Entrepreneurial Discovery Quiz

Priya loves creating handcrafted soaps and often gets complimented on them. Her friends suggest turning this hobby into a business. What is the first entrepreneurial step she should take?

• Register a company

• Quit her job

• Assess market demand and her passion alignment

• Hire employees

Arjun spends weekends repairing old electronics. He considers starting a repair service. What key factor should he reflect on before starting?

• His college degree

• The size of his friend circle

• Whether he enjoys the work enough to do it full-time

• The number of gadgets he owns

Sara enjoys baking and shares her creations on Instagram. She's thinking of launching a bakery. What indicates she is on the path of entrepreneurial discovery?

• She takes baking classes every weekend

• She gets consistent customer inquiries on social media

• She bakes only on holidays

• She buys expensive baking equipment

Which activity reflects a step in identifying entrepreneurial potential from personal interests?

• Hiring a consultant to write a business plan

• Evaluating which hobbies solve a real-world problem

• Launching a product without testing

• Investing in unrelated ventures

Ravi wants to start a food truck but lacks funds. He decides to use a friend's idle van and cook with his own ingredients. Which effectuation principle is he applying?

• Lemonade Principle

• Affordable Loss

• Crazy Quilt

• Bird-in-Hand

Neha begins with a personal skill in graphic design and builds a freelancing venture by partnering with college peers. Which effectuation principle is demonstrated?

• Pilot-in-the-Plane

• Affordable Loss

• Crazy Quilt

• Lemonade

An entrepreneur chooses a low-investment prototype strategy instead of a large product launch. What effectuation principle is reflected?

• Bird-in-Hand

• Affordable Loss

• Crazy Quilt

• Pilot-in-the-Plane

During COVID-19, Ria's online teaching startup fails, but she pivots to teaching via WhatsApp and Zoom. Which principle does this show?

• Lemonade

• Crazy Quilt

• Affordable Loss

• Pilot-in-the-Plane

Which principle encourages entrepreneurs to focus on things they can control rather than predict?

• Effectual Prediction

• Pilot-in-the-Plane

• Strategic Forecasting

• Randomized Control

Rohan works in a tech firm and proposes a new AI feature that gets developed under his leadership. He is best described as a:

• Founder

• Venture Capitalist

• Intrapreneur

• Consultant