ENTREPRENEURSHIP CHAPTER QUIZ 1

Which of the following best reflects the application of opportunity recognition in entrepreneurship?

• Hiring competent staff

• Launching a business before others see the trend

• Borrowing capital from family

• Avoiding market competition

During the product-oriented phase, which action best reflects refinement?

• Posting on social media

• Redesigning a prototype based on customer feedback

• Registering the business name

• Outsourcing production

If a new bakery spends 6 months surveying customer taste preferences, this best represents:

• Operational efficiency

• Team management

• Market research

• Risk analysis

Launching involves market positioning, which can best be illustrated by:

• Hiring family members

• Matching your product price to a competitor

• Identifying how your product is unique in a competitive field

• Filing tax paperwork

An entrepreneur who regularly holds team meetings to assign tasks and review goals focuses on:

• Product development

• Customer awareness

• Financial oversight

• Team management

What key characteristic do all types of entrepreneurs share?

• Avoidance of risk

• Passion for copying ideas

• Initiative and opportunity recognition

• Dependence on loans

A serial entrepreneur is best described as:

• An entrepreneur who copies ideas

• One who starts and grows multiple businesses over time

• Someone who supports social causes only

• One who avoids market competition

A social entrepreneur would most likely:

• Focus on generating the highest possible profit

• Create a product to benefit underprivileged communities

• Outsource to reduce local employment

• Avoid regulatory requirements

Which type of entrepreneur would most likely disrupt an industry by launching something new?

• Imitative

• Serial

• Innovative

• Social

An entrepreneur avoids launching due to fear of negative feedback. This reflects:

• Financial failure

• Technical incompetence

• Social risk

• Team misalignment