Quiz: Students – how much do you know about entrepreneurship?

So much is being said about entrepreneurship and equipping students with the skills needed to succeed in the Fourth Industrial Revolution. Unsurprisingly, universities are offering programmes in anticipation of jobs in the field. 

While the thought of starting your own business can sound like the ultimate dream (what’s not to love about being your own boss and having creative control over the outcomes of your product or service?), there’s so much involved behind the scenes before a business can rocket towards success. 

But before you get carried away by the prospects of becoming the next Elon Musk or Steve Jobs, how well do you know your facts about entrepreneurship? Here’s a quiz to test your knowledge:

1. An entrepreneur…

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Grows blue-chip corporations

Accepts the risk of starting and running a business

Manages someone else’s business

Correct! Wrong!

2. What are some of the ideal qualities of an entrepreneur?

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Perseverance - keep going until you get that ‘yes'!

Strong people skills

Self-discipline

All of the above

Correct! Wrong!

3. What’s the difference between an intrapreneur and an entrepreneur?

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They typically have different objectives, work in different settings and take on different levels of risk.

Entrepreneurs are leaders while intrapreneurs tend to be followers.

Trick question - there’s no such thing as an intrapreneur.

Correct! Wrong!

4. What are some of the sources of entrepreneurial finance?

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Bootstrapping

Angel investors

Venture capitalists

All of the above

Correct! Wrong!

5. Reports suggests that as many as 90 percent of start-ups fail. What are some of the common reasons entrepreneurs fail?

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Funding problems, operational mismanagement and/or bringing a product or service too early or late into the market

Rigid taxation system

None of the above

Correct! Wrong!

6. Harry has created a new fizzy drink he thinks will be the next big thing. He wants to protect his brand, ‘Hoca-Pola’, as well as the formula, packaging art and design of the bottle. What type of intellectual property (IP) rights can Harry use to protect his invention?

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Trade secrets

Trademarks

Copyrights

Patents

All of the above

Correct! Wrong!

Quiz: Students - how much do you know about entrepreneurship?

Yikes.

Better luck next time!

Good try!

You still have some brushing up to do, but that’s not bad for a first try!

Amazing!

You sure know your stuff! Here’s to being the next Sir Richard Branson!

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