Quiz: Which Funding Source is Right for Your Startup in 2024?

Answer each question to the best of your ability, and keep track of your responses (eg, how many (a), (b), (c) or (d) you score) for scoring at the end.

Q1. What stage is your business in?

a) Pre-launch
b) Early-stage
c) Growth-stage
d) Established

Q2. How much funding do you need?

a) Under $10,000
b) $10,000 - $50,000
c) $50,000 - $500,000
d) Over $500,000

Q3. How quickly do you need the funds?

a) ASAP
b) Within 3-6 months
c) Within 6-12 months
d) No immediate rush

Q4. Are you willing to give up equity in your business?

a) Yes, I'm open to it
b) No, I want to retain full ownership
c) Partially, if it's necessary
d) I'm not sure

Q5. Do you have a clear Business Plan and financial projections?

a) Yes, it's well-defined
b) Partially, but it needs work
c) No, it's still in progress
d) I don't have one yet

Here is some advice on drafting a Business Plan.

Q6. Are you comfortable with public fundraising and promotion?

a) Yes, I'm confident in promoting my business
b) Somewhat, but I prefer a more private approach
c) No, I'm a private person
d) I'm not sure

Q7. Are you open to crowdfunding and engaging with a broad audience?

a) Absolutely, I love the idea
b) Maybe, if it's the right fit
c) Not really my style
d) I'm unsure

Q8. How much control do you want over your business decisions?

a) Full control
b) Willing to share some control
c) Open to shared decision-making
d) I'm flexible

Q9. What is your business's primary industry?

a) Technology
b) Retail
c) Healthcare
d) Other

Q10. Have you considered exploring government grants?

a) Yes, I'm actively looking into it
b) Maybe, but I need more information
c) No, I haven't thought about it
d) I'm not sure

Q11. How do you feel about taking on debt to fund your business?

a) Comfortable, if it's necessary
b) Prefer to avoid debt
c) Willing to consider debt with favorable terms
d) I'm undecided

Q12. Do you have a compelling story or social/environmental mission in your startup?

a) Yes, it's a core part of my business
b) Somewhat, but it's not the main focus
c) No, my business is primarily profit-driven
d) I'm not sure

Q13. Are you willing to actively engage with potential investors?

a) Absolutely, I'm ready to network
b) To some extent, but I'm introverted
c) Not really, I prefer a more passive approach
d) I'm uncertain

Q14. What is your business's growth potential and scalability?

a) High growth and scalability potential
b) Moderate growth potential
c) Limited growth potential
d) I'm not sure

Q15. Do you have existing personal savings or assets to invest?

a) Yes, I can contribute a significant amount
b) Some savings, but limited
c) Minimal savings, mostly invested in the business
d) No, I have no personal savings

Q16. Have you explored potential strategic partnerships?

a) Yes, and I have some promising leads
b) Not yet, but I'm open to it
c) No, I haven't considered partnerships
d) I'm not sure

Q17. Are you willing to seek mentorship and guidance in your funding journey?

a) Absolutely, I value mentorship
b) To some extent, but I'm independent
c) Not particularly, I prefer autonomy
d) I'm undecided

Q18. How well do you understand your target market and customer demographics?

a) Very well, I have detailed insights
b) Fairly well, but there's room for improvement
c) I have some knowledge but need more data
d) Limited understanding

Q19. Have you conducted a competitive analysis of your industry?

a) Yes, and I have a competitive advantage
b) Partially, but I need to refine it
c) Not extensively, I should do more research
d) I haven't done one yet

Q20. Are you prepared to commit significant time and effort to secure funding?

a) Absolutely, I'm dedicated to the process
b) To some extent, but I have other responsibilities
c) Not fully, I have limited time available
d) I'm unsure about my commitment level

Scoring

Now, calculate your score based on your responses:

  • Each (a) response is worth 4 points.
  • Each (b) response is worth 3 points.
  • Each (c) response is worth 2 points.
  • Each (d) response is worth 1 point.

Make sure you keep your score handy, as you will need it when you receive your results.

Results and Interpretation

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Startup Funding Quiz

Remember that this Quiz provides general guidance, and it's essential to conduct further research and consult with professionals before making funding decisions for your specific business circumstances.

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About the Author

Rachelle Hare

Rachelle Hare - Managing Director and Principal Practitioner of Blaze Business & Legal

Rachelle Hare

Rachelle Hare is a highly experienced Construction Lawyer and Contract Lawyer, with over 23 years of experience in Tier 1 and Tier 2 Construction Firms, Top Tier Private Practice and Government.

With 23+ years of experience as a Senior Lawyer, Strategic Contracting Adviser and Management Consultant in Construction Law, Contracts, Major Projects, Commercial Advisory, Compliance, Procurement, Contract Management and Risk Management, Rachelle has the rare skills to offer you seamless business advice and legal advice to help support your organisation.


As well as a Lawyer and Business Adviser, Rachelle has also acted as a Strategic Procurement Adviser, Compliance Manager, Strategic Risk Adviser and Commercial Manager.

Rachelle owns
Blaze Business & Legal, a combined Commercial Law Firm and Business Advisory Firm located in Brisbane, Queensland, Australia. Blaze Business & Legal assists a broad range of clients in the Construction Industry and related industries, and advises owners, contractors, subcontractors, NFPs and other organisations on a broad range of Construction Law, Commercial Law, Business Advisory and Management Consulting issues in Brisbane, Queensland and around Australia.

Rachelle also owns Blaze Professional Learning, where she offers practical contracting skills, hands-on experience in drafting and working with contracts, and industry insights to help Professionals upskill and advance their careers with real-world skills.

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