T01. Introduction to Entrepreneurship

What is entrepreneurship?

• The act of investing in an existing business

• The act of working for a business

• The act of creating a business while bearing all the risk

• The act of creating a business with no risk

What are the characteristics of an entrepreneur?

• Risk-averse, unmotivated, follower, myopic

• Risk-taking, self-motivated, innovator, observant

• Cautious, dependent, traditional, indecisive

• Lazy, uncreative, conformist, shortsighted

What is the first step in the entrepreneurial process?

• Idea Generation

• Planning and Development

• Feasibility Analysis

• Implementation and Execution

What is the advantage of entrepreneurship related to flexibility?

• Having a fixed schedule

• Setting your own schedule

• Working for someone else's schedule

• No flexibility at all

What is a disadvantage of entrepreneurship related to workload?

• Working only on weekends

• Short hours and easy work

• Long hours and hard work

• No work at all

What is the advantage of entrepreneurship related to independence?

• Following someone else's orders

• Having no control over decisions

• Being your own boss

• Being an employee

What is the third step in the entrepreneurial process?

• Implementation and Execution

• Feasibility Analysis

• Planning and Development

• Idea Generation

What is the advantage of entrepreneurship related to potential for high rewards?

• Financial failure

• Financial success

• No financial gain

• Limited financial potential

What is the importance of market research in entrepreneurship?

• To understand customer needs and preferences

• To increase competition in the market

• To ignore market trends

• To limit business growth

What is the role of innovation in entrepreneurship?

• To maintain the status quo

• To resist change

• To create new opportunities and solutions

• To discourage creativity