Unit 1 Quiz

Why are Entrepreneurs important to a society?

• Entrepreneurs create jobs, drive innovation, and contribute to economic growth.
• Entrepreneurs hinder economic growth and job creation
• Entrepreneurs focus on making money for their families

• I don't agree - Entrepreneurs are not important to society.

What is an Entrepreneurial mindset?

• To be Risk averse and focusing on the traditional methods previously tried

• To be closed-minded and resistant to change
• To rely solely on luck and not on calculated decisions as these can be biased

• To think creatively, take calculated risks, and be open to new opportunities.

What is an Entrepreneur?

• An entrepreneur is a person who works for someone else and does not take any risks
• An entrepreneur is a person who is not involved in actual business activities

• An entrepreneur is a person who only focuses on making a loss in business
• An entrepreneur is a person who starts a business and is willing to take risks in order to make a profit.

What is an Intrapreneur?

• Someone who is not involved in turning ideas into profitable products
• An employee within a company who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation.

• A type of entrepreneur who works outside of a company
• An employee within a company who is very risk averse and doesn't like innovation

What are some of the similarities between and Entrepreneur and an Intrapreneur?

• Follow traditional methods and avoid taking risks
• Prefer to work alone and avoid collaboration
• Innovative and take initiative to create new opportunities
• Resistant to change and new ideas

Mention differences between an Entrepreneur and an Intrapreneur?

• An entrepreneur has no control on the business, while an intrapreneur does.

• An entrepreneur is innovative while an intrapreneur creates new job opportunties.

• 1. 1. An Intrapreneur takes on Financial risk, an Entrepreneur doesn't. 2. An Intrapreneur works alone, while an Entrepreneur works with a team

• 1. An entrepreneur starts their own business, while an intrapreneur works within an existing organization to innovate and create new opportunities. 2. An entrepreneur takes on the financial risk of their venture, while an intrapreneur operates within the safety net of an established company.

What type of entrepreneurs do we have?

• Big business entrepreneurs
• Corporate entrepreneurs
• Non-profit entrepreneurs
• Different types of entrepreneurs include small business entrepreneurs, scalable startup entrepreneurs, social entrepreneurs, and lifestyle entrepreneurs.

What is the link between business development and Entrepreneurship?

• Entrepreneurship is not related to business development at all
• Business development is only about starting new businesses
• Entrepreneurship is only about growing existing businesses
• Entrepreneurship involves starting a new business, while business development involves growing an existing business.