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Entrep- Evolution Of Entrepreneurship

Total questions: 12

Worksheet time: 8mins

Name
Class
Date
1.

Which theorist defined the entrepreneur as an agent who purchases and combines the factors of production into a production process?

a)

Frank Knight

b)

Richard Cantillon

c)

Jean Baptiste Say

d)

Joseph Schumpeter

2.

The entrepreneur always searches for change, responds to it and exploits it as an opportunity .


The above statement can be attributed to which of the following theorists.

a)

Peter Drucker

b)

Jean Baptiste Say

c)

Richard Cantillon

d)

Max Weber

3.

Entrepreneurship is BEST described as

a)

starting a business

b)

Developing an idea

c)

A process of exploiting an opportunity to provide goods and services

d)

Being involved in a business activity

4.

Which of the following statements BEST reflects the nature of entrepreneurship

a)

Entrepreneurship and management are the same.

b)

Entrepreneurship involves the willingness to undertake a risk

c)

Entrepreneurship takes place within a large organization

d)

Entrepreneurship involves creativity alone

5.

Which of the following statements can be attributed to the work of theorist Joseph Schumpeter?


i. The ability to transform spontaneous learning is a key characteristic of the entrepreneur.


ii. Innovation is seen as creative destruction


iii. Entrepreneurs are engaged in value creation


iv. entrepreneurship involves product creation, product development and new market entry

a)

i, ii, iii and iv

b)

ii and iii

c)

ii and iv

d)

i and iv

6.

The capacity and willingness to create, establish, organize and manage a business venture and to assume the risk involved is appropriately termed

a)

Entrepreneur

b)

Entrepreneurship

c)

entrepreneurial spirit

d)

Business acumen

7.

Which of the following factors is NOT a key element of entrepreneurship?

a)

Innovation

b)

Creativity

c)

Opportunity

d)

Number of employees

8.

Which of the following BEST describes

an entrepreneur?

a)

Has a strong desire to achieve and is innovative

b)

Recognizes opportunities but sacrifices them

c)

Has the urge to keep a product in the existing market

d)

Has a strong desire for money

9.

“Creative destruction is the process whereby products, processes, ideas and

businesses are replaced with better ones.”

Which of the following theorists made

this proposition?

a)

Peter Drucker

b)

Jean Baptiste Say

c)

Richard Cantillon

d)

Joseph Schumpeter

10.

Which of the following is central to the

concept of entrepreneurship?

a)

Financing

b)

Stabilization

c)

Manufacturing

d)

Innovation

11.

Entrepreneurship involves the

management of

a)

processes, people and growth

b)

global economies, people and growth

c)

global economies, processes and growth

d)

people, processes and regional economies

12.

Who is the father of entrepreneurship?

a)

Peter Kilby

b)

David McClelland

c)

Richard Cantillon

d)

Joseph Schumpeter