Question 1

Which of the following concepts is entrepreneurship considered synonymous with?

Accepted Answer

Entrepreneurship is closely associated with free enterprise, which is an economic system characterized by minimal government intervention in business activities. In a free enterprise system, individuals are free to start and operate businesses, invest in new ventures, and compete with one another in the marketplace. Entrepreneurship is the driving force behind free enterprise, as it involves taking risks and creating new business ventures that can generate economic growth and job creation.

B, C, and D are not synonymous with entrepreneurship. Socialism is an economic system that emphasizes collective ownership of the means of production and distribution of goods and services. Multimillion dollar enterprises are simply large businesses that generate high levels of revenue, and partnership is a type of business organization that involves two or more individuals working together to operate and manage a business.

Question 2

Gazelles have been responsible for which of the following:

Accepted Answer

The answer of Gazelles have been responsible for which of...

Question 3

Which is a True statement about entrepreneurs?

Accepted Answer

Entrepreneurs are often described as individuals who are both doers and thinkers, meaning they are action-oriented and strategic in their decision-making. This combination is essential for successfully starting and growing a business. Money is important for funding a business but it is not the only requirement to become an entrepreneur. Ignorance can lead to costly mistakes and a lack of understanding about the market or industry. While inheriting a business can be a way to become an entrepreneur, it is not the only way and often comes with its own unique challenges.

Question 4

Entrepreneurship involves an interdisciplinary approach.

Accepted Answer

Entrepreneurship involves various fields such as marketing, finance, human resources, operations, and management, making it an interdisciplinary approach.

Question 5

Entrepreneurial traits include which of the following?

Accepted Answer

The answer of Entrepreneurial traits include which of the following?
...

Question 6

The four major dimensions considered in the dynamic states approach are the individual, the environment, the organization, and the process.

Accepted Answer

The answer of The four major dimensions considered in the...

Question 7

______________ is the economic basis for all entrepreneurial activity.

Accepted Answer

Free enterprise refers to an economic system where individuals or private businesses can own and operate their businesses based on free competition in the marketplace. It allows for entrepreneurship to flourish as individuals can bring their unique ideas and innovations to the market without governmental interference, which is the core of all entrepreneurial activity. Individuality is important in entrepreneurship, but it is more of a personal characteristic and does not directly relate to the economic basis of entrepreneurial activity. Capitalism is a broader economic system that includes free enterprise but also includes factors such as the accumulation of wealth, private property ownership, and a profit-driven market system. "Voodoo economics" is a term used to describe economic policies that are perceived to be based on unrealistic assumptions, so it is not a viable option as the economic basis for entrepreneurship.

Question 8

Which of the following statements best describes a "gazelle?"

Accepted Answer

A "gazelle" is a term used to describe a fast-growing business, typically with at least 20 percent growth every year. This term is often used to refer to small and medium-sized enterprises (SMEs) that experience rapid growth, similar to that of a gazelle's speed when pursued by a predator.

Question 9

Which is not one of the chief characteristics of an entrepreneur?

Accepted Answer

The desire for control of people is not a chief characteristic of an entrepreneur. While entrepreneurs may have leadership skills, their focus is typically on driving their vision and achieving their business goals, not controlling others. The other three choices - personal initiative, ability to consolidate resources, and risk taking - are commonly cited as key traits of successful entrepreneurs.

Question 10

The entrepreneur is one who

Accepted Answer

The term entrepreneur is commonly defined as someone who manages and takes on financial risks in order to start and operate a business. While they may also have a role in inventing new products or overseeing manufacturing, the primary responsibility of an entrepreneur is to manage the business and make strategic decisions. Dreaming all day is not sufficient for being an entrepreneur.

Question 11

In the evolutionary process of economic growth, _________ plays the crucial and indispensable role of providing the "social glue" that binds together both high-tech and "Main Street" activities.

Accepted Answer

Entrepreneurship involves taking risks and being innovative, which are necessary for the growth and success of high-tech industries, as well as small businesses on Main Street. Entrepreneurship also creates job opportunities and drives economic growth, making it an indispensable component of economic development.

Question 12

Entrepreneurs will always be

Accepted Answer

Entrepreneurs have been the major source of job creation and innovation in any economy. They come up with new ideas, products and services, that create jobs and fuel economic growth. While lack of funding is a common challenge faced by entrepreneurs, it is not the most significant factor in their success. And while some entrepreneurs may have quirky personalities, it is not a defining characteristic of the group as a whole. Therefore, the best answer is C.

Question 13

Entrepreneurs are best characterized as:

Accepted Answer

Entrepreneurs are known for their proactive attitudes towards creating and driving change in their respective fields. They are risk-takers who recognize opportunities where others may not, and use their drive and determination to bring new ideas to market. While not all entrepreneurs may possess exceptional management skills, their ability to innovate and take calculated risks is what sets them apart.

Question 14

Which of the following characteristics is most important to an entrepreneur?

Accepted Answer

Management skills are crucial for an entrepreneur to run their business effectively and efficiently. Neatness, friendliness, and having a nice office are all desirable traits, but they are not as important as strong management skills.

Question 15

Which economist first associated the "risk bearing" activity in the economy with the entrepreneur?

Accepted Answer

Richard Cantillon is considered the first economist to associate the concept of risk bearing activity in the economy with the entrepreneur. In his book, Essai sur la Nature du Commerce en Général (Essay on the Nature of Trade in General), published in 1755, Cantillon argued that entrepreneurs take on the risk of uncertain market conditions and earn profits by successfully predicting market opportunities.

Question 16

Robert C. Ronstadt put together a summary definition of entrepreneur that included which of the following key phrases?

Accepted Answer

The answer of Robert C. Ronstadt put together a summary...

Question 17

The word entrepreneur is derived from the French entreprendre, which is translated as

Accepted Answer

The word entrepreneur is derived from the French word "entreprendre," which means "to undertake." This reflects the initiative and risk-taking involved in starting new ventures.

Question 18

The study of entrepreneurship is

Accepted Answer

The study of entrepreneurship combines input from various fields such as business management, economics, psychology, sociology, and accounting, making it an interdisciplinary area of study.

Question 19

Entrepreneurs and gazelles have been credited with making disproportionate contributions to all but which of the following?

Accepted Answer

Entrepreneurs and gazelles are known for their role in job creation, driving innovation, and contributing to economic renewal. They are not typically associated with causing unemployment, as their businesses tend to create jobs rather than eliminating them.

Question 20

During the past ten years, there were approximately how many business incorporations per year?

Accepted Answer

The average number of business incorporations per year over the past decade has been approximately 600,000.

Quiz 1: Entrepreneurship: Evolutionary Development-Revolutionary Impact