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Entrepreneurial Competencies and Characteristics Quiz

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Entrepreneurial Competencies and Characteristics Quiz

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Questions and Answers

What is opportunity seeking in the context of entrepreneurial competencies?

The ability to recognize and pursue new business prospects, even in challenging situations.

Describe the commitment to the work contract skill in entrepreneurship.

Taking ultimate responsibility for finishing a job for customers.

What does persistence mean in the traits of successful entrepreneurs?

The determination to complete a task thoroughly, even if it requires personal sacrifices.

Explain the importance of commitment in entrepreneurship.

Commitment ensures that entrepreneurs fulfill their obligations to customers and work towards meeting contractual commitments. Signup and view all the answers

How does opportunity seeking contribute to entrepreneurial success?

It allows entrepreneurs to identify and capitalize on new business opportunities, leading to growth and innovation. Signup and view all the answers

Why is persistence considered a key trait for entrepreneurs?

Persistence enables entrepreneurs to overcome challenges, setbacks, and obstacles in the pursuit of their goals. Signup and view all the answers

What trait empowers entrepreneurs to exceed current standards of excellence by aiming to achieve tasks more efficiently, with higher quality, and at lower costs?

Demand for efficiency and quality Signup and view all the answers

What is the skill that involves the ability to connect, persuade, and sway other individuals, organizations, and groups to maintain strong business relationships?

Persuasion and networking Signup and view all the answers

Describe the entrepreneur's approach towards risks when investing resources in a business opportunity.

Entrepreneurs evaluate the risks tied to a chosen business opportunity, their capacity to handle them, the potential benefits, and the challenges involved to make a calculated decision. Signup and view all the answers

What is the entrepreneur's capacity related to establishing precise and ambitious yet realistic goals?

Goal setting Signup and view all the answers

What is the skill that involves the desire to seek necessary information to make well-informed decisions when choosing, launching, and effectively running a desired business?

Information seeking Signup and view all the answers

Explain the importance of systematic planning and monitoring for an entrepreneur.

Systematic planning and monitoring help entrepreneurs create plans for overseeing and assessing the business's progress to track actual performance compared to desired performance. Signup and view all the answers