Entrepreneurship and Innovation Quiz

Which of the following best describes Lewis as an entrepreneur?

• He follows orders from others

• He copies existing ideas

• He takes initiative to innovate and solve problems

• He avoids taking risks

What economic lesson about entrepreneurship does this show?

• Entrepreneurs never fail

• Failure is proof of laziness

• Risk is a necessary part of the innovation process

• Only successful inventions are valuable

Why would another person want to steal and sell Lewis’s invention?

• It has no real-world value

• It could create demand and generate profit

• It’s easy to use

• Lewis gave it away

What does this phrase suggest about the mindset of successful entrepreneurs?

• Focus only on money

• Give up after failure

• Learn from failure and keep innovating

• Avoid future risks

Why is creativity an important trait for an entrepreneur?

What important entrepreneurial concept does this relate to?

• Bartering

• Intellectual property rights

• Inflation

• Subsidies

Which of the following is a non-monetary motivation for entrepreneurs like Lewis?

• Profit only

• Desire to make a difference

• Controlling the market

• Avoiding work

How can entrepreneurship help a society grow or improve over time?

Imagine Lewis started a company in the future to produce memory scanners. What are two things he would need to consider as an entrepreneur to run a successful business?