Entrepreneurship Quiz

According to the Oxford English Dictionary, an entrepreneur is one who:

• Works under a manager

• Undertakes an enterprise and acts as an intermediary between capital and labor

• Invests only in small businesses

• Manages a company without owning it

Which of the following is NOT a role of an entrepreneur according to Herbert and Link (1982, 1989)?

• Decision maker

• Industrial leader

• Employee of production factors

• Innovator

What is one of the key differences between an entrepreneur and a manager?

• Entrepreneurs do not take risks, while managers do

• Managers are the owners of businesses

• Entrepreneurs take financial risks, while managers receive a fixed salary

• Entrepreneurs do not innovate, while managers do

What is a primary function of an entrepreneur?

• Avoiding financial risk

• Imitating other businesses

• Organizing and coordinating resources

• Managing only one aspect of a business

An entrepreneur is best described as:

• An employer of factors of production

• A passive investor in businesses

• A salaried employee

• A consultant for businesses

McClelland's theory suggests that individuals with high need for achievement will:

• Avoid entrepreneurial activities

• Exhibit entrepreneurial behavior

• Prefer working under managers

• Focus only on financial security

Which of the following is NOT a motivation for an entrepreneur?

• Need for independence

• Need to exercise an innovative mind

• Desire to remain in a structured job

• Need for high returns on investment

Which motivation drives an entrepreneur to start a business due to job displacement?

• Curiosity

• Need to survive

• Need for financial security

• Restlessness

Entrepreneurs who want to improve their living standards fall under which category of motivation?

• Political motivations

• Social motivations

• Monetary motivations

• Innovative motivations

Which statement is TRUE regarding self-employment and entrepreneurship?

• All self-employed individuals are entrepreneurs

• All entrepreneurs are self-employed

• Self-employment and entrepreneurship are identical

• Entrepreneurship does not involve risk-taking