Question 1

Which of the following countries is an example of an innovation-driven economy?

Accepted Answer

An innovation-driven economy refers to an economy that is largely focused on the development and application of technology and innovation to drive economic growth. Portugal is an example of an innovation-driven economy due to factors such as its investment in research and development, strong intellectual property laws, and an emphasis on entrepreneurship and innovation in its economic policies. India, Nigeria, and Mexico are classified as factor-driven or efficiency-driven economies, which are characterized by low levels of technological development and innovation.

Question 2

Financial success _____.

Accepted Answer

Financial success is often viewed as one of the main incentives for individuals to become entrepreneurs. While it is not a guarantee, the potential for financial success is a significant factor in the decision to start a business.

Question 3

_____ focus on solving society's challenges through their businesses.

Accepted Answer

Social entrepreneurs are those who focus on solving society's challenges through their businesses, incorporating a social or environmental mission as a key component of their business model.

Question 4

Tim Ferriss,best-selling author of the 4-Hour self-help series,is considered by many to be a(n)_____.

Accepted Answer

Tim Ferriss is known for his work in promoting a lifestyle design approach to entrepreneurship and self-improvement, making him a lifestyle entrepreneur.

Question 5

Victoria is an employee at Pegasys Inc. ,a consulting firm.She uses the resources of the firm to expand and diversify into related fields.Victoria is most likely to be classified as a(n)_____.

Accepted Answer

Victoria is using the resources of her firm to explore new business opportunities, which is a characteristic of an entrepreneur. A manager typically focuses on managing the daily operations of an established business, while stock brokers and venture capitalists are not relevant to this scenario.

Question 6

Which of the following has contributed the LEAST to the boom in entrepreneurship?

Accepted Answer

The answer of Which of the following has contributed the...

Question 7

Syed and Mica come up with an idea for making sugar-free ice cream.They open their own small business to cater to the needs of those who are health conscious.Their products are distributed nationwide and their sales continue to increase.Syed and Mica are examples of _____.

Accepted Answer

Syed and Mica are classic entrepreneurs because they started a business to make a profit by meeting the needs of health-conscious consumers with their sugar-free ice cream.

Question 8

The primary reasons people become entrepreneurs include all of the following reasons EXCEPT:

Accepted Answer

The primary reasons people become entrepreneurs include being one's own boss, achieving financial success, and creating one's own job security. However, avoiding taking risks is not a reason to become an entrepreneur as entrepreneurship inherently involves taking risks.

Question 9

Which of the following is an example of a country with a factor-driven economy?

Accepted Answer

Zambia is considered a factor-driven economy, which relies heavily on unskilled labor and natural resources.

Question 10

Concerning education and entrepreneurs,all of the following statements are correct EXCEPT:

Accepted Answer

One does not necessarily need to have an entrepreneurship major in order to launch a start-up. Many successful entrepreneurs come from various academic backgrounds or may have no formal education at all. However, having a background or education in entrepreneurship can provide valuable skills and knowledge for starting and running a business.

Question 11

Which of the following statements about globalization and entrepreneurship is correct?

Accepted Answer

The answer of Which of the following statements about globalization...

Question 12

Studies suggest that around _____percent of successful companies now use at least one social media tool.

Accepted Answer

According to various studies, around 60% of successful companies now use at least one social media tool for their marketing and communication strategies. This number is likely to continue to grow as social media becomes an increasingly important part of business and consumer culture.

Question 13

After starting a web design company while still in college,Ricardo sold the company after graduation.He then opened a computer repair shop;and most recently,he has started a marketing firm that specializes in social media.Ricardo is an example of a(n):

Accepted Answer

A serial entrepreneur is someone who starts multiple businesses over their lifetime. Ricardo has started three different businesses, making him a serial entrepreneur.

Question 14

Sophia is the CEO of a not-for-profit organization.She runs the organization to provide quality education for the underprivileged children.Sophia is most likely to be categorized as a:

Accepted Answer

Sophia is running a not-for-profit organization which is aimed towards providing quality education to the underprivileged children. Such an organization does not operate with a profit motive and is focused on achieving social impact. Thus, Sophia can be categorized as a social entrepreneur who is focused on bringing a positive social change through her venture.

Question 15

Identify a true statement about successful entrepreneurs.

Accepted Answer

The answer of Identify a true statement about successful entrepreneurs.
...

Question 16

All of the following are identified as responsibilities of entrepreneurs EXCEPT:

Accepted Answer

While entrepreneurs need to be able to adapt and make changes in response to market conditions, upsizing their organizations in response to declining revenues goes against business logic and can lead to further financial struggles. Therefore, this is not considered a responsibility of entrepreneurs.

Question 17

Michelle works for a large bank that recently merged with another financial institution.Word of layoffs has been discussed.Michelle is most likely to become an entrepreneur in order to _____.

Accepted Answer

Since Michelle's job security at the bank is uncertain due to the possible layoffs, she may be more inclined to become an entrepreneur to obtain job security. Choosing options A, C, and D would not necessarily provide her with job security, as entrepreneurship involves taking risks, being comfortable with failures, and not guaranteeing financial success.

Question 18

_____ of the fastest-growing small companies in the United States have international sales.

Accepted Answer

According to the article, "Two of every five of the fastest-growing small companies in the United States have international sales."

Question 19

Vaida is a single mother who is required to work evenings and weekends at a local retail store.She is thinking of starting a consulting business primarily so she can _____.

Accepted Answer

Starting a consulting business would allow Vaida to have more control over her own schedule, potentially allowing her to have more quality time with her family and improve her work-life balance. This could lead to an overall higher quality of life for her and her family. While there is no guarantee of financial success or job security, starting a business does involve taking some level of risk.

Question 20

Serial entrepreneurship involves:

Accepted Answer

Serial entrepreneurship refers to the process of launching and running multiple businesses in succession. This involves identifying a business opportunity, allocating resources, and starting and running the new venture, and then repeating the process with other businesses. This is different from the other options listed, which describe different aspects of entrepreneurship but do not involve starting multiple businesses in succession.

Quiz 6: Starting Your Own Business: the Entrepreneurship Alternative