10 quick questions to find out if you have what it takes to be a startup founder?

Today’s blog takes the form of a quiz to help you determine if you have the right qualities to be a startup founder or small business owner.  Not everyone does and this is a topic I’ve written about often in the past.  You all know the drill – it’s like one of those magazine quizzes everyone’s so fond of filling out in secret.  All I ask is that you’re at least honest with yourself…

1) You’ve been thinking about developing a new product and have done a couple of months market making.  You’re in a taxi between meetings in London when you receive a phone call from one of your spies who tells you a competitor is thinking along the same lines as you.  Do you:

a)      Phone the competitor and tell them to back off – it was your idea first

b)      Ring your bank, pitch your idea to your bank manager & see if he or she will lend you the money you need

c)       Scratch that idea and move onto the next one on your list – you have loads of ideas anyway

2) You badly need a Sales Exec to help your startup business cover more ground.  You engage a recruiter to help you find someone.  The next day you get a call from the recruiter – he’s decided he wants the job himself and he pitches to you on the phone.  You like the recruiter but he knows nothing about your sector.  Do you:

a)      Carry on with your original plan and interview according to the schedule – you’re sure to find someone with the right background and experience

b)      Decide to give the recruiter a chance – at least you know he will pitch and what’s the worst that can happen

c)       Look for a different recruitment firm that employs more professional recruiters

3) You’re at the airport when you run into a friend.  You’re chatting away when the person he’s at the airport to meet arrives.  Turns out he’s a visiting US venture capitalist.  You’re tentatively looking for investment.  Your friend introduces you and with no warning invites you to pitch to the American investor.  Do you:

a)      Give him your business card and say you’ll send him some information about your company and give him a call the next day

b)      Trot out your elevator pitch as confidently as you can whilst shaking a bit inside

c)       Make your excuses and get the hell out of there as fast as you can

4) It’s Christmas Eve and your business partner rings you to say he’s just had a call from the bank and they’ve turned you down for the loan you thought was a dead cert.  It’s the 4th bank you’ve talked to during December and they’ve all refused to lend you any money.  Do you:

a)      Do nothing – you’re sure it will all work out ok come the New Year

b)      Carry on with your shopping, take Christmas day off (it’s Christmas after all) but on Boxing Day, get on the phone with your business partner and start writing a new business plan for the next bank you’ll be calling

c)       Cancel Christmas and make your entire family miserable

5) You get evicted from your London “office” – ok it was an apartment and you’ve breached the terms of your lease by running a business out of it.  You have a small team and they need desks.  Do you:

a)      Call an estate agent and start looking for an office – they cost a fortune but hey – it’s one of the overheads of running a business right?

b)      Ring a friend whose office you were in the other day.  You noticed he had 3 desks but was only using one of them

c)       Have a little cry

6) You’re developing a product for market and badly need to generate some revenue to bolster up your pitiful cashflow.  The product’s only about 20% complete.  Do you:

a)      Phone around and see if anyone else you know wants to pitch in and share the risk/reward

b)      Call a few prospects and cut them a special deal for being an early adopter of your new product

c)       Stop development whilst you scrabble about to raise the cash to continue

7) You come out of a long day of meetings in London where your phone has been on silent.  You have 26 missed calls.  There’s been a serious security alert and all the London airports are closed.  You have an important meeting in Northern Ireland at 10am the next morning which you cannot miss.  Do you:

a)      Go and find a hotel before they’re all booked up.  You’ll get a plane ok in the morning with a bit of luck

b)      Run like billy-o to Euston and jump on the first train to Scotland.  You know you’ll get an overnight ferry and be able to persuade someone to pick you up at the port in the morning

c)       Call and cancel the meeting.  It’s perfectly reasonable to reschedule in the circumstances

8) You receive an abusive letter from a supplier who’s threatening you with legal action for non payment of an invoice.  You haven’t paid it because the work they did for you was woeful and you’ve explained that to them.  Do you:

a)      Ignore the letter and hope they’ll go away

b)      Call them and make a reasonable offer for the work they’ve done; if they won’t see reason put it out of your mind on the basis that most people who threaten you with legal action never actually follow through

c)       Panic and call your lawyer straight away

9) You go and pitch to a VC and they send you a term sheet which you believe doesn’t represent the true worth of your company.  Do you:

a)      Go back to them and do your best to negotiate a better deal

b)      Go back and pitch again, receive an improved term sheet and then turn that one down – you know your company is worth more and those guys are likely to put it down the toilet anyway

c)       Take it anyway.  You’re desperate for the cash and you’re unlikely to get a better offer

10) You’re 2 years into your startup and at last you can take a bit of money out and get away for a brief holiday.  On the day you pay yourself your Mum’s dog gets run over by the postman and needs an operation which just happens to cost the same as your holiday money.  Do you:

a)      Have the dog put down, tell your Mum there was nothing could be done for it and buy her a new (similar) dog for a fraction of the price of the operation

b)      Pay for the bloody dog – there has to be some karma in this world

c)       Jump on the plane as fast as you can leaving your Mum to sort out her dog

Ok – so by now you’ve guessed that these are all real life situations that happened in my startup in our first couple of years.  For every one of the 10 scenarios above, we or I did (b).  Be interested if you agree whether or not we made the right choices.  I hope you had fun reading this.  It gave me a good laugh writing it and brought back a lot of happy memories from our early days.

2 comments

  1. Crumbs.
    I had 8 b’s …. I’m going out to buy a dog and find the postman!
    Brilliant, brilliant post & a lovely picture of all those young people, ha ha!

    Like

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