15 Entrepreneurship Interview Questions and Answers

As the world of work continues to evolve, so do the skills that employers are looking for in their employees. One skill that is becoming increasingly important is entrepreneurship.

Entrepreneurship is the process of designing, launching, and running a new business or enterprise. Individuals who are successful in entrepreneurship display many qualities, such as creativity, risk-taking, determination, and perseverance.

If you’re hoping to land a job that requires entrepreneurial skills, you need to be prepared to answer interview questions about your experience and qualifications. In this guide, we’ll share some of the most common entrepreneurship interview questions and answers.

1. What is entrepreneurship?

This question is a great way to test your knowledge of entrepreneurship. It also allows you to show the interviewer that you understand what it means to be an entrepreneur and how important this role is in business. When answering, define entrepreneurship by explaining what it is and why it’s so important.

Example: “Entrepreneurship is the process of starting a new business or company. Entrepreneurs are people who have ideas for businesses and take action on them. They’re willing to take risks and work hard to make their idea successful. There are many different types of entrepreneurs, including social entrepreneurs, lifestyle entrepreneurs and more.”

2. Why would you like to become an entrepreneur?

This question is a great way to show your passion for entrepreneurship. It also allows you to talk about what motivates you and why you want to be an entrepreneur. When answering this question, it can be helpful to discuss the challenges you’ve overcome as an entrepreneur or how you overcame them.

Example: “I would like to become an entrepreneur because I love being my own boss. I enjoy having the freedom to make my own decisions and take risks that may benefit me in the long run. I have always been someone who likes to solve problems on my own, so becoming an entrepreneur has allowed me to do just that. In fact, when I first started out, I had no idea what I was doing, but I learned from my mistakes and became better at running my business.”

3. Can you explain what it means to be a risk-taker?

Entrepreneurs often need to take risks in order to succeed. Employers ask this question to make sure you understand what it means to be a risk-taker and how it relates to entrepreneurship. In your answer, explain what a risk is and why entrepreneurs might take them. Explain that taking risks can help you achieve success as an entrepreneur.

Example: “Risk-taking is when you put yourself out there even though you don’t know the outcome. Entrepreneurs are constantly taking risks because we’re trying new things and making decisions without all of the information. I think being a risk-taker is important for entrepreneurs because it helps us grow our businesses. If we didn’t take any risks, we would never try anything new or different.”

4. How do you evaluate risks?

Entrepreneurs often have to make decisions that involve risk. Employers ask this question to learn how you approach these situations and determine which risks are worth taking. Use your answer to explain the steps you take when evaluating a risk. Share an example of a time you took a risk in your previous role, and discuss what factors contributed to your decision.

Example: “When I evaluate risks, I first consider the potential benefits and costs of each option. If there is a clear benefit to one choice over another, then I will choose it. However, if both options seem equally beneficial, I will look at other factors like the probability of success or failure and my ability to mitigate any risks. For instance, as a marketing manager for a tech company, I had to decide whether we should invest in developing a new app. We weighed the cost of development against the projected revenue from sales. Ultimately, we decided to create the app because our research showed that it would be profitable.”

5. What are the benefits of being an entrepreneur?

This question is a great way to show your enthusiasm for entrepreneurship. It also allows you to discuss the benefits of being an entrepreneur, which can be important to employers who are looking for people with entrepreneurial skills. When answering this question, it can be helpful to list several benefits and explain why they’re beneficial.

Example: “There are many benefits to being an entrepreneur. For one thing, I love having control over my work life. As an entrepreneur, I get to make all the decisions about how I run my business, which means that I’m in charge of what projects we take on, how much we charge for our services and more. Another benefit is that I have flexibility when it comes to scheduling. I can set my own hours as long as I meet deadlines and produce quality work.”

6. Tell me about a time when you had to take a big risk in order to achieve something important for your business.

This question can help an interviewer get a better sense of your risk-taking abilities and how you handle challenging situations. Use examples from previous experiences to highlight your ability to make decisions quickly, analyze risks and take action in the face of uncertainty.

Example: “In my last role as a marketing manager for a small business, I had to create a new campaign that would increase sales by 20% within six months. The company was already doing well, so it was difficult to come up with ideas that were both innovative and realistic. After several brainstorming sessions with my team, we decided on a social media campaign that would target millennials who were just starting their careers. We knew there was some risk involved since our client base wasn’t entirely millennial, but we also knew that this age group was more likely to buy our products online.”

7. Do you think that entrepreneurs often have to make difficult choices between profit and social good? If yes, can you give some examples where such situations occur frequently?

This question is designed to assess your understanding of the challenges that entrepreneurs face. It also helps employers understand how you would approach such situations in their company.

