INTRODUCTION TO ENTREPRENEURSHIP Quiz 1

What is an entrepreneur?

• Someone who manages an existing business
• Someone who creates and runs a new business venture, taking on financial risks
• An individual who invests in stocks
• A manager within a large corporation

Which of the following is a key trait of an entrepreneur?

• Avoids risks
• Resistant to change
• Passionate about their business
• Prefers routine tasks

How does an intrapreneur differ from an entrepreneur?

• Intrapreneurs do not take risks
• Intrapreneurs work within a company, while entrepreneurs start their own businesses
• Intrapreneurs focus on investments
• Intrapreneurs are not involved in innovation

According to Joseph A. Schumpeter, entrepreneurship is based on:

• Risk avoidance
• Systematic innovation
• Routine management
• Costcutting strategies

What is the first stage in the entrepreneurial decision process?

• Harvesting
• Resourcing
• Discovery
• Concept Development

Which of the following best describes 'ethical sourcing'?

• Buying the cheapest products available
• Buying from suppliers who ensure safe working conditions and respect workers’ rights
• Maximizing profit at any cost
• Ignoring environmental standards

Which role does entrepreneurship play in economic development?

• competition
• Concentrates economic power
• Promotes balanced regional development
• Limits job creation

The term "skunkworks" refers to:

• A group of intrapreneurs kept separate from the rest of the organization
• The main headquarters of a corporation
• A new retail store concept
• An accounting method

Which trait is NOT typically associated with successful entrepreneurs?

• Tolerant of ambiguity
• Decisive
• Visionary
• Complacent

What does the 'Harvesting' stage of the entrepreneurial process involve?

• Generating business ideas
• Developing a business plan
• Operating the business
• Deciding on the future growth or development of the business