MSc IE

What was the main focus of your teenage years?

• Having Fun

• School Work

• Always come up with ways to make

• Spent all the time programming

Answer explanation

Many successful entrepreneurs fondly recall how they started their business careers by selling things to their classmates, yet others caught the entrepreneurship bug later in life. Entrepreneurs in the computer world more often say they spent their teen years shut away programming.

How much risk do you like to take in life?

• None

• As Little as possible

• Quite a Lot, but only when necessary

• I get a Buzz from taking crazy Risks

Answer explanation

Starting up any new business is a risk, so the ability to cope with risk-taking is essential if you wish to be a successful entrepreneur. Yet you need to be very measured in your risk taking, and not be too impulsive or irresponsible.

How much work are you prepared to put into your new business?

• A few hours a day

• 12 Hours but not at weekends

• 10 hours, 6 days a week

• All Working Hours Seven Days a week

Answer explanation

Running a new business takes up a lot of time, especially if you want it to really grow. How much of your life it absorbs depends on what you want from your company.

Why would you want to become an entrepreneur?

• To make as much money as I can and living a high life

• To be my My own Boss and work around my family commitments

• Can't Stand having to take orders from someone else

• I'd love to run a successful business and help improve the world around me

Answer explanation

Speak to any successful entrepreneur and they always say they aren't in it for the money. Instead they speak about higher goals, such as their love for what they do, or their desire to make a positive contribution to the world

How good are you at looking after your finances?

• Hopeless, my finances are a mess

• If I have money I spend it, but I am never in debt

• I have no debt and am building up my savings

• I am meticulous in following all incoming and outgoing funds

Answer explanation

Being good with your money is vital for any successful entrepreneur. As you grow your business you need to keep a close eye on your cash flow.

How well do you cope with setbacks?

• Badly, I fall apart

• I struggle, hoping for the best

• I don't like them, but knuckle down to work through

• There's no such thing as a setback, only a new opportunity

Answer explanation

All businesses are faced with unforeseen problems from time to time, often severe ones. The mark of a successful businessman or woman is how they deal with and overcome them.

How good are you at delegating responsibilities?

• It doesn't ever come up

• Really bad – no-one can do the job as well as me

• Pretty good

• Very good – I can't do everything on my own

Answer explanation

If you are a sole trader or your business has just a few employees, it is fine to hold onto all the decision making. Yet if you wish to grow your company there will come a time when you have to delegate.

How good would you make your product or service?

• I'd buy in low quality items and try to sell them at a profit

• As good as the competition

• It has to be better than the competition and have a big profit margin

• It has to be the best possible, and I would spare no expense

Answer explanation

What you sell has to be good value if it is going to be popular. However, if it is very expensive to make it is likely to be too costly for most people to buy.

What would you do if you were offered a lot of money for your business?

• Say "yes" and relax into early retirement

• Say "yes" and be happy to stay on as a senior employee

• Say "yes" and immediately launch a new business

• Say "no" because my business is my life, and I want to grow it

Answer explanation

Deciding whether to sell up is a question that all successful business owners face. While it might be tempting to take early retirement, that isn't the mind-set of a typical entrepreneur.