Winners of the "Entrepreneurship Quiz" - SBD Prizes Rewarded - Congratulations!

The winners are:

@piratemonki
@codemy
@cobmaximus
@drchuka
@apanamamama
@skycae
@reedracer
@bukowski-speaks
@jimsreviewroom
@johnelder-org
@mitneb
@izaid
@jakyyou23
@josephlacsamana
@ubikalo
@philtim
@cjsean

Contest Reward:

I transferred the contest prize of 1 SBD to all the 17 winners today. Well done for doing a perfect job answering those 10 questions correctly.

Please find below the correct answers for the 10 quiz questions with a comment from me underneath each answer.

1.To be called an "entrepreneur" you need to have started a business and to be working full time running and managing this business.

b. False

(Although Successful entrepreneurs start one or more businesses, their goal is to create a process by which those businesses run effectively without the founder's involvement. They keep an eye on how the business is working but they don't need to spend their full time working in it. They work "on" the business instead of working "in" it.)

2.The entrepreneurship spirit can NOT be cultivated or developed. You either have it or you don't.

b. False

(Most entrepreneurs were not born entrepreneurs. They learned and acquired entrepreneurial skills over the years from either their various life experiences, learning, past mistakes, trial and error, or simply through being employees for some years before they decide to take the leap of faith and explore the entrepreneurial world).

3.To be a true entrepreneur, you need to start a business with the capital paid fully from your own money.

b. False

(The concept of OPM (Other People's Money) is mastered and practiced effectively by successful investors and entrepreneurs)

4.Entrepreneurs enjoy gambling since they consider it to be the highest form of risk and hence comes with the highest returns.

b. False

(Although entrepreneurs take risks in business, but those risks are calculated and they put together a risk-management plan. Gambling is not the game of entrepreneurs, but the game of amateurs).

5.A successful and experienced entrepreneur doesn't need to go through "feasibility studies" to evaluate a new business opportunity since they have refined business sense and advanced gut feeling.

b. False

(Successful entrepreneurs never jump into a business without carefully studying it and calculating the risks, returns, costs and payback. Gut feeling is a business intuition but it never replaces proper and through examining of feasibility studies and business plans).

6.If you are an analytically-oriented, organized, logical and numbers / facts person, it is very natural for your to start your own business.

b. False

(Actually such people are the least expected to leave a secure job and seek to take risks by starting their own businesses. They can do it, but it's not a natural aspect of their character).

7.It's not natural for an entrepreneur to have partners sharing ownership in any business, since he/she is usually characterized by being a solo-decision maker.

b. False

(Many entrepreneurs who make it big don't mind having other people investing or partnering in their businesses. They usually solicit silent investors so as to get the capital needed for their businesses. Whether those partners are "active" partners who play a role in running the business or "silent" partners, is something decided by the entrepreneur based on the business need).

8.When choosing a business idea to start a company, an entrepreneur should only choose areas he/she is really experienced in and competent at, otherwise, the business will not succeed.

b. False

(This is not true because the verb used in the sentence is "should". Entrepreneurs realize that starting a business is not a one-man-show. They don't need to do everything themselves. They know how to outsource competent vendors and hire competent employees in areas that they lack. Entrepreneurs have a set of skills which can be applied in starting and running any kind of business, not just the areas they are good at. As a matter of fact, if an entrepreneur starts a business based on his/her own technical skills, most likely they will be stuck in such a business and won't be able to delegate running it to others, which is considered a negative thing. Again, they need to work "on" the business instead of "in" it).

9.Entrepreneurs are not sales people. They are managers and business owners and if they choose good businesses, those business sell themselves.

b. False

(Nothing sells itself. Entrepreneurs need and should be selling, selling and selling more to grow their business. Selling skills are crucial for succeeding in life in general, let alone pushing a business to grow and flourish).

10.If you were not an entrepreneur early on in your life, like in your early 20s, it's very hard for you to be an entrepreneur after that. You can think about it, talk about it, learn about it and even teach it, but you can't live a life of an entrepreneur in the later years of your life.

b. False

(There is absolutely no ground for such a claim. There are no statistics that back this statement up. As a matter of fact, there are numerous examples and cases of people who started their business in their 40s, 50s and even 60s and succeeded).