ENT Summative Test 1

What is the main goal of entrepreneurship?

• To gain employment
• To raise taxes
• To develop a business venture for profit
• To create laws

Who is considered an entrepreneur?

• A government worker
• A person managing an inherited business
• A person who creates and manages a business
• A shareholder

Which of the following is NOT a level of entrepreneurial development?

• Self-employed mindset
• Managerial perspective
• Technical specialist
• Entrepreneurial investor

What type of entrepreneur relies heavily on hard work and persistence?

• Innovator
• Hustler
• Buyer
• Researcher

What is one disadvantage of being an innovator?

• Minimal competition
• Fast success
• High capital requirement
• Low market demand

Which entrepreneurial level focuses on building self-sustaining organizations?

• Self-employed
• Manager
• Owner/Leader
• Investor

Which competency involves controlling impulses and continuing despite difficulties?

• Risk Management
• Self-motivation and Self-discipline
• Decisiveness
• Interpersonal Skills

How does entrepreneurship impact national income?

• By reducing job opportunities
• By increasing government spending
• By producing more jobs
• By closing local businesses

What distinguishes imitators from innovators?

• They avoid new ideas
• They improve existing ideas
• They dislike business trends
• They avoid competition

Why is customer focus important in entrepreneurship?

• To reduce product costs
• To ensure government compliance
• To understand and meet customer needs
• To promote internal decisions