Chapter 1: Entrepreneurial Perspective

Who is referred to as highly enterprising and can see and evaluate business opportunities gather necessary resources?

• Entrepreneur
• Employee
• Investor
• Manager

What do you call the introduction of a new method, procedure, and improved substitution?

• Innovation
• Substitution
• Duplication
• Extrapolation

What are the rewards of an entrepreneur?

• Help others    

•  Earn profit    

• Top his/her creativity

• All the above

What is the main motive of business?

• To make a profit
• To create jobs
• To innovate
• To entertain

Which is not a form of innovation?

• Process

• Product

• Cheaper substitution

• Vintage Product

TRUE or FALSE: Innovation refers to the actual introduction of an old product or process.

• TRUE

• FALSE

TRUE or FALSE: Prestart-up stage happens when the entrepreneur starts to question the feasibility of an idea, product, or service.

• TRUE

• FALSE

TRUE or FALSE: An entrepreneur starts, manage and ignores the risk in a business enterprise.

• TRUE

• FALSE

TRUE or FALSE: In business, we need to assume the risk to be prepared.

• TRUE

• FALSE

TRUE or FALSE: Entrepreneurs need to generate the necessary capital before starting a business venture.

• TRUE

• FALSE