Ch. 1 Revision

Entrepreneurship is mainly focused on:

• Continuation of an existing business

• Idea generation and implementing new business ideas

• Following traditional business methods

• Avoiding risks in business

Entrepreneurship is best described as:

• A way to get employed

• A method to utilize resources effectively

• A chance to work in government jobs

• A non-profit activity

According to Baumol’s definition, entrepreneurship includes:

• Just economic opportunity-seeking behavior

• All kinds of opportunity-seeking behavior, including political rent-seeking

• Only innovative ideas

• Only the adoption of new technologies

An example of an innovative entrepreneur is:

• Shahnaz Husain

• Bill Gates

• A small shopkeeper

• An employee in a factory

Entrepreneurs who improve upon existing ideas and gain an upper hand in the market are known as:

• Innovative entrepreneurs

• Fabian entrepreneurs

• Drone entrepreneurs

• Imitative entrepreneurs

Women entrepreneurship involves a business enterprise that is owned, managed, and controlled by women with a minimum financial interest of:

• 35%

• 51%

• 75%

• 100%

Entrepreneurship is considered a career option when:

• You are satisfied with your current job

• You prefer working under someone

• You enjoy taking risks and being your own boss

• You want to avoid decision-making

Which of the following is an example of a push factor in entrepreneurship?

• Family history of entrepreneurship

• Dissatisfaction in the current job

• Availability of resources

• New business opportunities

Social entrepreneurship primarily aims at:

• Generating maximum profit

• Solving social and environmental problems

• Dominating market competition

• Replicating existing business models

Which type of entrepreneurship involves not taking any initiative for change or innovation?

• Innovative entrepreneurship

• Fabian entrepreneurship

• Drone entrepreneurship

• Corporate entrepreneurship