Entrepreneurship Module 1

Which of the following statements is NOT a myth associated with entrepreneurs?

• Entrepreneurs are bold

• All entrepreneurs are rich

• Entrepreneurs generate ideas

• Entrepreneurs are born, not made

Which of the following does NOT encourage entrepreneurship?

• Information revolution

• Changing demographics

• Technological advances

• Government bureaucracy

Jenny started her business one year ago. The business failed. As a typical entrepreneur, what will Jenny MOST likely do?

• Go to work for a major corporation

• Try to learn from her failed venture

• Give up becoming a successful entrepreneur

• Spend the rest of her life wondering what happened to her business

Which of the following factors distinguishes an entrepreneur from a traditional small business owner?

• Wealth

• Ability to innovate

• Number of start-ups

• Employment status

Which of the following BEST describes an entrepreneur when starting or expanding a business?

• Opportunist

• Angel funder

• Venture capitalist

• Calculated risk taker

An individual who is in the process of starting a new venture for the first time is described as a

• novice entrepreneur

• serial entrepreneur

• nascent entrepreneur

• habitual entrepreneur

Which of the following is a driving force behind contemporary entrepreneurship?

• Globalization

• Demographic stability

• Stagnation in innovation

• Decreasing consumption

Which of the following BEST describes an entrepreneur?

• Has a strong desire to achieve and is innovative

• Recognizes opportunities but sacrifices them

• Has the urge to keep a product in the existing market

• Has a strong desire for money but does not go after it

Entrepreneurship involves the management of

• processes, people and growth

• global economies, people and growth

• global economies, processes and growth

• Government bureaucracy

• people, processes and regional economies

“Creative destruction is the process whereby products, processes, ideas and businesses are replaced with better ones.” Which of the following theorists made this proposition?

• Peter Drucker

• Jean Baptiste Say

• Richard Cantillon

• Joseph Schumpeter