Chapter 1: Becoming An Entrepreneur

11 Questions | Total Attempts: 79

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Entrepreneur Quizzes & Trivia

Quiz for Chapter 1 of the Kauffman text.


Questions and Answers
  • 1. 
    What are entrepreneurs?
    • A. 

      People who interpret problems as opportunities

    • B. 

      People who take action in response to needs

    • C. 

      People who accept calculated risks in hopes of creating value

    • D. 

      All of the above

  • 2. 
    True or False. Financial risks are always possible when starting a business.
    • A. 

      True

    • B. 

      False

  • 3. 
    What does Bill Gates mean when he says, "Big Wins Require Big Risks"?
  • 4. 
    What is an exit strategy? Define and give one example.
  • 5. 
    Which of the following is NOT a characteristic of entrepreneurs:
    • A. 

      Careless

    • B. 

      Desire

    • C. 

      Responsible

    • D. 

      Self-Discipline

  • 6. 
    True or False. Entrepreneurs should not have any knowledge in their chosen field.
    • A. 

      True

    • B. 

      False

  • 7. 
    A personal vision is:
    • A. 

      Personal market assessment

    • B. 

      Personal reality

    • C. 

      Perosnal political views

    • D. 

      Personal objectives or goals

  • 8. 
    Name three lifestyle criteria that should be considered in a personal vision.
  • 9. 
    True or False. Written goals help entrepreneurs work smarter.
    • A. 

      True

    • B. 

      False

  • 10. 
    What is a business plan and its major purpose?
  • 11. 
    A business plan also identifies potential r_________, p_____________, and trade-offs.