Types of Entrepreneurship Quiz

Play an AI-generated podcast conversation about this lesson

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?

Sociability Signup and view all the answers

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

Proactive Signup and view all the answers

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

Materialization Signup and view all the answers

What is the primary role of entrepreneurs?

Introducing new ideas and innovations to the market Signup and view all the answers

How are entrepreneurs' profits generated?

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

Which characteristic best defines an entrepreneur?

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

What is the primary focus of startup entrepreneurs?

Developing a scalable business and experimenting with new models Signup and view all the answers

How do large companies cope with changing market conditions?

By acquiring innovative startups or developing new products internally Signup and view all the answers

What is the primary driver for large companies to innovate?

Changes in technology, customer preferences, and new competition Signup and view all the answers

What is the process of cautiously selecting the best opportunity?

Screening the opportunity Signup and view all the answers

Which of the following is NOT a micromarket source?

New discovery or knowledge Signup and view all the answers

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

Seizing the opportunity Signup and view all the answers

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

Requires substantial initial investment Signup and view all the answers

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

Industry Signup and view all the answers

Which of the following is listed as a micromarket source?

Talents, hobbies, skills, and expertise Signup and view all the answers

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

Breakthrough innovations Signup and view all the answers

At which stage is the consumer acceptance test conducted?

Concept stage Signup and view all the answers

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

Idea stage Signup and view all the answers

Which type of innovation involves technological advancements of existing products?

Technological innovations Signup and view all the answers

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

Test marketing stage Signup and view all the answers

What is the primary goal of small business entrepreneurship?

To feed their family and earn a modest income Signup and view all the answers

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

Tech startup founder Signup and view all the answers

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

Small business loans or loans from friends and family Signup and view all the answers

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

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

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

To take between Signup and view all the answers

Which of the following statements about entrepreneurship is true?

Entrepreneurship involves developing, organizing, and running a business enterprise Signup and view all the answers