Entrepreneurship Quiz

What is the definition of an entrepreneur?

• A person who organizes and operates a business venture

• A person who provides goods and services

• A person who manages financial resources

• A person who creates new products

According to Joseph Schumpeter, what does entrepreneurship emphasize?

• Innovation and creation of new products

• Efficiency and cost reduction

• Market research and analysis

• Financial management and planning

What is the outcome of entrepreneurship?

• Enterprise

• Profit

• Innovation

• Market share

What is the concept of entrepreneurship?

• Observing practices and managing a business

• Providing goods and services

• Creating new markets

• Operating a self-owned business enterprise

What is the difference between a small business and an ordinary small business?

• A small business practices entrepreneurship principles

• A small business has a limited workforce

• An ordinary small business focuses on profit

• All of the above

What are the salient features of entrepreneurship?

• Entrepreneurship is an art of correct practices

• Entrepreneurship is a wealth-creating venture

• Entrepreneurship provides value to customers

• All of the above

What are the cognitive skills required in entrepreneurship?

• Understanding written materials

• Learning and applying new information

• Solving problems systematically

• All of the above

What are the problem-solving skills needed in entrepreneurship?

• Defining the real problem

• Gathering information about the problem

• Formulating alternative solutions

• All of the above

What is the societal environment of entrepreneurship?

• Economic forces

• Cultural forces

• Social forces

• All of the above

What are the economic forces that impact entrepreneurship?

• Interest rates

• Inflation rates

• Fiscal policies

• All of the above