Entrepreneurship Quiz

Select the best definition for: Entrepreneurial innovation

• The process of translating an idea or invention into a good or service that creates value or for which customers will pay.

• The process of translating a business idea into a profitable small business, creating value for the owner.

• The process of creating a unique new invention to earn money for the business owner.

• The process of creating a target market or customer base for an existing business idea.

Select the best definition for: Design Thinking

• A process for creative problem solving, focused on the people experiencing the problem.

• The process of translating an idea or invention into a good or service that creates value or for which customers will pay.

• The process of creating a unique new invention to earn money for the business owner.

• A process for designing a modified product or service in order to steal customers from other businesses.

Entrepreneurship is NOT (select all that apply):

• Get rich-quick scheme

• Easy

• Road to Becoming Famous

• A mindset for those always looking for opportunity

• A good fit for those comfortable with taking risks

What is one of the purposes of establishing strong ethics as a business owner?

• To ensure a level of trust between the business and potential customers and partners.

• To enable a focus on profits, rather than customers or sales procedures.

• To ensure clear contracts and agreements between the business and vendors or partners.

• To enable the formation of a strong professional network.

Pick the best definition for: Entrepreneur

• An individual who creates a new business, bearing most of the risks and enjoying most of the rewards.

• A temporary organization that searches for a repeatable and scalable business model

• Started to fill a gap or provide a service, be your own boss

• A formally educated individual who invests in small businesses

Pick the best definition for: Startup

• A temporary organization that searches for a repeatable and scalable business model

• An individual who creates a new business, bearing most of the risks and enjoying most of the rewards.

• Started to fill a gap or provide a service, be your own boss

• A formally educated individual who invests in small businesses

Pick the best definition for: Small Business

• Started to fill a gap or provide a service, be your own boss

• An individual who creates a new business, bearing most of the risks and enjoying most of the rewards.

• A temporary organization that searches for a repeatable and scalable business model

• A formally educated individual who invests in small businesses

Pick two essential characteristics of successful entrepreneurs.

• Passionate and Purpose-Driven

• Profit-Oriented and Independent

• Formally Educated and Driven

• Extroverted and Aggressive

Dante's business is called Sock Nation. He and his team sell customized socks and slippers and donate a pair of shoes for every ten pairs of socks sold. Their priorities are satisfying an unmet need in the marketplace for custom socks and improving society. Their goals or vision includes expanding their product lines and customer segments as well as the magnitude of their social improvements. What type of entrepreneur would best describe Dante?

• Social Entrepreneur

• Hobby Entrepreneur

• Climate/Green Entrepreneur

• Generic Entrepreneur

Keira's business is called Sustainable Slabs. She and her team sell cutting boards and decorative wood products from reclaimed or recycled wood. Their priorities are creating beautiful home products through sustainable methods. Their goals or vision includes expanding to other products sourced from reclaimed natural resources. What type of business would best describe Keira's Sustainable Slabs?

• Climate/Green Entrepreneur

• Social Entrepreneur

• Hobby Entrepreneur

• Generic Entrepreneur