Starting Entrepreneurship myths
TRUE or FALSE: Most successful entrepreneurs have a well-considered business plan and fully developed ideas before taking action.
Answer: What is FALSE—most start with incomplete plans and test their ideas in the market first?
Is the money a company earns from its core activities and other sources over a specific period.
What is revenue?
A quick, persuasive speech is designed to spark interest in a startup idea.
What is an elevator pitch?
This is the practice of employees working from home or anywhere outside the office.
What is remote work?
The money you and your family put in first is called this.
What is self-funding (or bootstrapping)?
TRUE or FALSE: Failure means you’re not cut out for entrepreneurship
What is FALSE—failure is often a stepping stone, and many founders fail multiple times before success?
A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
What is profit?
Product, price, place, promotion
What are the 4 P’s of marketing
Startups often encourage this quality, meaning employees are willing to take risks and try new ideas.
What is a growth mindset?
Friends or family who invest money early are called this.
What are early investors?
TRUE or FALSE: You have to quit your job to start a business.
What is FALSE—many startups begin as side hustles before becoming full-time?
Is a lump sum of money lent to a borrower by a bank or financial institution with the agreement that the principal amount will be repaid over time, along with interest, which is the cost of borrowing.
What is a loan?
Using Facebook, Instagram, or Google to tell people about your startup is called this.
What is digital marketing?
This term means employees are deeply connected to and proud of their company’s mission and values.
What is employee engagement?
True or False: All startups need venture capital to grow.
What is false?
TRUE or FALSE: Startups are overnight successes
What is FALSE—most take years of effort, pivots, and failures before traction?
Represents ownership in a company, often in the form of stock shares that give investors potential returns through dividends or appreciation.
What is equity?
This is when you ask customers questions to learn what they want or think about your startup.
What is customer feedback?
This practice means that team members take on different roles as needed.
What is role flexibility or wearing multiple hats?
A person who gives money to startups in exchange for ownership is called this.
What is an investor?
TRUE or FALSE: Only young people can be successful entrepreneurs.
What is FALSE—the average age of high-growth founders is in their 40s or 50s?
The money a company raises from investors to fund growth, often exchanged for partial ownership or equity.
What is venture capital?
This is a short, catchy phrase that helps people remember your brand.
What is a slogan?
This word means a company’s main reason for existing and guides how it works every day.
What is a mission?
The U.S. government agency that gives small business loans is called this.
What is the SBA (Small Business Administration)?