Leap
According to Leap, what is the first step in deciding if entrepreneurship is right for you?
Understanding your Entrepreneurial DNA (whether you’re wired to be an entrepreneur).
Q: What does LLC stand for?
A: Limited Liability Company.
Q: Who founded Microsoft?
A: Bill Gates.
Q: What is the definition of an entrepreneur?
A: Someone who starts, organizes, and runs a business, taking on risks to make a profit.
Q: True or False: Walt Disney was once fired for “lacking creativity.”
A: True.
Wickman explains that entrepreneurs are “born, not made.” What does he mean by that?
A: True entrepreneurs naturally have certain traits and instincts that can’t be taught.
Q: Which business structure makes the owner personally responsible for all debts?
A: Sole proprietorship.
Q: Who is the entrepreneur behind Tesla and SpaceX?
A: Elon Musk.
Q: What’s the difference between an invention and an innovation?
A: Invention = creating something new; Innovation = improving or adapting something that already exists.
Q: Which entrepreneur dropped out of Harvard and later became one of the richest people in the world?
A: Mark Zuckerberg.
Q: In Leap, Wickman says entrepreneurs often feel restless in traditional jobs. Why?
A: Because they crave freedom, independence, and control over their destiny.
Q: Give one advantage and one disadvantage of a corporation.
A: Advantage: Limited liability, easier to raise capital. Disadvantage: Expensive, heavy regulations/taxes.
Q: Oprah Winfrey is known for building what type of business empire?
A: Media and entertainment empire.
Q: What is the main goal of most entrepreneurs when starting a business?
A: To solve a problem, create value, and make a profit.
Q: What product was Amazon originally known for selling?
Books
Q: Wickman lists six essential traits of an entrepreneur. Name three.
A: Examples: Visionary, passionate, problem solver, driven, risk taker, responsible.
Q: In a partnership, what is the difference between a general partner and a limited partner?
A: General partner manages the business and has full liability; limited partner invests money and has limited liability.
Q: Which entrepreneur famously started Apple in a garage with Steve Wozniak?
A: Steve Jobs.
Q: Name three common characteristics of successful entrepreneurs.
A: Driven, creative, resilient, risk-taking, adaptable, visionary.
Q: Which entrepreneur’s motto is “Fail fast, fail often”?
A: Reid Hoffman (LinkedIn) and many Silicon Valley founders (accept either).
Q: According to Wickman, what does it mean to be a “Visionary” entrepreneur?
A: Someone who sees opportunities, generates big ideas, and can picture a future others can’t yet see.
Q: Which type of business formation provides the most legal protection but is the most expensive to set up?
A: Corporation (C-Corp).
Q: Sara Blakely became the youngest self-made female billionaire by founding what company?
Spanx
Q: What is the difference between an opportunity and an idea?
A: An idea is just a thought, but an opportunity is an idea that can realistically become a profitable business.
Q: Which billionaire makes just $1 a year as a salary from their company?
A: Mark Zuckerberg (Meta/Facebook), Elon Musk (Tesla), or Steve Jobs (Apple) — all accepted.