Entrepreneurship Quiz

According to the International Labour Organization (ILO), an entrepreneur is someone who has the ability to:

• Avoid risks in business

• Create new products only

• See and evaluate business opportunities

• Sell any type of product

Which definition describes an entrepreneur as someone who starts a new venture and takes initiative and risk?

• Joseph Schumpeter

• David Holt

• A.H. Cole

• Stevenson & Jarillo

According to A.H. Cole, entrepreneurship is the purposeful activity to:

• Just create products

• Initiate and maintain profit through goods and services

• Avoid competition

• Build a business without planning

Joseph Schumpeter emphasized that entrepreneurship is based on:

• Following old business traditions

• Systematic and purposeful innovation

• Low-risk activities

• Selling only physical goods

Which definition describes entrepreneurship as pursuing opportunities without regard to resources currently controlled?

• ILO

• David Holt

• Stevenson & Jarillo

• Fred Wilson

Fred Wilson defines entrepreneurship as:

• Creating innovation for society

• The art of turning an idea into a business

• A risky venture requiring large capital

• A group activity that avoids challenges

In the ILO definition, entrepreneurs not only see opportunities but also:

• Depend on others for decision-making

• Ensure appropriate actions for success

• Avoid taking responsibility

• Focus only on customer relationships

Which definition highlights that entrepreneurship includes managers and directors who perform innovative functions?

• A.H. Cole

• David Holt

• Joseph Schumpeter

• Fred Wilson

According to David Holt, an entrepreneur creates something new primarily to:

• Benefit themselves alone

• Provide value to customers

• Compete with large corporations

• Reduce production costs

Which statement best summarizes the general idea of entrepreneurship across all definitions?

• It focuses on avoiding risks

• It is only about selling products

• It involves creating value by identifying and acting on opportunities

• It is a hobby, not a purposeful activity