Entre Quiz Chapter 1

What is the definition of entrepreneurship?

• The process of creating art and literature

• The process of starting and managing a business venture to make a profit

• The process of managing a non-profit organization

• The act of investing in stocks and bonds

What role do entrepreneurs play in the economy?

• They only focus on personal wealth

• They eliminate competition

• They create jobs and contribute to employment

• They reduce the need for innovation

Which quality is NOT typically associated with successful entrepreneurs?

• Visionary

• Resilient

• Indecisive

• Creative

What is one opportunity in entrepreneurship mentioned in the text?

• Limited market access

• Expanding into international markets

• Avoiding technology

• Focusing solely on local sales

What challenge did Sarah face when starting her bakery?

• Securing a loan

• Hiring employees

• Managing finances

• Finding a location

Which of the following is a characteristic of successful entrepreneurs?

• Avoidance of risks

• Fear of failure

• Lack of creativity

• Strong leadership qualities

What did Sarah initially do to sell her baked goods?

• Advertised on television

• Participated in international trade shows

• Sold to friends and family

• Opened a storefront

Which entrepreneur is mentioned as an example of local entrepreneur?

• Steve Jobs

• Tan Sri Tony Fernandes

• Bill Gates

• Elon Musk

What is a key driver of economic growth according to the text?

• Consumer spending

• Government regulations

• Entrepreneurship

• Corporate monopolies

What did Sarah do to expand her business?

• Stopped selling online

• Started offering custom cakes

• Reduced her product line

• Closed her shop