WorksheetsL01. Introduction to Entrepreneurship (BAC)
Total questions: 13
Worksheet time: 7mins
What is the definition of entrepreneurship?
The act of creating a business with no risk involved
The act of creating a business while bearing all the risk in hope of making profit
The process of joining an existing business
The process of investing in an established business
Who is an entrepreneur?
A person who invests in an existing business
An individual who creates a new business and bears the risks
A person who works for a large corporation
A person who is not involved in any business activities
What is the main difference between a businessman and an entrepreneur?
A businessman is a market leader, while an entrepreneur is a market player
A businessman is people focused, while an entrepreneur is profit oriented
A businessman is a risk taker, while an entrepreneur is risk averse
A businessman creates the market for his own business, while an entrepreneur starts a business on an old concept or idea
What is the role of creativity in entrepreneurship?
Creativity is the process of managing a business effectively
Creativity is the novel step of being the first to identify that something might be possible
Creativity is the action of putting things into practical reality
Creativity is not important in entrepreneurship
What are the three primary reasons that people become entrepreneurs?
Desire to pursue own ideas, financial reward, desire to be a market leader
Desire to be own boss, desire to work for a large corporation, financial reward
Desire to be own boss, desire to pursue own ideas, financial reward
Desire to work for a large corporation, desire to pursue own ideas, financial reward
Which of the following is a characteristic of successful entrepreneurs?
Inability to execute plans effectively
Risk averse
Passion for the environment
Focus on products and customers
What is a common myth about entrepreneurs?
Entrepreneurs are gamblers
Entrepreneurs are not risk takers
Entrepreneurs are not born, they are made
Entrepreneurs are not motivated by money
What is the economic impact of entrepreneurial firms?
Reduction in job opportunities
No impact on society
Innovation and job creation
Decrease in new products and services
What is the impact of entrepreneurial firms on larger firms?
No impact on larger firms
Creation of new products and services for larger firms
Enhancement of productivity at work for larger firms
Decrease in efficiency of larger firms
What is the main reason entrepreneurs start new firms?
Lack of other job opportunities
Passion for the business
Desire to be own boss
Pursuit of money
The process of creating something new that makes life better is called...
Technology
Brand recognition
Innovation
Opportunity cost
What is a disadvantage of entrepreneurship?
Personal satisfaction
Lower taxes
Uncertain income
Flexible schedule
Which of the following is NOT considered a risk of being an entrepreneur?
Long hours and hard work
Potential Business Failure
Providing value to others
Financial Insecurity
