Entrepreneurship Theories Quiz

An individual who initiates and runs a business, taking risks for potential rewards.

The process of creating, developing, and managing a business venture to make a profit.

Key characteristics that define entrepreneurship, such as innovation, risk-taking, and resource management.

Common misunderstandings that can lead to failure in business ventures.

Different explanations and models proposed to understand entrepreneurship's dynamics and processes.

An entrepreneurial venture focuses on innovation and expansion, while a small business often operates locally without innovation.

Places or means through which entrepreneurs generate business concepts, such as market needs or personal experiences.

The role of entrepreneurship in economic growth, job creation, and societal change.

Reasons an individual decides to start a business, such as entrepreneurship or livelihood.

How entrepreneurs and small business owners view and manage business risks differently.

How entrepreneurs adapt creatively while small business owners often resist change.

The contrasting attitudes of entrepreneurs and small business owners toward market competition.

The long-term goals and aspirations for business expansion and innovation.

The timeframe that an entrepreneur or small business has in mind for their operations and plans.

The various ways in which entrepreneurs and small business owners secure financing for their ventures.

The distinction between risk-taking innovators and those focused on livelihood.

An entrepreneur who manages a business with a limited vision for development and growth.

Runs a small business, often relying on luck and limited resources, avoiding risk.

Concern for major local and global economic events is crucial for entrepreneurs' strategic plans.

Entrepreneurs seek external funding options while ordinary owners rely on personal resources.

The false belief that entrepreneurship applies solely to manufacturing sectors.

The misunderstanding that entrepreneurship is exclusive to small businesses.

The belief that successful entrepreneurship requires a formal business education.

Entrepreneurship applies to manufacturing, service, and merchandising businesses.

A process within existing companies that leads to new products and ventures.

Entrepreneurship does not require a formal business education to succeed.

Entrepreneurs find opportunities in both good and bad economic conditions.

Entrepreneurship is not just opening a small business; it involves planning and analysis.

A feasibility study assesses a business idea before starting operations.

Entrepreneurship involves stages like scanning the environment and feasibility preparation.

Entrepreneurial principles apply regardless of the business size, small or large.

Risk is unavoidable in any entrepreneurial venture.

The specific risk associated with entrepreneurial activities.

Entrepreneurs are not employed by others; they create their own businesses.

Correct adoption of entrepreneurial principles leads to successful business practices.

Business managed by someone not practicing entrepreneurship principles.

Enhances customer satisfaction, loyalty, and repeat purchases.

Views economic development as driven by structural change or innovation.

Innovations can be new products, production methods, markets, suppliers, or industry structures.

Proposes government intervention to stimulate the economy during downturns.

Alfred Marshall identified four: land, labor, capital, organization.

Organization coordinates the factors of production for economic development.

Emphasizes the entrepreneur's role in managing risk and uncertainty in business.

Entrepreneurs must anticipate random events while taking risks in production.

Entrepreneurs are rewarded with higher profits for managing risks in uncertain environments.