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Entrepreneurship and Entrepreneurs Quiz

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Questions and Answers

What is the underlying principle behind entrepreneurs setting specific, measurable, attainable, realistic, and time-bound goals?

To show off their planning skills

To increase the chances of achieving the goals (correct)

To avoid setting any goals

To impress stakeholders with ambitious targets

How does high self-efficacy benefit entrepreneurs according to the text?

By turning negative feedback into positive and using it for improvement (correct)

By getting discouraged easily

By ignoring all feedback received

By avoiding feedback altogether

What distinguishes entrepreneurs who have a high need for achievement?

They prefer taking the easy route to success

They put in repeated efforts to accomplish their goals (correct)

They avoid setting ambitious goals to prevent failure

They are afraid of accomplishment

How does adaptability and flexibility contribute to an entrepreneur's success?

By managing change effectively and generating new actions in response to events Signup and view all the answers

Why must entrepreneurs be willing to take risks according to the text?

To identify and calculate risks effectively while developing new plans Signup and view all the answers

What is the main purpose of entrepreneurs differentiating their company's product or service?

To make its uniqueness and value clear Signup and view all the answers

What is a key characteristic of successful entrepreneurs regarding the scale of their business?

They start small and think big Signup and view all the answers

How do entrepreneurs typically initiate a venture according to the text?

By taking the initiative and venturing into business Signup and view all the answers

What is involved in the development of entrepreneurial autonomy based on the text?

Leading all activities in the business organization Signup and view all the answers

In SWOT analysis, which elements are considered as internal factors within a business?

Strengths and weaknesses Signup and view all the answers

What are core competencies in entrepreneurship primarily focused on?

Manpower capabilities, acquired assets, capital, and registered patents Signup and view all the answers

According to C.K. Prahalad and Gary Hamel, what is a key condition that a business activity must meet to be considered a core competency?

Providing superior value or benefits to the consumer Signup and view all the answers

What differentiates an entrepreneur as a missionary?

Having a passion for the business as a mission Signup and view all the answers

Why is goal-setting important for goal-oriented entrepreneurs?

To maximize results by working towards clear targets Signup and view all the answers

Why is marketing considered crucial for entrepreneurs?

To acquire and retain customers Signup and view all the answers