Entrep- Evolution Of Entrepreneurship

Which theorist defined the entrepreneur as an agent who purchases and combines the factors of production into a production process?

• Frank Knight

• Richard Cantillon

• Jean Baptiste Say

• Joseph Schumpeter

The entrepreneur always searches for change, responds to it and exploits it as an opportunity .

The above statement can be attributed to which of the following theorists.

• Peter Drucker

• Jean Baptiste Say

• Richard Cantillon

• Max Weber

Entrepreneurship is BEST described as

• starting a business

• Developing an idea

• A process of exploiting an opportunity to provide goods and services

• Being involved in a business activity

Which of the following statements BEST reflects the nature of entrepreneurship

• Entrepreneurship and management are the same.

• Entrepreneurship involves the willingness to undertake a risk

• Entrepreneurship takes place within a large organization

• Entrepreneurship involves creativity alone

Which of the following statements can be attributed to the work of theorist Joseph Schumpeter?

i. The ability to transform spontaneous learning is a key characteristic of the entrepreneur.

ii. Innovation is seen as creative destruction

iii. Entrepreneurs are engaged in value creation

iv. entrepreneurship involves product creation, product development and new market entry

• i, ii, iii and iv

• ii and iii

• ii and iv

• i and iv

The capacity and willingness to create, establish, organize and manage a business venture and to assume the risk involved is appropriately termed

• Entrepreneur

• Entrepreneurship

• entrepreneurial spirit

• Business acumen

Which of the following factors is NOT a key element of entrepreneurship?

• Innovation

• Creativity

• Opportunity

• Number of employees

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

“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

Which of the following is central to the

concept of entrepreneurship?

• Financing

• Stabilization

• Manufacturing

• Innovation