Entrepreneurship -Chapter 1

The process of starting a business venture, organizing the resources and taking the risks is known as:

• Intrapreneurship

• Small business

• Entrepreneurship

• Business Venturing

An entrepreneur is special in his/her ability to spot

• Ideas and risks

• Ideas and change

• Opportunity and benefits

• Opportunities and changes

Which of these is an entrepreneurial characteristic?

• Bravery in business

• Aversion to risk

• Tolerance for ambiguity

• Poor people skills

Before starting his own business, Tony prepared a document that gave details of his ideas and future business operations. What is such a document known as?

• SWOT analysis

• Business portfolio

• Business plan

• Financial statement

The term 'entrepreneur' literally translated by Richard Cantillion means:

• Venture capitalist

• Risk averter

• Between-taker

• Entrance maker

Which of these describes an environmental factor that encourages entrepreneurship?

• Unemployment

• Nationalisation

• Reduced access to markets

• Falling global demand

Large companies are encouraging innovation within their firms. Why is this?

• To reduce independence

• To reduce bureaucracy

• To cope with inflation

• To cope with change

Who proposed that the profits of entrepreneurship were separate from the rewards of capital ownership?

• Richard Cantillion

• Jean Baptiste Say

• Peter Drucker

• Joseph Schumpeter

Who described the entrepreneur as someone who maximizes opportunity?

• Richard Cantillion

• Jean Baptiste Say

• Peter Drucker

• Joseph Schumpeter

Which of the following is NOT a driver of Entrepreneurship?

• Ease of Entry

• Employment

• Cultural Diversity

• Globalisation