Entrepreneurship Quiz 1

Entrepreneurship involves which of the following?

• Only managing an established company

• Taking risks blindly without planning

• Identifying opportunities, creating value, and managing risks strategically

• Selling a product without considering market demand

Which of the following traits is MOST essential for an entrepreneur?

• Fear of failure

• Willingness to embrace uncertainty and innovate

• Preference for job security

• Avoiding decision-making

Which statement about entrepreneurship is FALSE?

• Entrepreneurs must take extreme risks without preparation

• Entrepreneurship can be learned and developed

• Entrepreneurs must adapt to changing market conditions

• Execution and persistence matter as much as a great idea

An entrepreneur's primary focus should be:

• Creating value and solving real-world problems

• Avoiding competition at all costs

• Eliminating all risks

• Earning profits without long-term strategy

Which scenario best represents a calculated risk?

• Investing all your capital without market research

• Launching a business after analyzing trends and customer needs

• Copying a competitor’s business model without modification

• Delaying a business launch until the economy is perfect

How does innovation differ from invention?

• Innovation is completely new, whereas invention improves an existing idea

• Innovation improves existing ideas, while invention creates something entirely new

• They are interchangeable terms

• Neither affects entrepreneurship

Which funding source is commonly used by entrepreneurs?

• Relying only on personal savings

• Ignoring financial planning

• Crowdfunding and venture capital

• Depending solely on government grants

A successful entrepreneur is someone who:

• Prefers to work alone

• Avoids risks at all costs

• Adapts to challenges and seeks new opportunities

• Focuses only on profit and ignores customer feedback

A strong entrepreneurial mindset involves:

• Avoiding failure completely

• Seeing setbacks as learning experiences

• Expecting immediate success without effort

• Choosing a stable salary over growth opportunities

What is the main reason entrepreneurs create a business plan?

• To guarantee success

• To impress investors with unrealistic goals

• To outline strategies and guide decision-making

• To avoid competition entirely