Entrep

What is entrepreneurship?

• The process of managing a large company

• The process of identifying, creating, and pursuing opportunities to establish and grow a business venture

• The act of investing in stocks and bonds

• The management of financial risks

Who is an entrepreneur?

• An individual who works as an employee for a company

• A consultant providing business advice

• A person who only invests in real estate

• An individual who initiates and manages a business venture, taking on financial and personal risks in pursuit of opportunities

What are entrepreneurs typically characterized by?

• Their financial status and wealth

• Their physical strength and endurance

• Their academic qualifications

• Their creativity, vision, resilience, and ability to identify and capitalize on market opportunities

What does 'risk' refer to in the context of entrepreneurship?

• The uncertainties and potential negative outcomes associated with starting and running a business

• The surety of success in a business

• The guaranteed profit from a business venture

• The fixed costs of running a business

What does macro-screening involve?

• Evaluating internal company performance

• Evaluating broader, external factors that can impact the business environment and overall industry trends

• Assessing employee productivity

• Monitoring day-to-day business operations

What does micro-screening focus on?

• External market trends and threats

• Government regulations and policies

• Global economic conditions

• Detailed, internal factors specific to the individual business idea or opportunity

What is competition in a business context?

• Sharing resources with competitors

• Rivalry between businesses that offer similar products or services

• Ignoring the presence of other businesses in the same market

• Collaboration between businesses offering similar products

Which of the following is a micro environmental factor?

• Technological environment

• Political environment

• Economic environment

• Suppliers

What is wage employment?

• Owning and managing a personal business

• Volunteering for a non-profit organization

• Freelancing and self-employment

• Working for someone else's business or organization in exchange for a salary or hourly wage

Which of the following is a macro environmental factor?

• Customers

• Social and cultural environment

• Employees

• Company