L01. Introduction to Entrepreneurship (BAC)

What is the definition of entrepreneurship?

• The act of creating a business with no risk involved

• The act of creating a business while bearing all the risk in hope of making profit

• The process of joining an existing business

• The process of investing in an established business

Who is an entrepreneur?

• A person who invests in an existing business

• An individual who creates a new business and bears the risks

• A person who works for a large corporation

• A person who is not involved in any business activities

What is the main difference between a businessman and an entrepreneur?

• A businessman is a market leader, while an entrepreneur is a market player

• A businessman is people focused, while an entrepreneur is profit oriented

• A businessman is a risk taker, while an entrepreneur is risk averse

• A businessman creates the market for his own business, while an entrepreneur starts a business on an old concept or idea

What is the role of creativity in entrepreneurship?

• Creativity is the process of managing a business effectively

• Creativity is the novel step of being the first to identify that something might be possible

• Creativity is the action of putting things into practical reality

• Creativity is not important in entrepreneurship

What are the three primary reasons that people become entrepreneurs?

• Desire to pursue own ideas, financial reward, desire to be a market leader

• Desire to be own boss, desire to work for a large corporation, financial reward

• Desire to be own boss, desire to pursue own ideas, financial reward

• Desire to work for a large corporation, desire to pursue own ideas, financial reward

Which of the following is a characteristic of successful entrepreneurs?

• Inability to execute plans effectively

• Risk averse

• Passion for the environment

• Focus on products and customers

What is a common myth about entrepreneurs?

• Entrepreneurs are gamblers

• Entrepreneurs are not risk takers

• Entrepreneurs are not born, they are made

• Entrepreneurs are not motivated by money

What is the economic impact of entrepreneurial firms?

• Reduction in job opportunities

• No impact on society

• Innovation and job creation

• Decrease in new products and services

What is the impact of entrepreneurial firms on larger firms?

• No impact on larger firms

• Creation of new products and services for larger firms

• Enhancement of productivity at work for larger firms

• Decrease in efficiency of larger firms

What is the main reason entrepreneurs start new firms?

• Lack of other job opportunities

• Passion for the business

• Desire to be own boss

• Pursuit of money