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WorksheetsEntrepreneurship
Total questions: 47
Worksheet time: 28mins
His theory does not consider risk taking and organizational skills.
Kuratko and Hodgetts
Richard Cantillon
Joseph Schumpeter
Peter Drucker
'Economic agents were classified as landowners, hirelings or workers and entrepreneurs.'Who said this?
Jean Baptiste Say
Frank Knight
Alfred Marshall
Richard Cantillon
Which of the following best describes an entrepreneur?
Has strong desire to achieve and is innovative
Recognizes opportunities but sacrifices them
Has the urge to keep a product in the existing market
Has a strong desire for money but does not go after it
Which of the following is NOT a myth associated with entrepreneurs?
Entrepreneurs are bold
All entrepreneurs are rich
Entrepreneurs generate ideas
Entrepreneurs are born, not made
Who said this ? Creative destruction is the process whereby products, processes, ideas and businesses are replaced with better ones.
Peter Drucker
Jean Baptiste Say
Richard Cantillon
Joseph Schumpeter
Which of the following is central to the concept of entrepreneurship?
Financing
Stabilization
Manufacturing
Innovation
Entrepreneurship involves the management of
processes, people and growth
global economies, people and growth
global economies, processes and growth
people, processes and regional economies
Which of the following is a driving force behind contemporary entrepreneurship?
Globalization
Demographic stability
Stagnation in innovation
Decreasing consumption
Which of the following does NOT encourage entrepreneurship?
Information revolution
Changing demographics
Technological advances
Government bureaucracy
Which of the following is a KEY characteristics for a successful entrepreneur?
Ability to work hard
Technical skills
Access to personal money
Eye for an opportunity
An individual who is in the process of starting a new venture for the first times is described as a
novice entrepreneur
serial entrepreneur
nascent entrepreneur
habitual entrepreneur
Which of the following factors distinguishes an entrepreneur from a traditional business owner?
Wealth
Ability to innovate
Number of start ups
Employment status
An entrepreneur who creates, starts and sells ventures is a
serial entrepreneur
portfolio entrepreneur
Novice entrepreneur
Habitual entrepreneur
An individual who has NO prior experience in starting up a business, inheriting a business or purchasing a business is a
serial entrepreneur
novice entrepreneur
habitual entrepreneur
portfolio entrepreneur
Which of the following BEST describes an entrepreneur when starting or expanding a business?
Opportunist
Angel funder
Venture capitalist
Calculated risk taker
Gender can constitute a barrier to the development of entrepreneurship when
venture financing availability is based on one's gender
venture capitalist invest in multiple ventures
both men and women are free to access venture capital
both men and women are given the same level of entrepreneurial training
Jenny started her business one year ago . The business failed. As a typical entrepreneur, what will Jenny MOST likely do?
Go to work for a major corporation
Try to learn from her failed venture
Give up becoming a successful entrepreneur
Spend the rest of her life wondering what happened to her business
Which of the following is NOT a method of generating a venture idea?
Training
Checklist
Notebook
Brainstorming
Which of the following organizations will MOST likely give financial assistance and technical support to implement a business idea?
central banks
angel investors
commercial banks
business development agencies and programmes
An entrepreneur creates new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying
threats
people
products
opportunities
Every business venture starts with
capital
an idea
a market
an opportunity
What is LAST step to be taken by an entrepreneur in selecting a business opportunity?
Preparing a business plan
Screening of business opportunity
Evaluating self and the community
Identifying the needs and wants of customers
Which of the following strategies can be described as both harvesting and exit?
Licensing
Shut down
Management buyout
Family succession
Which of the following following is a characteristic of a business idea?
Always abstract
May look bad at first
Always structured and systematic
Requires more than one person to generate
The first step in the entrepreneurial process ESSENTIALLY involves
idea generation
resource mobilization
opportunity identification
business concept utilization
Planning for unexpected growth in an entrepreneurial venture involves
determining future goals and objectives
assigning tasks and allocating resources
motivating persons towards achieving goals
ensuring that performance is in accordance with goals
Demographic segmentation strategies separate potential customers into
age,gender and income
region, city and population
loyalty, product use and culture
lifestyle, social class and education
Which of the following factors should an entrepreneur consider MOST when hiring employees?
Skills and education
Wages, motivation and benefits
Skills, experience and education
Performance appraisal , skills and education
Which of the following is NOT a source of a business concept?
New markets
New products
Existing markets
New organizational structures
Financial funding( backing) offered to an entrepreneur in return for an equity position in his/her venture is known as
leasing
outsourcing
angel funding
supplier financing
What type of financing is venture capital funding
equity
long term debt
preferred stock
short term debt
The process by which a small group of people interact to product a large quantity of imaginative ideas is called
idealization
brainstorming
mind mapping
group thinking
Authors or publishers of software are protected under
patent
copyright
trademark
trade security
Which of the following core innovative concepts describes managing continuity in an entrepreneurial venture?
Radical
Modular
Incremental
Architectural
Which of the following core innovative concepts provides customers with products which they never knew they needed?
Modular
Incremental
Discontinuous
Architectural
Sources of innovation include
1 change in behavior
2 new technology
3 deregulation
1 and 2
1 and 3
2 and 3
1,2 and 3
Which of the following methods of protecting innovation and creativity can be used for creation of the G-pan steel pan in Trinidad and Tobago?
patent
branding
copyright
registered design protection
Which of following is NOT a source of innovation?
Deregulation
New technology
Existing markets
Changing demographics
Creative and innovative secret herbs and spices used by a popular multinational company through franchised outlets for the preparation of fast food is protected under
copyright
trademarks
trade secrets
intellectual property
Which of the following may be used ti protect a specific way of doing business and the underlying computer codes, programs and technology?
Patent
Copyright
Trademark
Trade secret
Which of the following may be regarded as a micro level condition for nurturing innovation?
Social or changing demography
Organizational culture that inspires innovation
Ethics or adherence to sound principles to sound principles by regulators
Entrepreneurship policies developed and implemented by government
What type of innovation can be described by the term 'supply chain'?
Process
Position
Product
Paradigm
One special type of mobile phone has gone through a series of small improvements overs the years which has helped to keep its competitive position . This type of innovation can be described as
modular
incremental
product
service
What type of innovation leaves the existing components and the core design concepts essentially untouched, but changes the ways in which the components are linked?
Modular
Incremental
Architectural
Discontinuous
Which of the following are forms of protection for intellectual property rights?
1 Patent
2 Trademark
3 Copyright
1 and 2
1 and 3
2 and 3
1,2 and 3
An entrepreneur's failure to adhere to sound business practices can be considered as
behaving unethically
ignoring indigenous customs
not observing local regulations
ignoring entrepreneurial decisions
Which of the following is NOT one of the four Ps of innovation type?
Price
Process
Position
Paradigm
