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Introduction to Entrepreneurship

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Questions and Answers

What is an essential characteristic of an entrepreneur?

Working only in a large corporation

Being a salaried employee

Taking risks to seize business opportunities (correct)

Avoiding innovation and change

What is a key benefit of entrepreneurship to a country?

Creation of jobs and provision of goods and services (correct)

Reduction in economic growth

Increased dependence on imported products

Increased unemployment

What is a reward of being an entrepreneur?

Long hours of hard work

The wellbeing of consumers (correct)

Risk of failure

Only focusing on profit

What is a risk of being an entrepreneur?

Risk of failure Signup and view all the answers

What is a key role of an entrepreneur in a business?

A planner, innovator, and decision maker Signup and view all the answers

What is a characteristic of a valuable product?

Solves a problem and is cost-effective Signup and view all the answers

Why are entrepreneurs important to a country's economy?

They earn profits, provide jobs, and inspire others Signup and view all the answers

What is a consequence of entrepreneurship in a country?

Non-dependence on imported products Signup and view all the answers

What is the primary characteristic of a systematic innovation?

It is a purposeful and organized search for changes. Signup and view all the answers

What is the primary goal of an Achiever entrepreneur?

To excel and demonstrate personal drive Signup and view all the answers

What type of entrepreneur is characterized by demonstrating innovative skills in organizing and managing?

Corporate Entrepreneur Signup and view all the answers

What is the primary characteristic of a First Generation Entrepreneur?

They start a business using their innovative skills Signup and view all the answers

What is the primary goal of an entrepreneur who is classified as a franchisee?

To operate a business using a proven model and trademarks Signup and view all the answers

What is the primary characteristic of an Industrial Entrepreneur?

They are involved in manufacturing a product Signup and view all the answers

What type of entrepreneur is classified as an 'Induced Entrepreneur'?

One who is driven by government policies and family support Signup and view all the answers

What is the primary characteristic of a Founder or Pure Entrepreneur?

They start a business using their own savings Signup and view all the answers

What is the primary characteristic of a Trading Entrepreneur?

They undertake merchandising activities Signup and view all the answers