Lesson 1 - Recap

What is a common characteristic of successful entrepreneurs?

• Overconfidence

• Lack of planning

• Resilience

• Avoiding risks

The entrepreneurial process typically ends with:

• Idea generation

• Market testing

• Firm growth and scalability

• Business registration

A salary-substitute firm is typically started to:

• Create groundbreaking innovation

• Replace the income the founder would earn in a conventional job

• Build a business empire

• Attract venture capital funding

How can an entrepreneur develop a successful business idea?

• Focus solely on personal interests

• Copy a competitor's business model

• Invest heavily without a plan

• Identify a market need, research, brainstorm solutions, validate the idea, and create a business plan.

What is the first step in the entrepreneurial process?

• Hiring a team

• Securing funding

• Making a decision to be entrepreneur

• Creating a business plan

What does it mean to move from idea to firm?

• It involves writing a business plan.

• It means transforming a concept into a structured business entity.

• It refers to brainstorming new ideas.

• It means creating a new product line.

What motivates individuals to become entrepreneurs?

• Pursuit of academic degrees

• Interest in government jobs

• Desire for independence and financial gain.

• Desire for a stable 9-to-5 job

A successful entrepreneur is usually:

• Afraid of change

• Highly adaptable and persistent

• Disinterested in competition

• Focused only on short-term profits

Which of the following is a common myth about entrepreneurs?

• Entrepreneurs need to have passion

• Entrepreneurs are made, not born

• Entrepreneurs are always young and energetic

• Entrepreneurs learn from failure

Which of the following best describes a lifestyle firm?

• A company aiming to be acquired by a large corporation

• A business started to support the owner’s preferred way of life

• A firm that replicates someone else’s business model

• A startup focused solely on franchising