WorksheetsEntrepreneurship Quiz
Total questions: 46
Worksheet time: 46mins
What systems discourage people from coming forward with entrepreneurial ideas? (Select all that apply.)
sustainable production within an economy
bureaucratic prevention of access to information
valuing self-reliance and ingenuity
corruption within an economy
Which of the following best describes an entrepreneurial mindset?
having an entrepreneurial education
desiring to take business risk for growth
having sufficient venture capital funding
knowing what business will be successful
What element(s) of potential success are crucial beyond simply having an entrepreneurial mindset?
funding and education
access to a larger pool of money
the number of businesses in your country
having an angel investor and a team
Part of the entrepreneurial perspective is solving problems to make lives easier.
True
False
What is institutional venture capital?
group of people pooling money to invest in ventures
those who provide funding early in a venture
money from family and friends
entrepreneurs who fund their own startup ventures
Why is the United States a country that “grows” successful entrepreneurs?
because there are few prescribed conformity traditions
because there are many immigrants
because of affinity marketing supporting immigrants
because there are a lot of retirees with pensions
All of the following except ________ describe entrepreneurs.
non conformists
corporate rebels
corporate sponsors
activists
Which of the following is not an example of a social-environmental entrepreneurial problem?
concern about pollution
concern for quality of life
concern for air quality
concern for government funding
There is only one type of entrepreneur.
True
False
Evernote cofounder, Phil Libin, said that changing the world is the only legitimate reason to start a company.
True
False
Which of the following is an example of an entrepreneur?
market leader
innovator
strategist
nonprofit
Which of the following is a key characteristic that encourages entrepreneurship?
support for freedom to innovate
geopolitical mindset
group-prescribed conformity
access to funding through bank channels
Which is not a contributing factor to the desire to become an entrepreneur?
moving a concept to materialisation of an idea
combination of retirement and longer life expectancy
certainty of employment and income
excitement and fun of creating something new
Which answer least describes the entrepreneurial aspect of Starbucks?
They wanted to compete with McDonalds and Dunkin Donuts which serve coffee.
There were few coffee shops in the US with a European flair.
They wanted to focus on producing high-quality coffee.
Its founder wanted to establish an American coffee empire.
Which of the following is not an example of a lifestyle venture?
creating a pasta company to increase jobs in Maine
starting a fashioned focused eyeglass company
organising trips and events for women traveling to India
making candles to earn money to support her family
Entrepreneurs launch only for-profit ventures.
True
False
Most theorists believe there is only one definition of entrepreneurial success, which is to make money.
True
False
The Burt’s Bees product line grew from an idea for a lifestyle entrepreneurial venture into a major company.
True
False
An opportunity-identifying perspective determines how a problem can be translated into a new opportunity to create a new venture.
True
False
Outside of the United States, there are few entrepreneurial ventures.
True
False
When a venture grows, less money is typically needed as early funding will yield greater profitability returns.
True
False
What are examples of entrepreneurship education that are driving growth? (Select all that apply.)
Students are connecting with business ideas.
Students receive scholarships for studying entrepreneurship.
Most universities are offering funding to young entrepreneurs.
More colleges are teaching entrepreneurship through classes and clinics.
The US is one of the most attractive countries for entrepreneurial ventures.
True
False
Because of the stress of starting a business, entrepreneurs tend to have shorter life expectancies.
True
False
Innovators often work on problems that are widely recognised, rather than only those unnoticed by others. Innovation can involve finding better solutions to well-known issues or improving existing solutions in a significant way.
True
False
Mcdonald's introduced an “all day breakfast” menu in 2017 that was hugely successful; it also targeted a larger segment (in part younger consumers) and brought back consumers who had chosen other options.
True
False
An entrepreneur is someone who ________.
creates a home-based business that sells products available through other retailers
creates a business around the idea of solving a problem
creates a small business based on other existing businesses
is highly creative
Which of the following is not a reason for the downward slide in the number of employees working for self-employed businesses?
difficulty in finding qualified employees
outsourcing activities
desire over control of one’s career
gig economy employment
What are the correct steps of the entrepreneurial journey?
Inspiration, Preparation, Assessment, Exploring Resources, Business Plan, Navigation, Launch
Inspiration, Preparation, Business Plan, Exploring Resources, Navigation, Launch, Assessment
Preparation, Assessment, Navigation, Inspiration, Business Plan, Exploring Resources, Launch
Inspiration, Preparation, Business Plan, Assessment, Navigation, Exploring Resources, Launch
Which is the most pragmatic way to plan a venture?
pursuing an existing franchise license
being frustrated with a situation
working for an independent contractor
quitting your job to start a venture
Which of the following is an example of bootstrapping?
completing a trial run of your launch
launching a venture under the radar
starting a business in your parent’s garage
maxing out personal credit cards to start a business
What is the most important aspect of the preparation step?
research and evaluation
research and gathering knowledge
gathering knowledge and exploring
evaluation and gathering knowledge
Bootstrapping is a cash management technique that most entrepreneurs use.
True
False
Bartering is a type of business plan.
True
False
Assessment is determining the idea you plan to offer through your venture.
True
False
Late-stage entrepreneurial failures rates are similar to those of early-stage startups, often due to never achieving traction or growing too quickly.
True
False
The planning process of a venture includes the financial and human resources to implement the idea.
True
False
A business model canvas (BMC) offers a simple, one-page tool used to design an innovative business model that can be presented to key stakeholders including significant partners.
True
False
An entrepreneurial mindset is a progressive way of thinking with an intent toward engaging in entrepreneurial activities, productions or solutions from a willingness to accept and act on new information.
True
False
Cash management includes the management of cash inflows and outflows to support the cash needs of the venture.
True
False
New information and unexpected twists and turns require a closed mindset to adjusting to these changes.
True
False
An entrepreneurial journey entails an understanding of or selection from among a series of decisions, opportunities, or obstacles with seven steps that assist with the advancement toward an entrepreneurial goal or dream.
True
False
A person might bootstrap when the venture is large enough or perfected to the point, even when attracting outside financing is feasible.
True
False
There are only certain ways to create frameworks and action plans.
True
False
A framework is an organised, step-by-step outline or guide that pulls together the ideas, thoughts, and key steps necessary to help set the stage for entrepreneurial success. An action plan is a structure or outlined process that can be used as the basis for developing or improving a venture.
True
False
Entrepreneurial venture refers to any business, organization, project, or operation that might require a significant amount of activity, risk, sacrifice or investment to achieve specific entrepreneurial goals or results.
True
False
