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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?

Self-Starter mentality Signup and view all the answers

What skill is essential for an entrepreneur to motivate employees?

Strong People Skills Signup and view all the answers

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

To ensure they strive to be better than others Signup and view all the answers

What is the main activity of entrepreneurship?

Taking on financial risk in the hope of profit Signup and view all the answers

Where does the term 'entrepreneur' come from?

French word 'entreprendre' meaning 'to undertake' Signup and view all the answers

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

Creation of organizations by assembling resources Signup and view all the answers

How does entrepreneurship contribute to improving the standard of living?

By creating productive organizations that offer goods and services Signup and view all the answers

What is the characteristic of entrepreneurs according to the text?

They generate new ideas and are willing to take risks Signup and view all the answers

How do entrepreneurs choose among alternatives according to the text?

By comparing alternatives based on cost and benefit implications Signup and view all the answers