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Entrepreneurship Overview Quiz

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Questions and Answers

What is the main focus of entrepreneurship?

Building a life according to societal norms

Generating profit and driving economic growth (correct)

Creating businesses for personal satisfaction

Avoiding risks and maintaining tradition

How does a traditional entrepreneur differ from a businessman?

Traditional entrepreneurs avoid taking risks unlike businessmen.

Businessmen are profit-oriented while traditional entrepreneurs are customer-oriented. (correct)

Businessmen start businesses from innovative ideas unlike traditional entrepreneurs.

Traditional entrepreneurs enjoy most of the rewards and bear most of the risk.

What motivates individuals to become entrepreneurs?

To avoid working for others

To take less financial risks

To conform to societal expectations

To fulfill unmet needs in the marketplace (correct)

Which of the following is NOT a characteristic of successful entrepreneurs?

Lack of focus Signup and view all the answers

What is one societal benefit of entrepreneurship?

Creation of wealth and jobs Signup and view all the answers

Who is considered an entrepreneur based on the text?

A person who identifies unmet needs in the marketplace and creates products to meet those needs Signup and view all the answers

Match the descriptions with the type of business owner:

Starts a business from an existing idea = Businessman Creates a new business bearing most of the risk = Traditional Entrepreneur Avoids taking risks = Businessman Starts a business from a unique and innovative idea = Traditional Entrepreneur Signup and view all the answers

Match the characteristics with successful Entrepreneurs:

Passion = Characteristics of successful Entrepreneurs Focus = Characteristics of successful Entrepreneurs Tenacity = Characteristics of successful Entrepreneurs Intelligence = Characteristics of successful Entrepreneurs Signup and view all the answers

Match the benefits with Entrepreneurship:

Produces more jobs that equate to an increase in national income = Societal and Economic benefits of Entrepreneurship Introduces new and innovative products and services = Societal and Economic benefits of Entrepreneurship Amplifies economic activities of different sectors of the society = Societal and Economic benefits of Entrepreneurship Disperses the economic power and creates equality = Societal and Economic benefits of Entrepreneurship Signup and view all the answers

Match the reasons with becoming an Entrepreneur:

Be their own boss = Why become an Entrepreneur? Pursue their own ideas = Why become an Entrepreneur? Pursue financial rewards = Why become an Entrepreneur? Identify unmet needs in the marketplace then produce products to meet those needs = Why become an Entrepreneur? Signup and view all the answers