1The concept of coming up with new things or making adjustments to existing things or processes is known as
Innovation
2Which of the following is a result of the Entrepreneurial Process?
All of the above: Identify an opportunity, Establish a vision, Gather resources
3Which of the following is the end result of entrepreneurship?
All of the above: Use factors of business to make a profit, Use profit as incentive, Development of businesses
4Which of the following is a disadvantage of small business?
All of the above: Working long hours, Lack of wide experience, Unlimited liability
5Which of the following is a strength of small business?
Opportunities for innovation
6Generate or recognize ideas useful in solving problems is classified as
Creativity
7When inventor’s ideas become practical, it results in
Innovation
8Who can set goals?
Anyone
9To be successful in entrepreneurship, one must
All of the above: Work hard, Be smart, Take opportunities
10Which of the following is a contribution of Entrepreneurship?
All of the above: Improves productivity, Creates jobs, Creates new businesses
11Which of the following is associated with Entrepreneurship?
All of the above: Person, Risk bearer, Implementing new ideas
12Which of the following is associated with Entrepreneurship?
All of the above: Technician, Administrator, Technology
13Which of the following is an outcome of Entrepreneurship?
All of the above: Creative activity, Economic development, Risk-taking
14Which of the following is an Entrepreneurial success factor?
All of the above: Thinking outside the box, Tolerance to risk, Responsive to opportunities
15Which of the following is NOT a reward for Entrepreneurship?
Job security
16Which of the following is a component of Entrepreneurship?
All of the above: Organization creation, Uniqueness, Pursuit of opportunities
17Which of the following is NOT a concern for potential entrepreneurs early in their career?
Getting experience
18Which of the following characters is more concerned with doing things right?
Manager
19Which of the following characters normally inspires?
Entrepreneur
20Which of the following is a practice by rich people?
Read books