Entrepreneurship vs. Wage Employment

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Questions and Answers

What is a key quality of a successful entrepreneur based on the text?

  • Limited creativity
  • Open-mindedness (correct)
  • Lack of confidence
  • Procrastination

Which quality involves an entrepreneur's ability to repurpose products for new markets?

  • Determination
  • Discipline
  • Confidence
  • Creativity (correct)

Why is passion considered the most important quality for an entrepreneur?

  • To focus solely on profits
  • To discourage hard work
  • To avoid competition
  • To enjoy the work beyond monetary gains (correct)

Which quality suggests an entrepreneur's belief in continuous improvement?

<p>Self-Starter mentality (C)</p> Signup and view all the answers

What skill is essential for an entrepreneur to motivate employees?

<p>Strong People Skills (D)</p> Signup and view all the answers

Why do entrepreneurs need to be competitive according to the text?

<p>To ensure they strive to be better than others (A)</p> Signup and view all the answers

What is the main activity of entrepreneurship?

<p>Taking on financial risk in the hope of profit (C)</p> Signup and view all the answers

Where does the term 'entrepreneur' come from?

<p>French word 'entreprendre' meaning 'to undertake' (D)</p> Signup and view all the answers

What is one of the outcomes of entrepreneurship for an organization?

<p>Creation of organizations by assembling resources (C)</p> Signup and view all the answers

How does entrepreneurship contribute to improving the standard of living?

<p>By creating productive organizations that offer goods and services (A)</p> Signup and view all the answers

What is the characteristic of entrepreneurs according to the text?

<p>They generate new ideas and are willing to take risks (B)</p> Signup and view all the answers

How do entrepreneurs choose among alternatives according to the text?

<p>By comparing alternatives based on cost and benefit implications (A)</p> Signup and view all the answers

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