Types of Entrepreneurship Quiz
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Questions and Answers

What type of entrepreneurship focuses on resolving social needs rather than making profits?

  • Ethical entrepreneurship
  • Community-based entrepreneurship
  • Social entrepreneurship (correct)
  • Non-profit entrepreneurship

    • Which level of entrepreneurial development involves seeking opportunities to expand the business?

  • The Leader
  • The Investor (correct)
  • The Self-Employed
  • The Manager

    • What is the first step in the four-step process of thinking for entrepreneurs?

  • Materialization
  • Visualization
  • Verbalization
  • Idealization (correct)

    • Which trait allows entrepreneurs to establish relationships with customers?

    <p>Sociability</p> Signup and view all the answers

    What is the term used to describe entrepreneurs who address issues and challenges before they arise?

    <p>Proactive</p> Signup and view all the answers

    Which step in the four-step process of thinking involves turning a vision into reality?

    <p>Materialization</p> Signup and view all the answers

    What is the primary role of entrepreneurs?

    <p>Introducing new ideas and innovations to the market</p> Signup and view all the answers

    How are entrepreneurs' profits generated?

    <p>Through a combination of land, natural resources, labor, and capital</p> Signup and view all the answers

    Which characteristic best defines an entrepreneur?

    <p>Willing to take risks and having the determination to start a new company</p> Signup and view all the answers

    What is the primary focus of startup entrepreneurs?

    <p>Developing a scalable business and experimenting with new models</p> Signup and view all the answers

    How do large companies cope with changing market conditions?

    <p>By acquiring innovative startups or developing new products internally</p> Signup and view all the answers

    What is the primary driver for large companies to innovate?

    <p>Changes in technology, customer preferences, and new competition</p> Signup and view all the answers

    What is the process of cautiously selecting the best opportunity?

    <p>Screening the opportunity</p> Signup and view all the answers

    Which of the following is NOT a micromarket source?

    <p>New discovery or knowledge</p> Signup and view all the answers

    What is the process of pushing through with the chosen opportunity and making the best out of it?

    <p>Seizing the opportunity</p> Signup and view all the answers

    Which of the following is NOT listed as a most important element in a compelling opportunity?

    <p>Requires substantial initial investment</p> Signup and view all the answers

    What is a source of the current trend on what is happening in the industry?

    <p>Industry</p> Signup and view all the answers

    Which of the following is listed as a micromarket source?

    <p>Talents, hobbies, skills, and expertise</p> Signup and view all the answers

    What type of innovation should be protected by patent, trade secret, and copyright?

    <p>Breakthrough innovations</p> Signup and view all the answers

    At which stage is the consumer acceptance test conducted?

    <p>Concept stage</p> Signup and view all the answers

    Which stage involves naming feasible products and/or services that suit the opportunity?

    <p>Idea stage</p> Signup and view all the answers

    Which type of innovation involves technological advancements of existing products?

    <p>Technological innovations</p> Signup and view all the answers

    Which stage validates the work done in the first three stages of product or service planning and development?

    <p>Test marketing stage</p> Signup and view all the answers

    What is the primary goal of small business entrepreneurship?

    <p>To feed their family and earn a modest income</p> Signup and view all the answers

    Which of the following is NOT an example of a small business entrepreneur?

    <p>Tech startup founder</p> Signup and view all the answers

    What is the primary source of funding for small business entrepreneurs?

    <p>Small business loans or loans from friends and family</p> Signup and view all the answers

    What is the key characteristic that distinguishes scalable startup entrepreneurs from small business entrepreneurs?

    <p>Their innate ability and dedication to establish and grow a rapidly scalable venture</p> Signup and view all the answers

    What is the root meaning of the word 'entrepreneur'?

    <p>To take between</p> Signup and view all the answers

    Which of the following statements about entrepreneurship is true?

    <p>Entrepreneurship involves developing, organizing, and running a business enterprise</p> Signup and view all the answers

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