Entrepreneurship Essentials Quiz
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Questions and Answers

What is the pursuit of entrepreneurship?

  • Managing common challenges in a small business
  • Discovering, evaluating, and capitalizing on opportunities to create new goods and services (correct)
  • Operating a business with fewer than 500 employees
  • Being part of a large, dominant organization

    • How is a small business defined?

  • Having a few employees, part of a large organization
  • Having fewer than 500 employees, independently owned and operated, not dominant in its field (correct)
  • Characterized by many innovative practices
  • Having over 500 employees, independently owned and operated, dominant in its field

    • What is the primary focus of an entrepreneurial venture?

  • To manage common challenges in a small business
  • To foster entrepreneurship in large companies
  • To initiate and build an organization rather than being only a passive part of one (correct)
  • To assess opportunities to start new businesses

    • Why do people become entrepreneurs?

    <p>To find and take advantage of money-making chances</p> Signup and view all the answers

    What does entrepreneurship involve?

    <p>Identifying and capitalizing on opportunities to create new and future goods and services</p> Signup and view all the answers

    What is the primary focus of an entrepreneurial venture?

    <p>Discovering, evaluating, and capitalizing on opportunities to create new goods and services</p> Signup and view all the answers

    What does small business entail?

    <p>Having fewer than 500 employees, independently owned and operated, and not dominant in its field</p> Signup and view all the answers

    What is the role of managers in fostering entrepreneurship in large companies?

    <p>Encouraging a culture of innovation and risk-taking</p> Signup and view all the answers

    What is the definition of entrepreneurship?

    <p>The pursuit of lucrative opportunities by enterprising individuals</p> Signup and view all the answers

    What does good business planning aim to increase?

    <p>Chances of success</p> Signup and view all the answers

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