StartMit Founder Risk Readiness Quiz

1 If all your income stopped today, how long could your business survive on its current cash reserves?

a Less than 3 months. It’s a day-to-day hustle. b 3-6 months. I have a buffer, but it would be tight. c More than 6 months. I have a dedicated survival fund.

2 When it comes to your budget, how have you planned for unexpected costs?

a “Unexpected costs”? My budget is focused on the essentials I know about. b I’ve added a general 10-15% “contingency” line item. c I’ve researched German-specific fees (IHK, Berufsgenossenschaft, etc.) and have budgeted for them specifically, plus a contingency fund.

3 How clear are you on the legal steps needed to register and run your business in Germany?

a I’ll figure it out as I go. How hard can it be? b I’ve read some blog posts and have a general idea of the process. c I have a detailed checklist and/or have already consulted with a professional (Steuerberater or lawyer).

4 What’s your strategy for legal documents like your Terms of Service and Privacy Policy?

a I’ll probably find a free template online when I need one. b I have standard documents, but they haven’t been reviewed specifically for German/EU law. c My documents are GDPR-compliant and tailored to my business, ideally reviewed by a legal expert.

5 You need your first 10 paying customers. What’s your concrete plan?

a I’ll launch my website and post on social media, and hope people find me. b I have a marketing plan on paper, but I haven’t tested the channels yet. c I’ve already identified and spoken to potential customers and know exactly how I’m going to reach them.

6 The German market values trust. How will you build it?

a My product is so good, it will speak for itself. b I’ll focus on professional branding and a great-looking website. c My strategy includes actively seeking local testimonials, partnerships, or relevant German quality certifications.

7 How well do you know your direct competitors?

a I’ve glanced at their websites once or twice. b I know who they are and have a general idea of their pricing and offerings. c I have a detailed analysis of their strengths, weaknesses, customer reviews, and unique selling propositions.

8 If a potential customer asks, “Why should I choose you over [Your Biggest Competitor]?”, what’s your answer?

a “Um… we’re newer and have a modern approach?” b I can list 2-3 features where we are better. c I can clearly articulate a unique value that a specific niche of customers cares deeply about, which my competitor overlooks.

9 What is your concrete plan to avoid founder burnout?

a Burnout is for the weak. I’ll just power through it with coffee. b I know I should take breaks, but realistically, the business will come first. c I have non-negotiable time blocked in my calendar each week for rest, exercise, or family/friends.

10 When you hit a major, stressful roadblock, who is in your support system?

a I’ll probably just handle it myself. I don’t want to burden others. b I can talk to my partner or friends, though they don’t fully understand the business challenges. c I have a mentor, coach, or a peer group of other founders I can turn to for advice.

The 5-Minute Founder Risk Readiness Quiz