International Entrepreneurship & Innovation Quiz

What is entrepreneurship?

What are the four primary types of startup firms?

• Salary-substitute firms

• Lifestyle firms

• Entrepreneurial firms

• Tech-based or High-growth startups

What are the key traits of successful entrepreneurs?

• Passion for the business

• Product/customer focus

• Tenacity despite failure

• Execution intelligence

What distinguishes a lifestyle firm from an entrepreneurial firm?

What are the four essential qualities of a viable entrepreneurial opportunity?

What are common sources of entrepreneurial opportunities?

• Market gaps

• Technological changes

• Social trends

• Unexpected occurrences

What is the difference between invention and innovation?

What is the Lean Startup philosophy?

How does MVP testing reduce risk?

What actions illustrate Lean Startup thinking?

• Conducting customer interviews

• Testing with early users in small batches

• Pivoting based on feedback

• Iterating prototypes rapidly