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Entrepreneurship Definitions and Concepts Quiz

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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?

The conceptualization of entrepreneurship at the firm level. Signup and view all the answers

What characterizes entrepreneurial firms according to the text?

Being proactive, innovative, and risk-taking. Signup and view all the answers

Why do people become entrepreneurs according to the text?

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

What is the number one characteristic shared by successful entrepreneurs?

Passion for the business Signup and view all the answers

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

They are moderate risk takers Signup and view all the answers

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

They are tenacious despite failure Signup and view all the answers

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

Introverted Signup and view all the answers

What is the main reason entrepreneurs start new firms?

Money is rarely the reason Signup and view all the answers