Entrepreneurship Definitions and Concepts Quiz
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Questions and Answers

What is entrepreneurship according to the academic definition by Stevenson and Jarillo?

  • The process of pursuing opportunities without considering current resources. (correct)
  • The act of controlling all resources in a business venture.
  • The process of securing resources for a business idea.
  • The act of turning a business idea into reality.

    • How can entrepreneurship be defined based on the alternative view?

  • The act of generating various ideas for a business venture.
  • The act of transforming an idea into a successful business. (correct)
  • The process of gathering all required resources for a business idea.
  • The art of managing available resources effectively.

    • What do entrepreneurs do according to the text?

  • Rely solely on their business model for success.
  • Focus only on securing financial resources.
  • Integrate all resources needed to transform an idea into a viable business. (correct)
  • Avoid taking risks in their ventures.

    • How is corporate entrepreneurship defined?

    <p>The conceptualization of entrepreneurship at the firm level.</p> Signup and view all the answers

    What characterizes entrepreneurial firms according to the text?

    <p>Being proactive, innovative, and risk-taking.</p> Signup and view all the answers

    Why do people become entrepreneurs according to the text?

    <p>To pursue opportunities, start their own firms, and for other reasons.</p> Signup and view all the answers

    What is the number one characteristic shared by successful entrepreneurs?

    <p>Passion for the business</p> Signup and view all the answers

    What is a key characteristic of successful entrepreneurs in terms of their approach to business?

    <p>They are moderate risk takers</p> Signup and view all the answers

    What is a defining characteristic of successful entrepreneurs in terms of their response to failure?

    <p>They are tenacious despite failure</p> Signup and view all the answers

    Which of the following is NOT listed as a common trait or characteristic of successful entrepreneurs?

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

    What is the main reason entrepreneurs start new firms?

    <p>Money is rarely the reason</p> Signup and view all the answers

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