Entrepreneurship Basics
What is the definition of an entrepreneur?
Someone who identifies opportunities, takes risks, and builds a business.
Who founded Facebook (now Meta)?
Mark Zuckerberg.
How long is a Rapid Pitch at The Base?
2mins
What does ROI stand for?
Return on Investment.
What’s the first step in solving a problem as an entrepreneur?
Identifying and clearly defining the problem.
What’s the primary purpose of a business plan?
To outline goals, strategies, and how a business will succeed.
Which African founder started Flutterwave?
Olugbenga Agboola (GB).
What’s the first thing you should say in a pitch?
Your name and the problem you are solving.
What does “pivot” mean in startups?
Changing direction of a business model/strategy.
If customers are not buying your product, what should you do first?
Get feedback and understand their needs (customer discovery).
What are the three main types of business ownership?
Sole proprietorship, partnership, corporation.
Who is the founder of Tesla and SpaceX?
Elon Musk.
What’s the “hook” in a pitch?
An attention-grabbing statement or question.
What’s a “unicorn” startup?
A privately held startup valued at over $1 billion.
Which method encourages testing ideas quickly with minimal resources?
Lean Startup / Build-Measure-Learn.
What is the term for the money needed to start a business?
Startup capital.
Which female founders created She Leads Africa?
Afua Osei & Yasmin Belo-Osagie.
What’s the purpose of an “elevator pitch”?
To explain your idea quickly and clearly in under 1–2 minutes.
What does “burn rate” mean?
The rate at which a startup spends its capital.
Name one African innovation that solved a community problem.
Examples: M-Pesa (mobile money), Zipline (drone deliveries), Flutterwave (payments).
What does MVP stand for in startups?
Minimum Viable Product.
Who founded Alibaba Group in China?
Jack Ma.
Name 3 things judges/mentors look for in a pitch.
Clarity, problem-solving, scalability (or similar).
What is a “seed round”?
The first official round of startup funding.
What leadership skill is most important for founders when facing challenges?
Resilience (or adaptability, problem-solving — allow flexibility in answers).