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ENTREPRENEURSHIP MIDTERM EXAM

Total questions: 35

Worksheet time: 9hrs 45mins

Name
Class
Date
1.

An economist and theorist that define entrepreneurship as primarily concerned with the broad process through which new products or methods are created and introduced replacing conventional things or practices.

(a)  

2.

Development of entrepreneurship is essentially dependent on the (a)   , that is to say a special frame of mind marked by an independent energetic spirit to assume risks and of course, coverage to undertake something new.

3.

The word entrepreneur in English originated from the French word „entreprendre‟, meaning ­ (a)   .

4.

He defines an entrepreneur as a person who incubates new ideas, starts enterprises based on those ideas and provide added value to society based as their independent initiative.

(a)  

5.

This is the act or process of identifying business opportunities, assembling the necessary resources, taking calculated risks to initiate a successful business activity.

(a)  

6.

In this age, the term entrepreneur was used to describe both an actor and a person who managed large production projects. In such large production projects, this individual did not take any risks but merely managed the projects using the resources provided, usually by the government of the country.

(a)  

7.

Age where were frequently not distinguished from managers and were viewed mostly from an economic perspective

(a)  

8.

Age where entrepreneurs were frequently not distinguished from managers and were viewed mostly from an economic perspective

(a)  

9.

Characteristics of an entrepreneur where they prefer situations in which they can influence the outcome, and they like challenges if they believe the odds are in their favour. Entrepreneurs are often thought of in terms of the risk they assume

(a)  

10.

Characteristics of an entrepreneur where their focus is on creating a company with a strong financial base for future expansion. A strong enough dream and desire will always point towards success and provide the fuel to get there.

(a)  

11.

Entrepreneurs don’t mind working sixty to seventy-hour weeks, but they will do everything they can to preserve their private time. They schedule important meetings, during the week so that they can have weekends off for their personal life, which is very important to them.

(a)  

12.

A recent study of successful entrepreneurs showed that most of them worked for a large corporation for a number of years before they started their own business. In every instance, they used the corporate structure to learn everything they could about the business they intended to establish, before they started.

(a)  

13.

(a)   is an attribute that all successful entrepreneurs exhibit. They are dedicated to becoming their own boss. To this end, they will conduct extensive research campaigns into the advantages and disadvantages of their business ideas in their dedicated drive to start a business.

14.

It is a characteristic of an entrepreneur that is exhibited by their motivation to take action when and where necessary.

(a)  

15.

It is a characteristic of an entrepreneur that is confident of achieving realistic and challenging goals, coupled with a sense of effectiveness, will ultimately contribute to the success of the venture. They also have the ability to solve problems and make decisions which involves striving with determination.

(a)  

16.

He concluded that individuals often become entrepreneurs by being thrown into situations that force them to fashion their own means of economic livelihood. Immigrants fit in this model.

(a)  

17.

This theory is based on five psychological factors. This view states that people with high need for achievement have a tendency to strive for success.

(a)  

18.

It is an important aspect of personality. It is a belief about whether the outcomes of one‟s actions are contingent on what one does (internal control orientation) or an event outside ones personal control (external control orientation).

(a)  

19.

This the second of the major entrepreneurship theories. It focuses on the social context. This theory includes social networks, life course stage context, ethnic identification and population ecology.

(a)  

20.

It says that for someone to successfully initiate a venture the social and cultural context should be examined or considered. Here emphasis is on the culture entrepreneurship model or what has been referred to as indigenous entrepreneurship. The model says that new venture is created by the influence of one’s culture.

(a)  

21.

He is credited as the father of economic entrepreneurship theory.

(a)  

22.

It is a set of connections and regular patterns of interaction among people sharing common national background or migration experiences.

(a)  

23.

According to (a)   an ethnic group is „a segment of a larger society whose members are thought, by themselves or others, to have common origin and to share important segments of a common culture and who, in addition, participate in shared activities in which the common origin and culture are significant ingredients.

24.

Characteristics of an entrepreneur that’s one of the influential motivation theorists say that human beings have a need to succeed, accomplish, excel or achieve. Hence that person or individual will do all there is to move from the bottom of the ladder to the top.

(a)  

25.

It is the study of moral choices and values. Ethics involve choosing between right and wrong. Behaving ethically means behaving in an honest manner. Different cultures define ethical behaviour differently.

(a)  

26.

Most successful entrepreneurs have a well-considered business plan and have researched and developed their ideas before taking action.

a)

TRUE

b)

FALSE

27.

Most successful entrepreneurs start their companies with millions in venture capital to develop their idea, buy supplies, and hire employees.

a)

TRUE

b)

FALSE

28.

Entrepreneurial characteristics are universal.

a)

TRUE

b)

FALSE

29.

Focus Groups involves a group of 8 to 24 participants who are involved in an in-depth discussion led by a moderator. The group is stimulated by comments from other group members in creatively conceptualizing and developing a new product idea to fulfill a market need.

a)

TRUE

b)

FALSE

30.

Problem Inventory Analysis is a group method for obtaining new ideas and solution. Freewheeling is encouraged here where the wilder the idea the better, Quantity of ideas is also desired where the greater the number of ideas, the greater the likelihood of the emergence of useful ideas, combinations and improvements of ideas are encouraged; ideas of others can be used to produce still another new idea criticism is not allowed by anyone in the group.

a)

TRUE

b)

FALSE

31.

The creative process Action by itself has no meaning; it is of little value to simply „do things‟ without having inspiration and direction. Ideas usually evolve through a creative process whereby imaginative people germinate idea, nurture them, and develop them successfully.

a)

TRUE

b)

FALSE

32.

Innovation is a key function in the entrepreneurial process. Innovation according to ,can be defined as the process by which entrepreneurs convert opportunities (ideas) into marketable solutions. It is the means by which they become catalysts for change.

a)

TRUE

b)

FALSE

33.

Ethics is the study of moral choices and values. Ethics involve choosing between right and wrong. Behaving ethically means behaving in an honest manner.

a)

TRUE

b)

FALSE

34.

Entrepreneurs have responsibilities to the people they work and deal with. They also have responsibilities to the communities in which they are located. They even have a responsibility to the environment. An owner of your own business, you will also be forced to deal with what is right or wrong.

a)

TRUE

b)

FALSE

35.

Culture is a set of customs, beliefs, and social attitudes that characterize a particular group of people. Every society has its own culture, and even culture and its own characteristics

a)

TRUE

b)

FALSE