
  2. What is an Intrapreneur? a) Someone who has a JOB and needs intense direction from his or her boss; b) Someone who can bring entrepreneurial skills to a JOB situation?
  3. How to you establish a price for a product or service? a) Based on your costs. b) Based on what your competition charges. c) What a willing buyer and seller agree to. d) Some combination of the above.
  4. When selling your business, how do you establish a value? (Check all that may apply) a) By some multiple of revenues. b) By some multiple of earnings. c) By comparison with what other similar businesses have sold for. d) By negotiation.
  5. What produces income for a business? a) Having great assets. b) Having great employees.
  6. The difference between a leader and a manger is: a) Leaders do things right; managers do the right thing. b) Managers do things right; leaders do the right thing.
  7. Human decision making is: a) Always logical and rational. b) Highly influenced by the unconscious including impressions formed in the first two seconds. c) Highly influenced by the primitive brain and emotion.
  8. Sometimes you can sell more when you increase the price of a good or service because: a) People are fools. b) A higher price can suggest a higher quality.
  9. The real reason most businesses fail is: (CHOOSE ONE) a) too much debt, b) inadequate leadership, c) poor planning, d) lack of revenues and/or revenue growth, e) failure to change, f) inexperienced management.
  10. Is debt really cheaper than equity? a) No. Equity is free. b) Yes. Any Venture Capital Fund, Angel investor, Vulture Fund or entrepreneur and intrapreneur will have a target range of return on their equity of 22% to 40% or even 100% p.a. compared to typical debt levels of 3% to 12% p.a.
  11. Two wrongs don’t make a right because: a) Getting even is one of the key things to getting ahead in business. b) It’s OK to commit a wrong if the other person did it to you first. c) Committing a wrong or a crime to get even with someone puts you in the same position as the person who did you wrong in the first place. You don’t solve one problem by creating another one and the Law will punish you if you commit a wrong even if someone else did something to you first. You must purse them within the legal system.
  12. It generally takes how many hours to become a master in any particular field of human endeavour? a) 10,000 hours. b) 5,000 hours. c) 2,000 hours. d) Some people can achieve mastery virtually overnight.


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About the Author

Bruce is an entrepreneur/real estate broker/developer/coach/urban guru/keynote speaker/Sens founder/novelist/columnist/peerless husband/dad.