ENTREP: Introduction to Entrepreneurship
51 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is a systematic innovation according to Peter Drucker?

  • A spontaneous idea for a new business
  • A reaction to changes in the market
  • A purposeful and organized search for changes (correct)
  • A random search for opportunities

    • Which type of entrepreneur typically starts a business using their own savings?

  • Founder or pure entrepreneur (correct)
  • Franchisee
  • Owner-Manager
  • Second Generation Operator

    • What motivates an Achiever type of entrepreneur?

  • Family support
  • Unemployment
  • Government policies
  • Personal drive to excel (correct)

    • What type of entrepreneur is involved in the manufacturing of a product?

    <p>Industrial entrepreneur</p> Signup and view all the answers

    What is a characteristic of a Founder or pure entrepreneur?

    <p>They conceptualize a business plan and put in effort to make it a reality</p> Signup and view all the answers

    What type of entrepreneur is involved in merchandising activities?

    <p>Trading entrepreneur</p> Signup and view all the answers

    What is a characteristic of an Induced entrepreneur?

    <p>They are motivated by government policies or family support</p> Signup and view all the answers

    What type of entrepreneur demonstrates innovative skills in organizing and managing?

    <p>Corporate entrepreneur</p> Signup and view all the answers

    What type of entrepreneur started a business by innovative skills?

    <p>First Generation entrepreneur</p> Signup and view all the answers

    What is an essential characteristic of an entrepreneur?

    <p>Takes risks to make use of business opportunities</p> Signup and view all the answers

    Why is innovation important in entrepreneurship?

    <p>To make business more efficient and profitable</p> Signup and view all the answers

    What is one of the rewards of being an entrepreneur?

    <p>The wellbeing of consumers</p> Signup and view all the answers

    What is a risk of being an entrepreneur?

    <p>Risk of failure</p> Signup and view all the answers

    How do entrepreneurs contribute to the economy?

    <p>By earning profits that help the economy grow</p> Signup and view all the answers

    What is a result of entrepreneurship in a country?

    <p>Non-dependence on imported products</p> Signup and view all the answers

    What is the role of entrepreneurship in job creation?

    <p>Entrepreneurs provide jobs for others</p> Signup and view all the answers

    What is the process of entrepreneurship that involves innovating new methods?

    <p>Infusing all resources to produce innovative products and services</p> Signup and view all the answers

    What is the primary objective of an entrepreneur who is categorized as an Achiever?

    <p>To achieve personal growth and self-satisfaction</p> Signup and view all the answers

    What is the key characteristic of an entrepreneur who is classified as a Real Manager?

    <p>Strong leadership and management skills</p> Signup and view all the answers

    What is the primary difference between a Founder and a Second Generation Operator?

    <p>Role in the business's establishment</p> Signup and view all the answers

    What is a key benefit of being an entrepreneur according to the text?

    <p>Opportunity to express creativity and gain self-satisfaction</p> Signup and view all the answers

    What motivates an entrepreneur who is classified as an Induced entrepreneur?

    <p>Government policies and family support</p> Signup and view all the answers

    What is the primary role of a Franchisee in a business setup?

    <p>Operates a business using a licensed trademark and method</p> Signup and view all the answers

    What is a characteristic of an entrepreneur categorized as an Industrial entrepreneur?

    <p>Into manufacturing of a product</p> Signup and view all the answers

    What is a characteristic of an entrepreneur who is classified as an Owner-Manager?

    <p>Buys a business from the founder and invests time and resources</p> Signup and view all the answers

    What is a key difference between a Corporate entrepreneur and an Agricultural entrepreneur?

    <p>Industry or sector of operation</p> Signup and view all the answers

    What is a primary goal of an entrepreneur when running a business?

    <p>To generate profit for the business</p> Signup and view all the answers

    What is a characteristic of an innovative entrepreneur?

    <p>Innovates new methods to produce products and services</p> Signup and view all the answers

    How do entrepreneurs help the economy grow?

    <p>By earning profits</p> Signup and view all the answers

    What is a benefit of entrepreneurship to the country?

    <p>Non-dependence on imported products</p> Signup and view all the answers

    What is a key aspect of an entrepreneur's role in business?

    <p>To plan and make business decisions</p> Signup and view all the answers

    What is a characteristic of a valuable product?

    <p>It is cost-effective and solves a problem</p> Signup and view all the answers

    What is an outcome of entrepreneurship in a country?

    <p>Stopping influx to urban areas</p> Signup and view all the answers

    What is a role of entrepreneurs in job creation?

    <p>To provide jobs</p> Signup and view all the answers

    What is the primary goal of an entrepreneur when starting a new business?

    <p>To innovate and solve problems</p> Signup and view all the answers

    What do entrepreneurs provide to the economy?

    <p>Experience, work, goods and services, and profits</p> Signup and view all the answers

    What is a characteristic of a valuable product?

    <p>It solves a problem and is cost-effective</p> Signup and view all the answers

    Why is entrepreneurship important to a country?

    <p>It helps the economy grow, provides jobs, and offers goods and services</p> Signup and view all the answers

    What is an entrepreneur's role in business?

    <p>To plan, organize, and manage a business</p> Signup and view all the answers

    What is a risk of being an entrepreneur?

    <p>Risk of failure and unwanted responsibilities</p> Signup and view all the answers

    What do entrepreneurs do to make their businesses better?

    <p>They innovate and find ways to make their businesses more efficient and profitable</p> Signup and view all the answers

    What is a reward of being an entrepreneur?

    <p>Wellbeing of the consumer, and not always about money</p> Signup and view all the answers

    What is the primary goal of an entrepreneur who is classified as a First Generation Entrepreneur?

    <p>To start a business using innovative skills</p> Signup and view all the answers

    What type of entrepreneur is more likely to inherit a business from their family?

    <p>Second Generation Operator</p> Signup and view all the answers

    What is the primary difference between a Corporate entrepreneur and an Industrial entrepreneur?

    <p>One demonstrates innovative skills in organizing and managing, while the other is involved in manufacturing</p> Signup and view all the answers

    What motivates an entrepreneur who is classified as a Real Achiever?

    <p>Personal drive to excel</p> Signup and view all the answers

    What is the primary role of an Owner-Manager in a business setup?

    <p>To invest time and resources in a business</p> Signup and view all the answers

    What type of entrepreneur is known for expressing creativity and gaining self-satisfaction?

    <p>Founder or pure entrepreneur</p> Signup and view all the answers

    What is a characteristic of an entrepreneur who is classified as an Idea Generator?

    <p>They generate new business ideas</p> Signup and view all the answers

    What is the primary reason why entrepreneurs are considered their own bosses?

    <p>Because they are self-employed and make their own decisions</p> Signup and view all the answers

    What is a characteristic of entrepreneurship that involves innovating new methods?

    <p>Systematic innovation</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser