Startup 101

What is the definition of a startup?

• An unincorporated business where the owner pays own income tax from profits

• Founded to develop a product/service that entrepreneurs believe has demand

• Buys goods/services from merchants with the purpose of reselling for profit

Which is NOT a fact of startups?

• Most startups’ success is not guaranteed

• Competitive advantage is based on differentiation

• Ideas will always go as planned

What is the failure rate of startups?

• More than 10%

• More than 30%

• More than 50%

The key objective of a business is to solve a problem in the society to earn a value proposition in the market.

• True

• False

Which is NOT the main reason that most startups fail?

• Poor management

• Outrun by competition

• Reckless spending on personal interests

What is one of the alarming signs that the startup is going to fail?

• Losing passion for the business

• Focused on objectives

• Ability to pivot

Which of the following is one of the solutions startups can carry through to overcome failures?

• Use personal funds for more capital

• Only focus on the internal business environment

• Have a sustainable business model

Startups should pay attention on the following, except:

• The target market’s wants and needs

• Remaining on the exact same product and business plan

• Understanding their competition