Entrepreneurial Mission Statement Relationship Quiz
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Questions and Answers

What is the relationship between a mission statement and an entrepreneur's passion?

  • A mission statement can sometimes conflict with an entrepreneur’s passion, causing internal conflict.
  • Entrepreneurial passion can sometimes derail the mission if it is too strong.
  • Entrepreneurial passion drives the steps necessary for a mission statement.
  • A mission statement helps guide the passion to keep the venture going and on target. (correct)

    • How does a mission statement help an entrepreneur?

  • By providing solutions to problems identified by the entrepreneur.
  • By keeping the venture going and on target. (correct)
  • By ensuring retirement planning for the entrepreneur.
  • By preventing any conflict between the mission and the entrepreneur’s passion.

    • Why does Fatima have an entrepreneurial mindset?

  • Because she is noticing problems that can be solved. (correct)
  • Because she has gained wisdom about these problems in her 50 years.
  • Because she is too close to retirement to invest effort into an entrepreneurial venture.
  • Because she is noticing problems but isn’t actively working to solve them.

    • Why is it incorrect to say that Fatima doesn't have an entrepreneurial mindset?

    <p>Because she is only noticing problems but isn’t actively working to solve them.</p> Signup and view all the answers

    What is a common characteristic of many new startups, based on the given text?

    <p>High levels of confidence in the entrepreneur finding employment should the venture go under</p> Signup and view all the answers

    Which scenario best illustrates the navigation step of an entrepreneurial journey?

    <p>Frank details the structure of his business including the framework he will follow.</p> Signup and view all the answers

    What is the benefit of having an initial launch in a small location, as advised to Deborah?

    <p>It is a 'safe' way to make mistakes.</p> Signup and view all the answers

    Which era does Sylvia, who has revolutionized the economic structure of her industry, belong to?

    <p>The knowledge economy</p> Signup and view all the answers

    In which stage of the entrepreneurial life cycle is Rahul, who has reached his return on investment and is ready to sell his venture for a profit?

    <p>Exit</p> Signup and view all the answers

    What approach is Dimitri engaging in by launching his entrepreneurial venture using his own funds, network connections, and labor without seeking significant external funding?

    <p>Bootstrapping</p> Signup and view all the answers

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