Chapter 1: Becoming An Entrepreneur

11 Questions | By Doehling | Last updated: Jan 9, 2013 | Total Attempts: 83

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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.

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