Entrepreneurship 101
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Questions and Answers

Which of the following best describes corporate entrepreneurship?

  • The use of entrepreneurial principles within an established firm (correct)
  • The act of becoming an entrepreneur
  • The study of successful entrepreneurs
  • The process of starting a new business

What are the main reasons people decide to become entrepreneurs?

  • Desire for independence, passion for their idea, and potential for financial rewards (correct)
  • Pressure from family and friends, desire for flexible work hours, and desire for creative expression
  • Lack of employment opportunities, desire for personal freedom, and desire for recognition
  • Financial stability, job security, and work-life balance

What are the four main characteristics of successful entrepreneurs?

  • Innovation, perseverance, willingness to take risks, and self-confidence (correct)
  • Lack of motivation, aversion to challenges, lack of leadership skills, and dependence on others
  • Risk aversion, conformity, lack of creativity, and reliance on others
  • Fear of failure, lack of vision, resistance to change, and low self-confidence

What are five common myths regarding entrepreneurship?

<p>Entrepreneurs are born, not made; entrepreneurs are only motivated by money; entrepreneurs are all young and tech-savvy; entrepreneurs always work alone; entrepreneurs have to come up with completely new ideas (D)</p> Signup and view all the answers

How do entrepreneurial firms differ from salary-substitute and lifestyle firms?

<p>Entrepreneurial firms focus on innovation, while salary-substitute and lifestyle firms focus on stability (B)</p> Signup and view all the answers

What is the importance of entrepreneurship?

<p>Entrepreneurship is important for economic growth and innovation (C)</p> Signup and view all the answers

What is corporate entrepreneurship?

<p>Corporate entrepreneurship refers to entrepreneurship within established firms (B)</p> Signup and view all the answers

What are the changing demographics of entrepreneurs in the United States?

<p>The number of immigrant entrepreneurs is increasing (B)</p> Signup and view all the answers

How do large firms benefit from the presence of smaller entrepreneurial firms?

<p>Large firms benefit from the competition and innovation brought by smaller entrepreneurial firms (D)</p> Signup and view all the answers

What is the entrepreneurial process?

<p>The entrepreneurial process is a collaborative effort (C)</p> Signup and view all the answers

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