Entrepreneurship Quiz

Which of the following best defines an entrepreneur?

• A person who sells products in existing markets for profit

• A person who innovates within an existing company using company resources

• A person who sets up a business, takes risks, and seeks profit and growth

• A person who only manages the daily operations of a business

What is the main difference between an entrepreneur and an intrapreneur?

• Entrepreneurs use company resources; intrapreneurs use personal resources

• Entrepreneurs work in companies; intrapreneurs work independently

• Entrepreneurs take personal financial risks; intrapreneurs are backed by the company

• Entrepreneurs only sell existing products; intrapreneurs create new businesses

Which of the following is an advantage of entrepreneurship?

• Uncertainty of income

• Long working hours

• High stress levels

• Ability to create own destiny

Which of the following is NOT a disadvantage of entrepreneurship?

• Difficulty in obtaining loans

• Opportunity to make a difference

• High stress levels

• Uncertainty of income

Which of the following sections in a business plan summarizes mission, founders, location, and future plans?

• Financial Plan

• Executive Summary

• Marketing Plan

• Company Background

What is the main objective of intrapreneurship?

• To start a completely new business

• To focus only on earning personal profit

• To increase competitive strength and innovation in the organization

• To avoid taking any business risks

Which of the following statements about small businessmen is TRUE?

• They always innovate new products and markets

• They spend most of their time buying and selling existing products

• They take high risks to create new markets

• They always prioritize personal satisfaction over profits

What is the main purpose of writing a business plan?

• To hire employees quickly

• To obtain finance and plan future strategies

• To reduce product prices

• To avoid paying taxes

Which of the following is included in the Marketing Plan section of a business plan?

• Production capacity and inventory methods

• Industry outlook, target markets, and pricing strategies

• Financial projections for income and expenses

• Names of founders and their roles

Which factor is NOT usually a cause of small business failure?

• Poor management

• Lack of planning

• High customer demand

• Insufficient capital