Unit Test 1.00-1.05

Entrepreneurship is best described as:

• Running businesses for the government

• Managing someone else’s company

• Creating and managing your own business venture

• Only working with large corporations

An entrepreneur can be defined as:

• Someone who takes on risk to launch and manage a business

• A consultant for corporate executives

• A government worker who oversees businesses

• An employee in a big company

An intrapreneur is:

• An innovator who develops ideas within an existing company

• A person who owns several franchises

• A small shop owner working alone

• A financial risk inspector

Which of the following lists the four main types of entrepreneurs?

• Planners, Doers, Sellers, Advisors

• Innovators, Hustlers, Imitators, Researchers

• Owners, Managers, Workers, Partners

• Dreamers, Thinkers, Leaders, Sellers

Entrepreneurs are often motivated by freedom and independence in different areas of life.

• True

• False

The four stages of the entrepreneurial process are: innovation, triggering event, implementation, and growth.

• True

• False

How does entrepreneurship benefit society?

• Produces goods and services

• Generates jobs

• Encourages innovation

• All of the above

A key difference between entrepreneurs and small-business owners is:

• Entrepreneurs aim for growth and creativity, while small-business owners seek stability

• Entrepreneurs don’t take risks, but small-business owners do

• Entrepreneurs work only for corporations

• Small-business owners always earn more money

In the start-up phase, entrepreneurs take responsibility for:

• Financial risk

• Operations

• Decision making

• All of the above

Which is a disadvantage of entrepreneurship?

• Uncertainty and risk

• Having total independence

• Unlimited free time

• Guaranteed stability