Example: “Yes, I think this is a common occurrence for many entrepreneurs. In my previous role as an entrepreneur, I had to make this choice quite often. For example, when deciding whether or not to hire more employees, I considered both profit and social good. Ultimately, I decided to hire more employees because it was important to me to provide jobs to people who needed them. However, I did so while keeping costs low by hiring part-time employees.”

8. What’s your opinion on the importance of creativity in business?

Creativity is an important skill for entrepreneurs because it allows them to come up with new ideas and solutions. Your answer should show the interviewer that you understand how creativity can help your business succeed. You can also use this question as an opportunity to talk about any creative skills or experiences you have.

Example: “Creativity is a crucial skill for entrepreneurs because it helps us find innovative ways to solve problems. I believe that every entrepreneur has their own unique way of thinking, which makes them more likely to come up with creative solutions. In my last role, I was tasked with coming up with a new marketing strategy for our company. I decided to hold a brainstorming session with all of my coworkers to see what they thought would be the best approach. We came up with several great ideas that we implemented.”

9. What makes you think you’re qualified to run a company?

This question is a great way for employers to learn more about your confidence and self-awareness. When answering this question, it can be helpful to highlight some of the skills you have that make you an effective leader. You may also want to mention any leadership roles you’ve had in the past.

Example: “I think I’m qualified to run a company because I have plenty of experience working with others to achieve goals. In my last position as a marketing manager, I helped develop strategies to increase sales by 20% within six months. We ended up reaching our goal two months early, which was due to my team’s hard work and dedication.”

10. Have you ever started a new venture from scratch? What was the biggest challenge you faced during its launch?

This question is a great way to show your ability to start something from the ground up. It also allows you to share some of your experiences and how you overcame them.

Example: “I started my own marketing agency three years ago, which was quite challenging at first because I had no clients or experience in running a business. However, I used my entrepreneurial skills to find new clients and build relationships with them. Eventually, I built enough momentum that I could hire employees and delegate tasks so I could focus on growing the company.”

11. What are the main differences between running a small startup versus a large corporation? Which one would you prefer to work with after graduation and why?

This question is a great way to assess your entrepreneurial skills and how you would apply them in different situations. Your answer should show that you understand the differences between working for small businesses versus large corporations, as well as which one you prefer.

Example: “The main difference between running a small startup and a large corporation is the amount of control you have over your work environment. In a small startup, you are more likely to be involved in every aspect of the business, from hiring new employees to creating marketing strategies. However, I think I would prefer to work with a larger company because it offers more stability and security than a startup.”

12. What kind of people do you enjoy working with? Who are you most comfortable collaborating with?

This question can help the interviewer get a sense of your personality and how you interact with others. It’s important to be honest in your answer, but it can also be helpful to mention some specific qualities that make these people enjoyable to work with.

Example: “I enjoy working with people who are highly motivated and creative thinkers. I’m most comfortable collaborating with people who have different perspectives than me because it helps us come up with more innovative solutions to problems. In my last role, I worked with a team of five other people, all of whom had unique skills and personalities. We were able to collaborate effectively and support each other when we needed it.”

13. What’s your opinion on the importance of networking in business?

Networking is an important skill for entrepreneurs to have. It can help you find new clients, partners and employees. When answering this question, it’s a good idea to explain why networking is beneficial and how you use it in your own business.

Example: “Networking is one of the most valuable skills I’ve learned as an entrepreneur. In my last job, I was tasked with finding new customers for our company. I started by reaching out to people who were already customers. They referred me to their friends and family members, which led to more sales. Networking has helped me grow my business in many ways.”

14. What would you consider the greatest achievement of your career?

This question is a great way to learn more about the candidate’s career and how they view their own success. It can also be an indicator of what motivates them, which can be useful for employers who are looking for someone with entrepreneurial skills.

Example: “I would say that my greatest achievement was when I started my first business at age 15. I had no idea what I was doing, but I learned as much as I could from books and online resources. I made many mistakes along the way, but I eventually found success. That experience taught me so much about entrepreneurship and helped me develop the skills I use today.”

15. What do you see yourself doing ten years from now?

This question is a great way to learn more about an applicant’s career goals. It can also help you determine if the applicant would be happy in this role for the long term. When answering, it’s important to show that you have plans and ideas for your future. You should include what you hope to accomplish by then and how this position will help you get there.

Example: “I see myself running my own business ten years from now. I’m hoping to start small with a freelance design company and eventually grow into a full-service marketing agency. This internship would give me valuable experience working on a team while still allowing me to take on projects independently. I think these skills will help me achieve my goal of starting my own business.”