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 - many entrepreneurs work a full time regular job, and do a creative business on the side until it is healthy enough to provide full-time income.
2.The entrepreneurship spirit can NOT be cultivated or developed. You either have it or you don't.
b. False - People can learn to be creative, and study best practices to take their creative ideas to a profit making level.
3.To be a true entrepreneur, you need to start a business with the capital paid fully from your own money.
b. False - It's a great idea to invest some of your own money because it shows potential investors that you are invested in your business, and are willing to risk your own funds, but it is a great idea to be creative, and use funds from outside sources when they are willing to lend you the money to take your business to the next level.
4.Entrepreneurs enjoy gambling since they consider it to be the highest form of risk and hence comes with the highest returns.
b. False - Successful entrepreneurs have spent time learning how to read and understand financials, and have educated themselves to properly assess the cost to risk ratio, and not gamble. Instead, they make financially smart, calculated risks, with numbers that back their decisions.
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 have become experts at understanding the various aspects of feasibility studies, and can assess a business plan with confidence which stems from a complete understanding of the various aspects of feasibility studies.
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 - People who are strong in these areas might be lacking in the creativity and vision that is needed to launch an entrepreneurial business. It is possible that a person could be strong in all of these points, but the smart entrepreneur will partner with or hire the person who has the strengths he or she lacks.
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 - Successful entrepreneurs are people who have the ability to strategically add partners who give wise counsel, and bring strengths to the partnership that may be lacking in their own skills or personality.
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- If there is adequate time, a successful entrepreneur is able to become educated on the unfamiliar business, and apply their experience to the new and unfamiliar business. He or she will bring in experts to add to their knowledge, and it is very possible for the unfamiliar business to be successful.
9.Entrepreneurs are not sales people. They are managers and business owners and if they choose good businesses, those business sell themselves.
b. False - Every successful business has a visionary behind it who believes in it, and is able to sell the idea of it to venture capitalists, or Angel Investors or others who might partner in getting the new business off the ground. It is the visionary who drives the company launching, and he or she hires people to do those other necessary jobs. Many business owners are not true entrepreneurs. They are doing their business themselves, and they are not visionary salespeople who bring others in to launch the business growth to the next level. Those people are shop keepers or service providers who are business owners, but they are not entrepreneurs.
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 - It is never too late to learn the skills needed to realize your dreams if you are a true entrepreneur.
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