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WorksheetsEntrepreneurship UNIT 1 (The Nature of Entrepreneurship)
Total questions: 51
Worksheet time: 38mins
An entrepreneur is someone who identifies _______________, starts and grows a business, and assumes the ______________ and rewards of the venture.
an economy and inflation
a mortgage and economy
an opportunity and risk
an adaption and policy
Entrepreneurism is a fluid and dynamic process, one where you need to:
anticipate and adapt
refuse to react
predict and overlook
prepare and ignore
Entrepreneurs try to create value, while managing ___________ resources in a changing, uncertain business environment.
plentiful
disruptive
scarce
innovative
When a business innovation dramatically changes the normal order of things, it is said to be:
fluid
disruptive
adaptive
lifestyle
Being an entrepreneur is not only a career choice, but also a lifestyle that may offer some level of:
stable income
certainty
broker fees
independence and flexibility
Entrepreneurship starts with and revolves around ________________.
out-sourcing
the supply chain
an opportunity
compliance
What three things need to be analyzed during the Discovery stage of the entrepreneurial process to determine if an idea can become an opportunity?
mail, materials, market
materials, market, marketing
market, margin, mission
margin, MBA, digital marketing
A Business Plan might also be called a
innovation and/or details
balance sheet and/or cash flow statement
human resource policy manual and/or bank loans
roadmap and/or pitch deck
During the 3rd stage of the entrepreneurial process, “Resourcing”, which of these is often helpful?
Analyzing the market, margin, and mission
bootstrapping
writing a pitch deck
deciding whether to sell the company or not
The 4th stage in the entrepreneurial process is:
Harvesting
Run the Business
Discovery
Resourcing
This stage of the entrepreneurial process is where you evaluate if the company is a success or a failure:
Resourcing
Discovery
Harvesting
Business Plan
This stage of the entrepreneurial process is where you determine if your idea fills a void or gap in the marketplace, whether it meets a want or need:
Discovery
Resourcing
Harvesting
Business Plan
A small business is generally defined as a company with fewer than:
25 employees
200 employees
5 employees
500 employees
Entrepreneurship is a process, involving identifying opportunities, solving problems, creating a business plan, assuming risk, managing scarce _____________, and running/operating a business with a focus on ____________ and growth.
resources, innovation
innovation, resources
marketing, accounting
risk, review
The primary differences between small business and entrepreneurship are in the areas of growth, __________, vision, and ___________.
innovation and risk-taking
mission and manufacturing
vocation and marketing
hobbies and talent
The difference between small business and entrepreneurship has nearly nothing to do with size, and nearly everything to do with:
capital
characteristics
competition
number of employees
The introduction of something new – a new idea, product, method, device, or service, is called:
vocation
vision
financial risk
innovation
Which type of entrepreneurship is mostly focused on making the world a better place?
Small Business Entrepreneurship
Mom and Pop
Large Company Entrepreneurship
Social Entrepreneurship
A plumber, electrician, hairdresser, and landscaper are examples of:
Small Business Entrepreneurship
Scalable Startup Entrepreneurship
Large Company Entrepreneurship
Social Entrepreneurship
Which type of entrepreneurship would recruit and hire many intrapreneurs?
Harvesting
Large Company Entrepreneurship
Small Business Entrepreneurship
Social Entrepreneurship
Which type of entrepreneurship is more focused on growing fast?
Discovery
Researcher Entrepreneurship
Scalable Startup Entrepreneurship
Social Entrepreneurship
This type of entrepreneurship attracts those who are creative and motivated, always looking for new ideas and inventions.
Researcher Entrepreneurship
Buyer Entrepreneurship
Small Business Entrepreneurship
Innovative Entrepreneurship
This type of entrepreneurship purchases existing businesses and uses their business experience and prowess to grow the businesses further.
Buyer Entrepreneurship
Researcher Entrepreneurship
Small Business Entrepreneurship
Innovative Entrepreneurship
This type of entrepreneurship observes other successful innovations, and then works to improve those products and services and/or make them more profitable.
Researcher Entrepreneurship
Buyer Entrepreneurship
Imitator Entrepreneurship
Innovative Entrepreneurship
An intrapreneur is someone who exhibits the same _________ and/or _________ of an entrepreneur, while working as an employee in a company.
duties and ownership
ownership and finance
debts and workload
traits and skills
An intrapreneur doesn’t take on the same level of __________ as an entrepreneur.
work
risk
enthusiasm
attention to detail
An Intrapreneur is someone who:
Works for himself/herself, taking all the risd
Works for a company, taking all the risk.
Works for a company, exhibiting characteristics and/or skills of an entrepreneur, but takes less risk.
Works for himself/herself, but taking less risk.
When a business innovation dramatically changes the normal order of things
(a)
Someone who identifies an opportunity by creating a solution to a problem, starts a business, assumes the personal and financial risk (and rewards) of the venture, and strives for constant improvement in an effort to grow the business and improve society.
(a)
A circumstance or set of circumstances that presents itself as something favorable to capitalize on or benefit from.
(a)
The process of identifying opportunities, cultivating resources (time, money, energy, people) and creating a business to solve problems.
(a)
A roadmap of the business’s goals and objectives, and the strategy and details of how those goals and objectives will be achieved.
(a)
The process of systematically scanning for technological, political, regulatory, social, and demographic changes to discover opportunities to produce new goods and services.
(a)
The 5th stage of the entrepreneurial process, where you evaluate if the company is a success or failure, and/or if it needs more time to prove itself.
(a)
Gathering together the necessary elements needed to start a business, also called the 3rd stage of the entrepreneurial process.
(a)
This type of entrepreneur buys existing businesses and tries to grow them further.
(a)
This type of entrepreneur uses hard work and bootstrapping to start build a business.
(a)
This is a cross between and innovator and a hustler, trying to improve on existing products in the marketplace.
(a)
This type of entrepreneur focuses on new ideas and innovation, trying to change the way people go about their lives, and to change society.
(a)
Scalable start-up that became a large company, while still trying to preserve their entrepreneurial nature.
(a)
This type of entrepreneur spends more time researching an idea before pursuing the venture, focusing more on data and facts, versus intuition.
(a)
This type of entrepreneur intends to be innovative and even disruptive, and to build a profitable business that can grow quickly.
(a)
Small businesses, often family owned, that intend to serve the local community, make a living, and focus less on growth than scalable start-ups.
(a)
Companies that are focused on creating products and services that make the world a better place; these can be non-profit, for profit, or a combination of the two.
(a)
Someone who identifies an opportunity by creating a solution to a problem, starts a business, assumes the personal and financial risk (and rewards) of the venture, and strives for constant improvement in an effort to grow the business and improve society.
(a)
The process of identifying opportunities, cultivating resources (time, money, energy, people) and creating a business to solve problems.
(a)
The introduction of something new; a new idea, product, method, device, or service.
(a)
This risk that financial stakeholders will lose money.
(a)
According to the United States Small Business Administration, generally companies with fewer than 500 employees are considered “small” businesses.
(a)
An aspirational view of the future, that if the company is successful in accomplishing its mission, the company and/or world might look a certain way.
(a)
A feeling of suitability for a particular career or occupation.
(a)
