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Entrepreneurial Core Competencies Quiz

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Questions and Answers

Which of the following is NOT a category of intrinsic motivation for entrepreneurs?

Affiliation motive
Power motive
Achievement motive
Reward motive (correct)

What is the primary characteristic of an entrepreneur that allows them to grow their business and satisfy customers?

Passion and constant motivation to achieve their targets
Relentless curiosity that drives them to explore novel concepts
Proactive in mitigating potential risks
Innovative approach to developing new market offerings (correct)

What is the key characteristic of an entrepreneur that allows them to be proactive in mitigating potential risks?

Relentless curiosity that drives them to explore novel concepts
Passion and constant motivation to achieve their targets
Innovative approach to developing new market offerings
Awareness of the potential risks of starting a business (correct)

What is the key difference between extrinsic and intrinsic motivation for entrepreneurs?

Extrinsic motivation fades away when the reward is absent or not at par with their interest, while intrinsic motivation is about the entrepreneur's passion for the business. (C) Signup and view all the answers

According to the passage, what drives entrepreneurial behavior and motivation?

A purpose to achieve specific objectives and revolutionize outdated methods (A) Signup and view all the answers

Which of the following is NOT a core competency for entrepreneurs according to the text?

Rigid adherence to hierarchical structures (A) Signup and view all the answers

Why is adaptability important for entrepreneurs?

To effectively manage all aspects of the business (B) Signup and view all the answers

Which of the following statements best describes the importance of communication skills for entrepreneurs, according to the text?

Communication skills are vital in various business areas, such as closing sales, boosting employee morale, resolving conflicts, and negotiating contracts. (B) Signup and view all the answers

Which of the following best describes the role of leadership for entrepreneurs, according to the text?

Entrepreneurs should display their passion, vision, and mission for the business in every interaction. (D) Signup and view all the answers

How should entrepreneurs approach collaboration with stakeholders?

Entrepreneurs should connect with stakeholders as equals and value their contributions. (D) Signup and view all the answers

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