Saturday, August 13, 2005
Steven, you scored 90% or more!
Move over, Donald Trump! With a score like that, you're on your way to reaching your entrepreneurial dreams. Whether you want to start a card company, a landscaping business, a consulting firm, or something completely different, you've got the business instincts to make it happen. Some people flail with ideas, others don't have the know-how, and many don't have the guts to try. But you've already shown you've got a real shot at making your dreams a reality.
I got two questions "wrong", although i think the answers to a couple could have fallen either way.
14. Which of the following key assumptions do you have to test when starting a company?
- Number of sales calls a salesperson can make
- Conversion rate of prospects to customers
- Length of sales cycle
- Amount of technical support needed per unit sold
- All of the above
When you're starting a company, you need to test all these assumptions because together, they determine the cash flow of your business. Write them down, test them, and monitor them because you don't want surprise your investors or run out of money. They are like the fuel gauge in your car: Don't wait until the warning light comes on. Monitor these key metrics from the very start so you're never in a position of running out of gas.I went for customer converstion rate as you can make a zillion sales calls a year, but if you can't convert any, what's the point? The answer was all of the above.
15. The reason to put an "out clause" in a partnership agreement is:
- To enable you to get out of a bad deal
- To make your lawyers happy
- To enable both parties to work comfortably with each other
- Because all agreements have "out clauses"
- None of the above.
In this case i went for allowing parties to work with each other. This time the answer was none of the above.
If you get time, have a go and see how you do.
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Best known for Trainspotting, The Full Monty, James Bond films and varouis other roles - he's one of the best Scottish actors out there (my personal favourite was for his role in Trainspotting as i had read the book and he fitted the character perfectly - an unusual occurrance!).
He was pleasant enough to say hello and smile and apparently he is smaller than she expected. At least this time she said hello - a few weeks back Michael Stipe passed by and she thought - "That guy looks like Michael Stipe" - erm, 'cause it was - he was staying at the end of the road - and REM were playing here.
I always seem to miss these people.
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