Entrepreneurship Unit 1 Review

What is the difference between an Entrepreneur and Entrepreneurship?

• Entrepreneur is a process, Entrepreneurship is a person

• Entrepreneur is a person, Entrepreneurship is a process

• Both are the same

• None of the above

2. Which of the following is NOT a stage in the entrepreneurial process?

• Discovery

• Business Plan

• Marketing

• Harvesting

What is a key trait of entrepreneurs?

• Avoiding change

• Challenging the status quo

• Following instructions

• Minimizing growth

What percentage of U.S. small businesses fail within the first year?

• 10%

• 20%

• 30%

• 50%

5. Which of the following is a definition of opportunity?

• A problem to solve

• A circumstance favorable to capitalize on

• A business failure

• A market gap

What is the first stage of the entrepreneurial process?

• Business Plan

• Discovery

• Resourcing

• Harvesting

This test includes multiple choice and true/false questions based on the presentations. 7. Which type of entrepreneurship focuses on innovation and disruption?

• Hustler

• Scalable Startup

• Buyer

• Small Business

What is the goal of a business plan?

• To raise capital

• To outline goals and strategies

• To hire employees

• To sell products

Which entrepreneur started SPANX with $5,000?

• Oprah Winfrey

• Sara Blakely

• Steve Jobs

• Brian Chesky

What is the definition of outsourcing?

• Hiring local employees

• Getting goods/services from another supplier

• Selling products online

• Marketing abroad