Question 1

Which of the following is the first step of the entrepreneurial process?

Accepted Answer

Before anything else, an entrepreneur must identify an opportunity, which is the first step in the entrepreneurial process. This means finding a gap or need in the market that can be filled with a business idea. Without identifying an opportunity, there is no reason to mobilize resources or develop a plan. Initiating changes may come later in the process as the entrepreneur works to execute the business idea.

Question 2

A pull factor that drives people to become entrepreneurs is:

Accepted Answer

Empathy for a needy segment of the population is a pull factor because it attracts individuals to entrepreneurship by the desire to address a social need or problem.

Question 3

Focus Corporation follows a conventional business model.Therefore,the company lays emphasis on:

Accepted Answer

The emphasis on creating needs or demand for its products or services aligns with a conventional business model, where the focus is on generating profits and increasing market share. The other options, such as including stakeholders in operations or meeting needs for well-being, may be part of a more socially responsible or sustainable business model.

Question 4

Paul is the owner of Best Chemicals Inc.In order to follow a sustainable business approach,Paul should aim to:

Accepted Answer

A sustainable business approach focuses on the long-term impact of the business on the environment, society, and economy. Therefore, inventing new ways of taking care of the environment is the best choice for Paul to follow a sustainable business approach. Maximizing financial returns for himself and other investors and finding places to outperform competitors are more focused on short-term gains and may not necessarily align with a sustainable business approach. Investing resources for higher financial returns may also come at the cost of environmental and social impact.

Question 5

Martin and his colleagues at First Technologies Inc.leave the company as their supervisor vetoes their new product idea.They want to start their own firm that will work on the new product.What will be the next step for Martin and his colleagues?

Accepted Answer

The answer of Martin and his colleagues at First Technologies...

Question 6

Which of the following is a difference between conventional entrepreneurs and sustainable entrepreneurs?

Accepted Answer

The answer of Which of the following is a difference...

Question 7

Ivan is an entrepreneur following conventional business practices.Which of the following would be his major objective?

Accepted Answer

Conventional business practices typically prioritize achieving tangible and quantifiable financial goals as the major objective. While considerations for stakeholders, the environment, and social implications may be taken into account, the primary focus is often on profitability and financial success.

Question 8

Abraham has completed a diploma in hotel management and plans to start his own bed and breakfast.Which of the following life circumstances has influenced Abraham's decision in the given example?

Accepted Answer

The answer of Abraham has completed a diploma in hotel...

Question 9

Which of the following examples shows how a positive pull factor drives people to become sustainable entrepreneurs?

Accepted Answer

Option B shows a positive pull factor as Sharon starts a candle-making business to improve the financial conditions of women from the lower economic strata of society. This positive pull factor is the motivation for Sharon to become a sustainable entrepreneur. The other options do not depict any specific positive pull factor.

Question 10

How do sustainable entrepreneurs differ from conventional entrepreneurs?

Accepted Answer

Sustainable entrepreneurs focus on creating a positive impact on society and the environment while also generating profit, whereas conventional entrepreneurs prioritize profit over social or environmental impact. Thus, sustainable entrepreneurs prioritize meeting needs that enhance various forms of well-being, while conventional entrepreneurs focus on identifying needs that can provide financial payoffs.

Question 11

Which of the following is a personal characteristic that can influence an entrepreneur to take the initiative to act on an opportunity?

Accepted Answer

Risk propensity is a personal characteristic that refers to an individual's tolerance for uncertainty and their willingness to take risks. Entrepreneurs who have high risk propensity are more likely to take the initiative to act on an opportunity because they are comfortable with the uncertainty and potential risks that come with starting a new venture. Push factors refer to external events or circumstances that motivate someone to take action, pull factors refer to attractive opportunities that draw someone towards taking action, and times of transition are periods of change that can create opportunities for entrepreneurship but do not necessarily influence an individual's personal characteristics.

Question 12

Which of the following examples best exemplifies sustainable entrepreneurship?

Accepted Answer

Karen's use of ecofriendly paper packaging is an example of sustainable entrepreneurship as it demonstrates a concern for environmental impact and an effort to address it through business practices. The other options focus primarily on increasing profits or sales without necessarily considering sustainability.

Question 13

Alfred plans to start Crystal Distilleries Inc.,a purifying plant that will supply distilled water to various other industries.He interacts closely with the community where he plans on setting up the plant.He ensures that all business plans take into consideration the local water requirements and laws,as well as the ecological impacts that his plant might have.Alfred wants to implement a number of community welfare programs and chooses vendors that adopt eco-friendly business practices.From the given example,it can be seen that Alfred is practicing _____.

Accepted Answer

Alfred is practicing sustainable entrepreneurship, which involves taking into account the impact of the business on the environment and the community, and implementing social responsibility initiatives. This is in contrast to conventional entrepreneurship, which solely focuses on profit-making, and corporate entrepreneurship, which involves innovation within an existing company. Internal entrepreneurship refers to innovation within an organization by its employees.

Question 14

Rich Chemicals Inc.is a major supplier of specialty chemicals to a large number of industries and research laboratories.When seeking to implement sustainable business practices,Rich Chemicals should focus on:

Accepted Answer

Meeting needs that can enhance a variety of forms of well-being is the most comprehensive approach to implementing sustainable business practices. This includes considering the environmental impact of their products and services, as well as the social and economic impact on stakeholders such as employees, customers, and the community. It also aligns with the growing trend of consumers and investors seeking out companies that prioritize sustainability and corporate social responsibility.

Question 15

Which of the following is a pull factor that influences people to become entrepreneurs?

Accepted Answer

The answer of Which of the following is a pull...

Question 16

In which of the following examples does one acquire entrepreneurial urges after being pushed away from a status quo?

Accepted Answer

In option B, Pauline is pushed away from the status quo of being a server due to the unfair treatment by her boss. This pushes her to start her own coffee shop, showcasing entrepreneurial urges. In the other options, the individuals are either starting a business in their field of study or choosing entrepreneurship as a means of livelihood, but not necessarily due to being pushed away from a status quo.

Question 17

Which of the following examples illustrates a positive pull influence that makes people become entrepreneurs?

Accepted Answer

The answer of Which of the following examples illustrates a...

Question 18

Which of the following personality characteristics from the Big Five is most often associated with entrepreneurs?

Accepted Answer

Conscientiousness is the personality trait that is most often associated with entrepreneurs, as it reflects organization, responsibility, goal orientation, and persistence - all qualities that are important for success in starting and running a business.

Question 19

Which of the following statements is true of the personality characteristics of entrepreneurs from the Big Five?

Accepted Answer

The personality characteristics of entrepreneurs from the Big Five can predict both the intention to start a business as well as its performance. This is because factors such as openness to experience, conscientiousness, extraversion, agreeableness, and emotional stability are all traits that can influence an entrepreneur's ability to initiate and sustain a successful venture. Therefore, it is important to consider these factors when attempting to understand and predict entrepreneurial behavior.

Question 20

Which of the following statements is true of conventional entrepreneurs?

Accepted Answer

Conventional entrepreneurs typically seek to generate profit by meeting a need in the market. They are constantly looking for ways to improve their products or services in order to increase profitability.

Quiz 16: Understanding Organizational Culture