Quiz: Are You Ready to Start Your Own Business?


The days behind the cubicle desk has become unbearable for you. With the support of your good friends and family, you are determined to leave your nine-to-five job and start a business. However, building a business from scratch does not only mean having flexible hours and being your own boss

This quiz will reveal how ready you are to live up to this challenge and survive for many years to come.

1. Why do you want to start a business?
A. I don’t want to work from 9 to 5 anymore
B. I need more income
C. I want to make use of the opportunity and potential I have

2. Your financial situation at the moment is…  
A. Quite good (I have enough savings, regular income and facilities from work)
B. Just normal (I have 6-8 months of emergency fund, vacation fund)
C. Really well (I have 12 months of emergency fund, investment and or passive income)

3. Your biggest fear when running a business:
A. I will run out of capital
B. I will lose my network
C. I will stop growing and become stagnant

4. Do you have any debt?
A. Yes, I'm still working on my  credit score
B. I have a mortgage to pay
C. No, but I might need to get a loan from the bank   

5. Do you have other sources of income?  
A. No, I don’t
B. Yes, I have other income from my freelance job(s)
C. Yes, I have passive income from my investment

6. This describes your personality at the office:
A. For you, work is work. You don’t like to be too attached with the other employees and you always try to avoid more responsibilities or doing other activities such as outing and hang out after office hour
B. You always try to be the best. Your coworkers and clients think that you are ambitious and competitive
C. You really like your job. Everyone in the office knows you and your relationship with the other coworkers and clients are like good friends

7. How do you imagine yourself/ your business 5 years from now?
A. I don’t like to think about it
B. I would still be struggling to nurture my business
C. I would already reach break-even point

Scoring:

Count how many of each letter you have chosen!
A: ____
B: ____
C: ____

The letter with the largest number reveals your current situation. 

Your position at the current company you work for is actually quite stable and convenient. To start something new from scratch, you need to prepare several things such as business concept, marketing strategy and financial planning for at least the next 12 months. Check your financial situation, insurance and increase your emergency fund so that you will have a better “safety net” that is able to cover your living expenses for a year. When you are becoming an entrepreneur, prepare yourself to not getting salary or allowance for the first few months, and have lack of sleep.    

As an active and hard-working person, you are quite ambitious. For you, working for a company or for someone else is not something that you would like to do for the rest of your life. You are already on the right track to prepare yourself before resigning from your workplace. Before that, you need to expand your network to reach the clients and vendors that would make your job easier. Increase your frequency of meeting with friends and communities that will open up more opportunity to grow.  

You have done some preparations to actualize the concept of business that you already have in the back of your mind. For you, being an entrepreneur is not a way to escape from your current profession; it is more like a major career development. For this purpose, you have already asked help from a couple of friends in your closest circle to help you out at the beginning of your journey and they have welcomed the idea with gusto. Maintain good relationship with your previous companies, colleagues and networks that you have built during your professional career. On the financial side, you can reduce the operational cost during the first year by keeping a small team and making use of any facilities that help start-ups like yours in your neighborhood, e.g. using a cloud service to keep your data and collaborate with the other team members, renting a virtual office for meetings, joining an incubator, joining a co-working space, or utilizing online services to find potential talents such as freelancer.com or odesk.com.

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