GST301 Entrepreneurship Quiz & Flashcards

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Questions and Answers

What are the common elements of entrepreneurship?

Innovation, opportunity seeking and exploitation, resource mobilizing, and encountering risk and uncertainties (correct)

Ignorance, reluctance, and pessimism

Procrastination, laziness, and lack of focus

Inefficiency, complacency, and avoidance of risk

What are the common elements of entrepreneurship?

Innovation and creativity (correct)

Customer service and satisfaction

Resource management and financial planning

Risk-taking and uncertainty

What are the common elements of entrepreneurship?

Copying existing businesses, avoiding innovation, and relying on luck

Innovation, opportunity seeking and exploitation, resource mobilizing, and encountering risk and uncertainties (correct)

Resource hoarding, avoiding risks, and sticking to traditional methods

Having a large network, being charismatic, and being born into a wealthy family

What is the main objective of a business?

To earn profits Signup and view all the answers

What is the main objective of business according to the text?

To earn profits from producing, selling, and buying commodities Signup and view all the answers

What is the main objective of business?

To earn profits from producing, selling, and buying commodities Signup and view all the answers

What is the origin of the term entrepreneur?

It comes from the French words "entre" and "prendre" Signup and view all the answers

What is the origin of the term entrepreneur?

French Signup and view all the answers

Which skills are required for being an entrepreneur?

Marketing and advertising knowledge Signup and view all the answers

What is the origin of the term entrepreneur?

French Signup and view all the answers

What skills are required to be an entrepreneur?

Diverse business experience ranging from advertising and marketing knowledge to versatility in operations and financial skills Signup and view all the answers

What skills are required to be an entrepreneur?

Diverse business experience ranging from advertising and marketing knowledge to versatility in operations and financial skills Signup and view all the answers

What is the impact of entrepreneurship on society and the economy?

It benefits the entrepreneur, society, and the economy Signup and view all the answers

How has the COVID-19 pandemic affected entrepreneurship?

It has led many people to seek business opportunities to provide for their families Signup and view all the answers

What do entrepreneurs create by expanding the scope of their market and product creation?

More value Signup and view all the answers

What do entrepreneurs create by expanding the scope of their market and product creation?

Value Signup and view all the answers

How has the COVID-19 pandemic affected entrepreneurship?

It has led many people to seek business opportunities to provide for their families Signup and view all the answers

What has led many people to seek business opportunities during the COVID-19 pandemic?

The need to provide for their families Signup and view all the answers

Who benefits from entrepreneurship?

The entrepreneur, the society, and the economy Signup and view all the answers

What do entrepreneurs do to create value?

They expand the scope of their market and product creation Signup and view all the answers

How does entrepreneurship benefit society and the economy?

It benefits not only the entrepreneur but the whole society and the economy as well Signup and view all the answers

Study Notes

Entrepreneurship involves developing a profit-making business venture by searching for market opportunities, establishing and operating a business, and assessing its risks and rewards.
Entrepreneurs have the innate ability and extraordinary dedication to establish and manage a business, recognizing all the risks and reaping their rewards.
Innovation, opportunity seeking and exploitation, resource mobilizing, and encountering risk and uncertainties are common elements of entrepreneurship.
Entrepreneurs create value by expanding the scope of their market and product creation.
Being an entrepreneur requires diverse business experience ranging from advertising and marketing knowledge to versatility in operations and financial skills.
COVID-19 pandemic situations have led many people to seek business opportunities to provide for their families.
Online business is a booming industry these days and helpful to augment the basic needs of the family.
The main objective of business lies in the ability to earn profits from producing, selling, and buying commodities.
The term entrepreneur has a French source and was coined from the words entre and prendre.
Entrepreneurship benefits not only the entrepreneur but the whole society and the economy as well.

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Description

Are you interested in entrepreneurship and the world of business? Test your knowledge with our quiz! From the history of entrepreneurship to the skills required to be a successful entrepreneur, this quiz covers it all. Sharpen your understanding of market opportunities, risk assessment, and resource mobilization. Learn about the benefits of entrepreneurship for society and the economy. This quiz is perfect for anyone looking to expand their knowledge of entrepreneurship, whether you're a seasoned business owner or just starting out.