Entrepreneurship and Corporate Innovation Quiz

Questions and Answers

What are the four distinct elements of the entrepreneurial process?

Deciding to become an entrepreneur, developing successful business ideas, moving from an idea to establishing an entrepreneurial firm, and managing and growing an entrepreneurial firm

What is the primary area in which entrepreneurial firms contribute the most?

Job creation and innovation

Who are increasingly becoming actively involved in the entrepreneurial process?

Young people, seniors, women, and minorities

What is one of the impacts that entrepreneurial firms have on society?

Improving health and productivity Signup and view all the answers

In addition to economic impact, how do entrepreneurial firms impact larger firms?

By providing products and services to increase efficiency Signup and view all the answers

What is the conceptualization of entrepreneurship at the organizational level known as?

Corporate entrepreneurship Signup and view all the answers

Which of the following is NOT a primary reason why people decide to become entrepreneurs?

To work for established corporations Signup and view all the answers

What are the four primary characteristics of successful entrepreneurs?

Passion for the business, product/customer focus, tenacity despite failure, execution intelligence Signup and view all the answers

Which type of firms bring new products and services to market by recognizing and seizing opportunities regardless of the resources they currently control?

Entrepreneurial firms Signup and view all the answers

What are the five most common myths regarding entrepreneurship according to the text?

Entrepreneurs are born, not made; Entrepreneurs are gamblers; Entrepreneurs are motivated primarily by money; Entrepreneurs should be young and energetic; Entrepreneurs love the spotlight Signup and view all the answers

Study Notes

Entrepreneurial Process

The four distinct elements of the entrepreneurial process are not specified in the text, but the question implies that there are four key elements involved.

Contributions of Entrepreneurial Firms

Entrepreneurial firms contribute the most in the area of innovation.

Increasing Involvement in Entrepreneurship

Women are increasingly becoming actively involved in the entrepreneurial process.

Impacts of Entrepreneurial Firms

One of the impacts of entrepreneurial firms on society is job creation.
Entrepreneurial firms also impact larger firms by forcing them to innovate and become more competitive.

Conceptualization of Entrepreneurship

The conceptualization of entrepreneurship at the organizational level is known as corporate entrepreneurship or intrapreneurship.

Reasons for Becoming Entrepreneurs

Having a hobby is NOT a primary reason why people decide to become entrepreneurs.

Characteristics of Successful Entrepreneurs

The four primary characteristics of successful entrepreneurs are not specified in the text, but are important for achieving success.

Types of Firms

Entrepreneurial firms bring new products and services to market by recognizing and seizing opportunities regardless of the resources they currently control.

Myths of Entrepreneurship

The five most common myths regarding entrepreneurship are not specified in the text, but are important to understand to have a clear perception of entrepreneurship.