Entrepreneur Myths (43 page)

A6: I don’t know how I see failure because I have never failed

(Q11)
How much financial discomfort would you feel if your venture failed?

A1: Not much at all

A2: Some discomfort, but I have a lot of savings

A3: Some discomfort because I hate losing money no matter what

A4: Good amount of discomfort

A5: Great amount of discomfort

A6: Fucking nightmare because I would be financially broke

(Q12)
How much psychological discomfort would your venture failure cause you?

A1: Not much because I don’t give a shit what people think

A2: Some discomfort because my friends might think I’m a loser

A3: A good amount of discomfort because my family and friends are judgmental, and they would remind me often of my failure

A4: A great amount of discomfort because I’d think I’m a complete fucking loser
despite
what anyone thinks

A5: A great amount of discomfort because I would think I was a complete fucking loser
because
of what others think

A6: Fucking nightmare because I feel it would be the end of the world

(Q13)
How do you see any financial risk?

A1: Carefully

A2: Conservatively

A3: Carelessly but not too crazy

A4: What risk? I take no fucking prisoners

A5: All cards in. I’m a gambler all the way through

(Q14)
How do you see yourself?

A1: Low self-esteem, unsure, need therapy

A2: Positive but still not sure of my capabilities

A3: Positive, creative, take charge, can do anything

A4: Positive, revolutionary thinker and I will change the world

A5: Master of the Universe despite not having a pot to piss in yet because I’ve not proven myself

A6: Master of the Universe because I was successful in a Fortune 1000 corporation and believe I can do the same as entrepreneur

(Q15)
How will your family emotionally support you and your startup?

A1: Negatively because they are not risk takers

A2: Negatively because they think I don’t have what it takes to be an entrepreneur

A3: Negatively because they don’t want me to do as well as they have done, even though they would never admit it

A4: Neutral, with some doubt I will make it

A5: Neutral, with a “wait and see” attitude

A6: Positively because they are entrepreneurs as well, despite having not done well as entrepreneurs

A7: Positively because they are entrepreneurs as well, and they’ve made a shit load of money

(Q16)
What is your current work status?

A1: Working for a small company

A2: Working for a large corporation

A3: Self-employed as commissioned salesperson or some other capacity?

A4: Unemployed due to being laid off

A5: Unemployed due to being fired

A6: Retired with a lot of money

A7: Retired with minimal savings

A8: Retired but working part-time

(Q17)
Who is your biggest entrepreneurial hero?

A1: My mom

A2: My dad

A3: Both of my parents

A4: Ted Turner

A5: Nikola Tesla

A6: Bill Gates

A7: Steve Jobs

A8: Barack Obama

A9: Dali Lama

A10: Oprah

A11: Steven Spielberg

A12: George Lucas

A13: Other

(Q18)
How often do you watch TV per day

A1: None

A2: Very little. I don’t have time for TV.

A3: 1 hour per day

A4: 2 to 3 hours

A5: More than 3 hours

A6: I don’t know but I’m a fucking TV addict

(Q19)
What kind of business experience do you have?

A1: None

A2: Very little

A3: Some

A4: A great fucking deal

A5: I made a lot of money for others, and now I’m about to make the fucking money for myself

(Q20)
What would you describe yourself as mainly?

A1: Left-brained, logical

A2: Right-brained, creative

A3: Both left-brained and right-brained

(Q21)
Do you think great entrepreneurs are

A1: Born and the genetics are critical to being an entrepreneur

A2: Made through their environment, training or circumstances

A3: A little bit of both: genetics and environment

Notes:

(N1)
Each question has a different weight and significance.

(N2)
After you have answered all of the questions in this questionnaire, please visit
Quiz.EntrepreneurMyths.com
to find out whether you have what it takes to be an entrepreneur.

Should you start your
venture
?

If you’re not sure whether you should start your venture, this venture profile questionnaire will help you determine whether you are ready. Answer the questions honestly, and then go to
Quiz.EntrepreneurMyths.com
to calculate your score.

Venture Profile Questionnaire

(Q1)
Do you think your idea or venture has competition?

A1: Yes

A2: No

(Q2)
If you have competition, how many competitors are in your space or market?

A1: One

A2: More than five

A3: Fragmented market, thousands competing for the same revenues

(Q3)
How well-funded is your competition?

A1: I’m competing against public companies

A2: I’m competing against venture-funded companies

A3: I’m competing against private companies

A4: A and B

A5: All of the above

(Q4)
How are you going to finance your startup seed stage?

A1: Self finance

A2: Friends and family

A3: Angel finance

A4: Venture finance

A5: Debt financing such as my credit card

(Q5)
Do you have a management team?

A1: Yes

A2: No

(Q6)
How many people are on your management team?

A1: 1-2

A2: 3-4

A3: 5-6

A4: More than six

(Q7)
What is the total number of business years experience of the management team?

A1: 10 years or less

A2: 10 to 20 years

A3: 20 to 40 years

A4: 40 to 60 years

A5: 60 to 100 years

A6: More than 100 years

(Q8)
Does anyone on the management team have domain expertise?

A1: Yes

A2: No

A3: What is domain expertise?

(Q9)
Has anyone on the management team taken a company public?

A1: Yes

A2: No

(Q10)
Has anyone on the management team been funded by VCs?

A1: Yes

A2: No

(Q11)
How much money do you need in the seed stage?

A1: Under $100K

A2: $100K to $250K

A3: $250K to $500K

A4: $500K to $1 million

A5: More than $1 million

(Q12)
Based on your financial projections, how much total investment capital is required before your company is cash-flow positive?

A1: Under $1MM

A2: $1MM to $2MM

A3: $2MM to $5MM

A4: $5MM to $10MM

A5: More than $10MM

(Q13)
How are you going to compete in the marketplace?

A1: Lower price

A2: More features and benefits

A3: Better mousetrap

A4: Different channel

A5: Better marketing

Combination of two or more

(Q14)
How big is your sector?

A1: $100 million or less

A2: $100 to $500 million

A3: $500 million to $1 billion

A4: $1 billion to $5 billion

A5: $5 billion+

(Q15)
What are the key differentiation points for the success of your venture?

A1: Excellent management team

A2: Better mousetrap

A3: Sales and marketing experience

A4: Distribution relationships

A5: Substantial funding to create barriers to entry

Notes: