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Our reason for existence is that the odds of SUCCEEDING in business are overwhelmingly stacked against you!!! Please explore the information on this site in accompaniment with www.forward137.com to see how we can help your company survive.
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Unless you can identify the right targets in business you will waste time, talent and capital. In today's ever changing economic environment that is a price too high to pay.
In its most simplistic form, business is made up of money and people.
The following BUSINESS QUIZ addresses those contingents. It pinpoints the concepts that are vital for survival.
Unfortunately, most business owners, executives and entrepreneurs cannot pass the quiz.
The BUSINESS QUIZ will help you determine what you know, where you are right now, and how to target areas that need immediate attention.
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Part 2 – PEOPLE…Understanding the Greatest Asset You Possess
1. The most important and the most highly paid form of intelligence in America is social intelligence, the ability to get along well with other people. In his heyday John D. Rockefeller said that “the ability to deal with people is as purchasable a commodity as sugar or coffee, and I will pay more for that ability than for any other under the sun.” The secret to the fine art of human relationships was revealed by Henry Ford. He said “If there is any one secret of success it lies in the ability to ________________________, Fill in the blank to complete the sentence.
2. Milo O. Frank, one of America’s foremost business communications consultants, in his acclaimed, “How to Get Your Point Across in 30 Seconds or Less”, remarked that 30 seconds can change the direction of your career and life. Every situation is unique, but when the time comes to make your point make it in 30 seconds. The right 30 second message will, in the final analysis enable you to get your point across and keep it where it belongs—in the mind of your listener. Milo Frank details 7 steps to deliver your message on target each and every time. List and explain the significance of the seven steps.
3. The problem with solving problems is that we have never been taught how to solve problems. Although it sounds somewhat redundant the truth of that statement is inescapable. Without a systematized step by step approach solving problems becomes a hit or miss process. We are left to ‘stumble upon the solution’ and in doing so waste valuable time, effort and capital. There are 10 steps to effective problem solving which if followed work time after time. Most people begin with step 2 and get off on the wrong foot making the solution process even harder. Mastery of the 10 steps will allow you to share the process with others saving you time, energy and stress. List the 10 steps to effective problem solving in sequential order.
4. Dealing with people is probably the biggest problem you face, especially if you own or manage a business. The Carnegie Foundation for the Advancement of Teaching uncovered a most important and significant fact—a fact later confirmed by additional studies made at the Carnegie Institute of Technology. Investigations revealed that no matter the field of endeavor, about 15% of one’s financial success is due to one’s technical knowledge and about 85% is due to skill in human engineering—to personality and the ability to lead people. Mark Twain expressed it best perhaps when he said, “Inherently, each one of us has the substance within to achieve whatever our goals and dreams define. What is missing from each of us is __________________________. Fill in the blank to complete the sentence.
5. You can never rise higher than your expectations. Whatever you expect with confidence becomes your self fulfilling prophecy. What you get is not necessarily what you want in life, but what you expect. Expectations exert a powerful invisible influence that causes people to behave and situations to work out as you anticipated. There are 6 scientifically proven steps that can set definite, clear and explicit expectations. Armed with these steps you can change mindsets, influence actions, and achieve targeted results. List the 6 steps in setting expectations and describe each step.
6. In his book, The Three Signs of a Miserable Job, Patrick Lencioni, illustrates the 3 vital factors necessary for satisfaction in the workplace. Understanding and implementing the 3 factors empowers employees and drastically increases the company’s bottom line profitability. Identify the 3 signs of a miserable job and how to counteract each.
7. Psychologists have identified 7 major motivators that influence and dictate actions. The 7 motivators can be prioritized according to the reasons why people elect to work where they do. If you believe that people can be one of the greatest assets a business has and if it is important to you to keep the good people you have and not lose them to competitors, then the 7 major motivators are indispensable. List the 7 major motivators and prioritize them in the order of their importance.
8. Earl Nightingale made famous a speech given by Albert E.N. Gray, entitled, “The Common Denominator of Success.” In it he identified what every successful person has in common, as well as why failure’s struggle. Without understanding the common denominator of success and how to utilize its power, leadership becomes an impossibility. Describe the “Common Denominator of Success” .
9. Napoleon Hill, known as the father of the modern personal development movement, spent a lifetime fine tuning his success system. The cornerstone of his work was entitled The Law of Success. In it he outlined 15 principled lessons necessary for continued success and wealth. One of the 15 principles he considered so vital that he referred to it as the ‘hub’ because every lesson leads to it like the spokes of a wheel. List the 15 principles of the Law of Success and identify the ‘hub’ principle vital to all success.
10. Napoleon Hill’s research expanded over his lifetime. His work culminated in compiling what exactly comprises life’s riches. Eventually he put together a list, his “Twelve Riches of Life”. “We can become complete masters of ourselves”, he said, “if we so desire. The main thought to bear in mind is first to gain the knowledge, and secondly to apply it.” List Napoleon Hill’s “Twelve Riches of Life” .
11. Business people who have been successful over the long term almost always display impeccable integrity. Napoleon Hill once asked a most provocative and thought provoking question: “ Does it not seem strange that it is not recorded in history that not even one of the great men of the past attained his greatness through trickery, deceit and double-crossing of his associates?” Personal integrity is a competitive advantage in business. In The Integrity Advantage, Adrian Gostick and Dana Telford define integrity as consistency between actions and values. They identified 10 characteristics that paint perhaps the optimum picture of integrity. List the 10 Integrity Characteristics.
12. Our world today is characterized by two key words; speed & change. If we are not prepared to handle the stress of these two pressures we find ourselves at a serious disadvantage. There is no longer any security in the workplace. The only security that you and I have today is our set of skills. Most people don’t know what skills are necessary to compete in the fast paced work environment we face. There are 11 indispensable skills for survival in today’s changing economics. They can be categorized into five distinct areas: 1) The foundational skill without which nothing else matters 2) Interpersonal skills 3) Personal development skills 4) Technological skills and 5) Compensatory skills. List the 11 Essential Survival Skills and categorize each by priority.
13. Brian Tracy in his highly acclaimed book, Maximum Achievement, unveils the strategies and skills that unlock your hidden powers to succeed. In it he explains that there are two types of laws in the universe: man made laws and natural laws. You can violate man made laws and you may or may not get caught. But if you attempt to violate natural laws, you get caught every single time, without exception. Natural laws can be divided into two categories: 1) physical laws and 2) mental laws. The operation of physical laws can be proven in controlled experiments and practical activities. Mental laws however, can only be proven by experience and intuition, and by seeing them work in your own life. Mental laws are in force 100% of the time. Mental laws are neutral. They work everywhere, regardless of whether you know about them or whether they are particularly convenient at that moment. Whenever you are having problems of any kind, it is almost invariably because you are violating one or more of these laws, whether you know about them or not. Because they are central to your happiness, it is essential that you become familiar with them and integrate them into everything you do. List the 7 Immutable Mental Laws.
14. Steven K. Scott in his Success Strategies (based upon his national best seller, The Richest Man Who Ever Lived, King Solomon’s Secrets to Success, Wealth & Happiness) 1) reveals the key to winning every race, 2) explains how to resolve conflicts and turn enemies into allies, and 3) discloses the qualities essential to becoming a valued and admired person at work and in your personal life. King Solomon’s success centered around one major strategy. This breakthrough strategy will propel you to levels of success unimagined. Identify the Breakthrough Success Strategy and describe it.
15. Socrates was one of the greatest philosophers the world has ever known. He sharply changed the whole course of human thought. He is honored as one of the wisest persuaders who ever influenced the world. His methods and techniques are known today as the “Socratic Method.” Define the “Socratic Method.”
16. Sophocles, renown Greek philosopher, once remarked, “Heaven refuses to help the man who will not act.” Our actions, or procrastinations, are based upon well founded scientific evidence. The “Cognitive Behavior Theory” details the process the mind uses to move from awareness to action. State the Cognitive Behavior Theory and explain the step by step process which leads to successful behavior.
17. Maslow’s Hierarchy of Needs details the levels of progression in the development of self image. As an individual ascends each level, self confidence grows. The more self-confident people in the workplace become, the more productive they are. As productivity increases problems decline and profitability rises. A more enjoyable work environment is the result. Illustrate Maslow’s Hierarchy of Needs and describe each level.
18. Joseph J. Charbonneau’s analysis on work place composition examines the work force in terms of attitude and work ethic. Four major divisions comprise the work place, each reflecting a specific attitude and approach to performing work. In the work place 27% of the people are the problem; 60% are average: 10% are achievers and only 3% are winners. What makes the 3% different from the other 97% holds the secret to your success as well. A working knowledge and understanding of the compositional breakdown is vital to effective motivation and the achievement of targeted objectives. Without this information businesses waste time, effort and capital. List the goal of each division comprising the work place and list the associated characteristics of winners.
19. Dealing with difficult situations in the work place, resolving conflicts and solving problems can consume valuable time, energy and capital. Psychologists have found that the root cause of the vast majority of these and similar problems centers around self image or self esteem. If self esteem can be improved many of the debilitating problems disappear. Lou Holtz, legendary sports figure and motivational speaker, summarized the development of self image around 3 questions. Mastering the integration of these 3 questions dramatically improves both the work environment and overall profitability. Describe the 3 questions.
20. Dr. Robert McNeish’s work on the behavior of geese is perhaps the most interesting and revealing insight into real teamwork available today. People learn more easily and retain information longer when the lesson is housed in a story, illustration or metaphor. Dr. McNeish outlined ‘5 Basic Truths’ regarding teamwork using geese as a metaphor to illustrate each truth. If you can master the 5 truths a winning team is inevitable. List the ‘5 Basic Truths’ of teamwork and parallel each truth with the behavior of geese.
Part I – Money…Understanding the Numbers Behind Every Business
1) Myth…Business has a bottom line. Fact…There are 3 bottom lines that interact to give a complete financial picture. Name them.
2) Success in business depends on managing what drives the three bottom lines. Name the drivers of each bottom line.
3) Strategic Planning is one of the three major areas of business priority. There are three tools that enable businesses to plan effectively. Name them.
4) Each of the tools that facilitate strategic planning is founded upon a specific area of accounting and finance. Name each area with its corresponding tool.
5) People who run businesses don’t need to be accountants. They do need to understand the steps in the accounting process and the terminology accountants use so they can get the information they need. Name each step in the accounting process in sequential order.
6) There are 5 ‘Financial Statements’ that comprise a complete set of business financials. Name them and the purpose for each.
7) The Cash Flow Statement may be presented in one of two different formats. Many accountants ignore the one that is indispensable for business profitability. Name the two formats and specify which is crucial to business success.
8) All businesses operate around the principles of ‘an obligation’ and ‘a promise’. Accountants use two methods to track ‘obligations’ and ‘promises’ to ensure sufficient working capital. Name the two methods and the purpose of each.
9) The Balance Sheet details what a company owns and what it owes. It differs from all other financial statements in one very important aspect. Name the crucial difference and its importance.
10) The Balance Sheet is specifically designed to help answer four questions that owners, executives and managers must contend with to keep the business alive and vital. Name the four questions.
11) Each business has its own key performance indicators (kpi’s) that keep everything on track and productive. Each business also has a set of key financial indicators (kfi’s) which are often overlooked. Name the key financial indicators every business has in common. (There are 15 in total.)
12) The Income Statement shows whether your business was profitable—whether it made money—over a given period of time. It is also known as ‘The Statement of Earnings’, ‘The Operating Statement’, ‘The Profit and Loss Statement’, or simply ‘The P & L’, and many other names. Income Statements are tremendously useful. They are also extremely dangerous because they can be misleading. Name the imminent danger and explain how to avoid it.
13) There is a ‘hidden line’ on each Income Statement. Its purpose is to divide information into separate specified categories. Without knowing its existence those entrusted with a business’s life are severely handicapped. Accountants often refer to information ‘above the line’ and ‘below the line’. Describe where the ‘hidden line’ is located, what information goes ‘above the line’ what information goes ‘below the line’ and how the deciding determination is made.
14) In 1987 the Financial Accounting Standards Board (FASB, pronounced faz-bee) ruled that all financial statements involving CPA’S must henceforth contain a ‘Statement of Cash Flow.’ Their rule outlined 3 major areas to be included in the Cash Flow Statement. One of them is the ‘lifeblood’ of every business or organization, without exception. Name the three distinct areas and specify which is the ‘lifeblood’ of business.
15) Businesses and investors want to know if a company’s profits are real or have they somehow been manipulated. There is a way to test the quality of a company’s earnings or profit. The test is one every investor and business manager should use to determine the company’s health before investing capital. The test consists of 4 parts, or steps, to identify potential red flags. Name the test and explain the 4 steps in sufficient detail.
16) Financial Statements fit together like a jigsaw puzzle. Changes on one statement are reflected on another, and if you put them all together into a ‘Financial Scoreboard’ you can trace cause and effect. You can then see why your business’s financials turned out the way they did. That is important because your real job isn’t just to understand the financials, it is to run the business—and to use the financial information to help you run the business better. This process is called the ‘Basic Analysis of Financial Performance’. The next step is called ‘Power Analysis’. Power Analysis shows how financial ratios fit together to analyze your company’s performance still further. The connections are captured in just one equation—an equation that every business owner or manager should pay attention to. It was first developed by E.I. du Pont de Nemours and is known as the Du Pont Equation. State the ‘Simple’ Du Pont Equation.
17) Managers generally care most about the ‘Simple’ Du Pont Equation. Company owners and shareholders, by contrast, often care more about the ‘Extended’ Du Pont Equation. State the ‘Extended’ Du Pont Equation, its importance to owners and shareholders, and compare and contrast it with the ‘Simple’ Du Pont Equation.
18) Detailed plans, forecasts and projections are foreign to many business owners and managers. In fact, many small businesses have no plans at all. Their owners run the businesses day-to-day, hoping for the best and taking whatever comes. The problem with this approach is that it puts you at the mercy of the economic elements. Company owners often think if they work hard and serve their customers or clients well, they will be rewarded with business. But it’s never that simple. If you do get business, will it be profitable? What happens if technology forces massive changes? What happens if the economy heads south? The fact is, neither hope, nor faith, nor hard work, nor all three combined, will magically produce a given set of objectives. Rather, some very specific things must happen if your goals are to be realized. If you can’t spell out exactly what those things are, you’re simply fooling yourself. Detailed plans, based on Strategic Planning and Targeted Goals, forecasts and projections based on accurate ‘Trend Analysis’ hold the key to achieving objectives. Accurate Trend Analysis is comprised of four areas of concentration and a dozen key factors, examined over an extended period of time. Name the four areas of concentration and the 12 vital factors associated with Trend Analysis.
19) Well thought through Trend Analysis will also include what is called ‘A Dollar Trend Graph’. A Dollar Trend Graph is extremely helpful in immediately recognizing trends in three distinct areas. Comparing and contrasting the three trend lines will point out red flags and provide insight into possible projections. Name the three areas a Dollar Trend Graph illustrates and the significance of each.
20) There are two fundamentally basic forms of projections. One is ‘A Business As Usual’ projection. The other is known as a ‘Proactive Projection’. Proactive Projections identify problems to attack and opportunities to take advantage of, so that you can create a plan that will take the business where you want it to go. There are four steps in the proactive process. Name each step and the importance of each.
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BUSINESS QUIZ
A QUESTION TO CONSIDER...
If you are aiming at the wrong target - does it make any difference whether or not you hit it?
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