Entrepreneurship Basics Quiz

What is the best definition of entrepreneurship?

• Managing an already successful business

• The process of identifying opportunities and turning ideas into business ventures

• Avoiding risks and focusing on stable jobs

• Working for a company as an employee

Who among the following emphasized innovation in entrepreneurship?

• Frank H. Knight

• Fred Wilson

• Joseph Schumpeter

• Henry Ford

How does an entrepreneur earn compared to an employee?

• Profit-based, no fixed salary

• Monthly salary with benefits

• Hourly wages

• Commission-only income

What is a key difference between an entrepreneur and an employee?

• Entrepreneurs follow company rules, while employees make independent decisions

• Entrepreneurs take high risks, while employees have minimal risks

• Entrepreneurs receive a fixed salary, while employees rely on profit

• Entrepreneurs work under supervision, while employees lead businesses

Why is a business plan important?

• To impress competitors

• To provide direction and minimize risks

• To spend more money on marketing

• To avoid hiring employees

What is the main purpose of a feasibility study?

• To determine if a business idea is worth pursuing

• To provide a step-by-step business plan

• To create a marketing strategy

• To attract investors

Which statement best describes a goal?

• A general long-term outcome

• A short-term, specific target

• A daily task list

• A financial forecast

Which is an example of a SMART objective?

• "Increase my GPA from 2.5 to 3.0 by the end of the semester through daily studying and review sessions."

• "Become more successful."

• "Start a business someday."

• "Improve my performance in school."

What is a target market?

• A group of customers a company wants to sell to

• Everyone in a specific country

• A group of business owners

• A company’s competitors

Which of the following is an example of demographic segmentation?

• Dividing customers by age and income

• Dividing customers based on climate

• Grouping people based on hobbies

• Segmenting customers by brand loyalty