THC10 Entrepreneurship Quiz #1

Which economist emphasized the role of innovation in entrepreneurship as carrying out "new combinations"?

• Richard Cantillon

• Frank H. Knight

• Joseph A. Schumpteter

Why is innovation considered a crucial aspect of entrepreneurship?

• Because it reduces financial risks

• Because if increases the number of competitors

• Because it allws for the creation of new products and processes

• Because it guaranteees immediate profits

How can entrepreneur distinguish between risk, ambiguity, and true uncertainty in their business decisions?

• By relying solely on statistical data

• By understanding that risk is measurable statistically, ambiguity is hard to meausre statistically and true uncertainty is impossible to estimate.

• By acoiding any decisions involving uncertainty.

• By seeking expert opinions without considering the nature of uncertainty.

Why is it crucial for an entrepreneur to develop a comprehensive business plan after identifying a business opportunity?

• To increase the complexity of the business idea

• To discourage employees from participating in the decion-making process

• To have a benchmark and evaluation criteria for the venture

• To avoid seeking inputs from others.

Why is the step of resourcing important in the entrepreneurial process?

• To discourage financial investment

• To eliminate the need for human resources

• To identify sources for financing and acquiring human resources

• To bypass the need for financing and personnel

How do innovative entrepreneurs differ from imitating entrepreneurs in their approach to entrepreneurship?

• Innovative Entreprenurs never take risks

• Imitating entreprenerus are industry leaders

• Innovative entrepreneurs invent new ideas and products

• Imitating entrepreneurs create entirely new markets

How would you characterize Fabian Entepreneurs based on their attitude toward innovation?

• They are pinoeers in inventing new technologies

• They immediately embrace and implement any new innovation

• They are cautious and wait for innovations to prove themselves

• They imitate other entrepreneurs innovations without hesittaion

How doe entrepreneurs contribute to the development of new market?

• By satisfying exisitng needs

• By relying solely on traditional sources

• By discovering new sources of materials

• By introducing new technologies

How do entrepreneurs contribute to employment creation?

• By reducing job opportunities

• By avoiding new technologies

• By monopolizing capital resources

• By establishing and expanding business

Why is Generation Y considered a prime target for a food-service business?

• Because they prefer fine dining experiences

• Because they are a smaller generation than Generation X

• Because they have strong family values

• Because they go for fast-food and quick service items