Entrepreneurship Introduction Objectives Quiz

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What is the key difference between an Entrepreneur and an Ordinary Small Business owner?

Entrepreneurs do not advocate entrepreneurship principles, while Ordinary Small Business owners do.

Ordinary Small Business owners continuously improve their skills, unlike Entrepreneurs.

Entrepreneurs manage and operate self-owned ventures, while Ordinary Small Business owners don't. (correct)

Ordinary Small Business owners focus on wealth creation, while Entrepreneurs provide valuable goods and services.

What defines Entrepreneurship Mindset according to the text?

A way of thinking that hinders learning from mistakes and taking action on ideas.

A mental attitude that discourages continuous skill improvement.

A way of thinking that enables you to overcome challenges and take responsibility for outcomes. (correct)

Being unresponsive to challenges and not taking responsibility for outcomes.

What differentiates Small Business from Ordinary Small Business?

Small Businesses provide unique goods and services, while Ordinary Small Businesses don't.

Small Businesses correctly adopt entrepreneurship principles, unlike Ordinary Small Businesses. (correct)

Small Businesses are not self-owned ventures, unlike Ordinary Small Businesses.

Small Businesses are not wealth-creating ventures like Ordinary Small Businesses.

How does an Entrepreneurship differ from an Ordinary Small Business operation?

Entrepreneurships practice correct principles, while Ordinary Small Businesses do not. Signup and view all the answers

Which statement best describes the foundation of an Entrepreneurship Mindset?

Continuously improving skills and taking action on ideas. Signup and view all the answers

What characterizes an Entrepreneur as per the text?

Overcoming challenges and being decisive in decision-making. Signup and view all the answers

Which cluster of entrepreneurial characteristics includes traits directly related to an entrepreneur's desire to be an achiever in the field of entrepreneurship?

Achievement Cluster Signup and view all the answers

What does the 'opportunity-seeker' trait in the Achievement Cluster entail?

Acting on new business opportunities Signup and view all the answers

Which character trait in the Achievement Cluster involves establishing proper coordination with and among workers?

Committed Signup and view all the answers

What does the 'persistent' trait in the Achievement Cluster entail?

Taking repeated actions to overcome obstacles Signup and view all the answers

Which cluster of entrepreneurial characteristics focuses on planning for success?

Planning Cluster Signup and view all the answers

What is a key advantage of being an entrepreneur according to the text?

Setting your target income and managing your own business Signup and view all the answers

What is highlighted as a challenge for entrepreneurs in the text?

Leading the business at one's own risk Signup and view all the answers

What is mentioned as an opportunity in business according to the text?

Helping others through social enterprise and job opportunities Signup and view all the answers

What does the text suggest can happen if an entrepreneur faces failure?

Failure can be used as a learning opportunity and a chance to start over Signup and view all the answers

What is a risk associated with being an entrepreneur?

Facing unpredictable industry changes Signup and view all the answers

What aspect of entrepreneurship is highlighted through Mr. Henry Sy's example in the text?

Building a successful entrepreneurial legacy through discipline and attitude Signup and view all the answers

Entrepreneurship Introduction Objectives Quiz

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