Entrepreneurship Quiz

What is a fundamental characteristic of a person who sets up a business?

• Avoiding all financial risks.

• Taking on financial risks in the hope of profit.

• Delegating all decision-making.

• Solely focusing on social impact without profit.

Which economist suggests that entrepreneurs are not necessarily motivated by profit, but rather use it as a standard for measuring achievement?

• Adam Smith

• John Maynard Keynes

• Joseph Alois Schumpeter

• Karl Marx

What role do entrepreneurs play in recognising opportunities?

• They ignore opportunities to focus on chaos.

• They recognise opportunities where others see chaos or confusion.

• They create chaos to find opportunities.

• They are indifferent to both chaos and opportunities.

How are entrepreneurs characterised in relation to the marketplace?

• They are passive observers of market changes.

• They are aggressive catalysts for change within the marketplace.

• They resist any form of change in the market.

• They only respond to changes initiated by others.

What is a defining characteristic of entrepreneurs concerning the future?

• They only react to the present.

• They continuously create the future.

• They avoid challenging the unknown.

• They prefer to maintain the status quo.

Which of the following is listed as a general classification of entrepreneurs?

• Nascent

• Serial

• Opportunist

• Novice

Which classification describes entrepreneurs who typically employ skilled people to run their businesses and are interested in exploiting opportunities in their environment?

• Craft Entrepreneurs

• Growth Entrepreneurs

• Opportunist Entrepreneurs

• Income Oriented Entrepreneurs

A characteristic of Opportunist Entrepreneurs is that they are known for their ability to lose interest in a business once it is established. What else characterises them?

• They have a grand vision.

• They are quick thinkers when manipulating resources and opportunities.

• They prefer long-term stability in one venture.

• They lack an appetite for challenges.

What distinguishes Craft Entrepreneurs from other types?

• They have no grand vision.

• They primarily use their own skills to start and run their business.

• They always employ others to manage their ventures.

• They focus on rapid growth and expansion.

Which of the following is a key characteristic of Craft Entrepreneurs in relation to their work?

• They rarely participate in daily work.

• Their final product reflects their competence.

• They only hire managers to oversee the business.

• They lack vocational qualifications.