QUIZ1_ECC101

It refers to the cognitive approach entrepreneurs use to make sense of complex business situations by recognizing patterns and applying experience-based judgments.

It is the deep and consistent drive that pushes an entrepreneur to pursue their vision despite external and internal challenges.

A person who initiates, innovates, and bears the risk of a business venture is known as an ________.

The process of spotting gaps in the market and transforming them into viable business ideas is called ________

A mindset that views effort, continuous learning, and setbacks as part of the entrepreneurial journey is known as the ________ mindset.

You’ve developed a tech-based business idea that you truly believe in, but you're receiving little to no support from your peers, your parents question its practicality, and you lack startup capital. Based on the entrepreneurial characteristics and cognitive processes you've learned, how would you respond to this situation? What mindset and strategies would you apply to move forward and prove your idea's potential?

Which is most essential for opportunity recognition in business?

• Observational skills and pattern recognition

• Relying solely on past experience

• Staying within comfort zones

• Avoiding all risk

What entrepreneurial trait enables a person to push forward even after repeated failures?

• Charisma

• Confidence

• Assertiveness

• Resilience

Which of the following best describes an entrepreneurial mindset?

• A forward-thinking attitude that embraces uncertainty, innovation, and learning from failure

• A fixed belief that only individuals with capital can succeed in business

• A behavior of waiting for market trends before making decisions

• A mental framework that relies on trial-and-error without planning

Which of the following best shows a person has a growth-oriented mindset?

• Avoids high-risk ventures in favor of security

• Accepts feedback, reflects on failure, and makes improvements

• Maintains rigid plans despite changing market conditions

• Focuses only on short-term income