Entrepreneurship and Small Business Concepts
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Questions and Answers

Which characteristic reflects an Entrep's ability to overcome difficulties in business?

  • Planning
  • Persistence (correct)
  • Information Seeking
  • Creativity

    • Entreps prioritize quantity over quality in their work.

    False

    What is a key behavior of Entreps regarding their approach to customer satisfaction?

    Information seeking

    The Entrep's commitment to work often leads them to work for long hours to keep promises to __________.

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

    Match the following characteristics of Entreps with their descriptions:

    <p>Creative = Solves complex problems Persistence = Overcomes difficulties Demand for quality = Strives for excellence Information Seeking = Conducts research to understand customers</p> Signup and view all the answers

    What is the primary role of an entrepreneur?

    <p>To innovate and organize resources to seize opportunities</p> Signup and view all the answers

    Entrepreneurship refers solely to innovation without any business aspect.

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

    Define innovation in your own words.

    <p>Innovation is the process of creating new products or services or enhancing existing ones.</p> Signup and view all the answers

    An entrepreneur is someone who is an innovator and seeks __________ to take advantage of.

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

    Match the following terms with their definitions:

    <p>Entrepreneur = An innovator who seeks opportunities Entrepreneurship = The process of starting a business Innovation = Creating new products or enhancing existing ones Startup = A new business established to develop a product or service</p> Signup and view all the answers

    Which of the following is NOT a characteristic of small businesses?

    <p>High level of innovation</p> Signup and view all the answers

    Entrepreneurship and interpreneurship are the same concepts.

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

    Name one key difference between small businesses and entrepreneurship.

    <p>Small businesses typically focus on local markets, whereas entrepreneurship often targets broader, innovative markets.</p> Signup and view all the answers

    An entrepreneur is focused on creating _____ opportunities, whereas an interpreneur innovates within existing business structures.

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

    What is a characteristic of social entrepreneurship?

    <p>Addressing social issues</p> Signup and view all the answers

    Corporate entrepreneurship encourages employees to think and behave like entrepreneurs.

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

    Name one example of a high technology entrepreneur mentioned in the content.

    <p>Steve Jobs</p> Signup and view all the answers

    A business run predominantly by family members is known as __________ entrepreneurship.

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

    Match the type of entrepreneurship with its description:

    <p>Social Entrepreneurship = Develops solutions for social issues Corporate Entrepreneurship = Creates new practices in corporations Family Entrepreneurship = Managed by family members High Technology = Focus on innovative tech products</p> Signup and view all the answers

    What is a primary characteristic of small businesses compared to entrepreneurship?

    <p>Aim for steady income</p> Signup and view all the answers

    Entrepreneurs typically rely on personal savings and small loans for funding.

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

    What is the key difference between entrepreneurship and intrapreneurship?

    <p>Entrepreneurship involves starting a business from scratch, while intrapreneurship focuses on innovation within an existing organization.</p> Signup and view all the answers

    In entrepreneurship, a significant aspect is taking personal financial _____ to address market needs.

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

    Match the following concepts with their definitions:

    <p>Entrepreneurship = Creating and managing a business from scratch Intrapreneurship = Innovating within an existing organization Small Business = Aimed at steady income with lower risk Venture Capital = Funding through investors for rapid growth</p> Signup and view all the answers

    What defines family entrepreneurship?

    <p>A business owned and operated by multiple family members.</p> Signup and view all the answers

    High-technology entrepreneurship is characterized by individuals who start multiple businesses at once.

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

    Name a founder known for high-technology entrepreneurship.

    <p>Steve Jobs</p> Signup and view all the answers

    An example of a family entrepreneurship is __________.

    <p>McDonald's</p> Signup and view all the answers

    What is a key reason for the importance of innovation in a company?

    <p>To stay relevant and profitable</p> Signup and view all the answers

    All innovators are risk-takers.

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

    What process is described as identifying deficiencies in products?

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

    An innovator is someone who is willing to try __________ things.

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

    Match the traits of an innovator with their descriptions:

    <p>Risk-taker = Willingness to face uncertainties Creative = Ability to think outside the box Solution-oriented = Focus on finding answers to problems Open-minded = Receptive to new ideas and concepts</p> Signup and view all the answers

    What is the primary focus of catchphrase entrepreneurship?

    <p>Designing and launching unique products</p> Signup and view all the answers

    Catchphrase entrepreneurship is primarily concerned with the growth of large corporations.

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

    What is organizational innovation?

    <p>Developing a new organizational strategy</p> Signup and view all the answers

    In your own words, describe what catchphrase entrepreneurship entails.

    <p>It involves designing, launching, and operating small businesses that offer unique products and services.</p> Signup and view all the answers

    Catchphrase is designed to operate a new business that is often subject to __________ expansion.

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

    Organizational innovation has no impact on a company's business practices.

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

    What is one potential outcome of organizational innovation?

    <p>Improved efficiency in business operations</p> Signup and view all the answers

    Match the following terms related to catchphrase entrepreneurship with their meanings:

    <p>Designing = The process of creating a new product or service. Launching = The act of introducing a new business to the market. Operating = The management and running of a business after its establishment. Expansion = Growth and increase of business reach or size.</p> Signup and view all the answers

    Organizational innovation can lead to a change in the company's __________.

    <p>business practices</p> Signup and view all the answers

    Match the following types of innovation with their descriptions:

    <p>Organizational Innovation = New strategies altering business practices Product Innovation = Introduction of new or improved goods Process Innovation = Enhancements in production methods Marketing Innovation = New techniques in promoting products</p> Signup and view all the answers

    Who founded Microsoft?

    <p>Bill Gates</p> Signup and view all the answers

    Small businesses typically have a large scope of operations.

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

    What is the primary motive for small businesses?

    <p>To gain profit</p> Signup and view all the answers

    The founders of Google.com are __________ and __________.

    <p>Larry Page, Sergey Brin</p> Signup and view all the answers

    Match the individuals with their associated companies:

    <p>Bill Gates = Microsoft Larry Page = Google Mark Zuckerberg = Facebook Sergey Brin = Google</p> Signup and view all the answers

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