Question 1

How does the public reward entrepreneurs who use resources efficiently to satisfy consumer needs?

Accepted Answer

The public rewards entrepreneurs who use resources efficiently to satisfy consumer needs with profits. Efficient use of resources means lower costs, which in turn increases profit margins. Consumers are willing to pay for products that meet their needs effectively while also being affordable. Entrepreneurs who can deliver such products will attract more customers and make more profits, which serves as a positive feedback loop for the business.

Question 2

Jumpstarting your imagination about entrepreneurial opportunity can be done by asking yourself and others questions like ________.

Accepted Answer

All of the listed questions can help jumpstart your imagination and identify potential entrepreneurial opportunities. By thinking creatively and exploring these questions, you may be able to identify a need or gap in the market that you can address with a new product or service.

Question 3

Which of the following is a typical characteristic of microenterprises?

Accepted Answer

Microenterprises are typically defined as businesses with 5 or fewer employees.

Question 4

Gregory Dee's definition of social entrepreneurship states,"Social entrepreneurs play the role of change agents in the social sector by ________."

Accepted Answer

Gregory Dee's definition of social entrepreneurship highlights the mission of creating and sustaining social value, which involves being a change agent in the social sector. This suggests that social entrepreneurs are not solely focused on profit or sustainability, but are committed to making a positive impact on society.

Question 5

Jeffry Timmons' view on the qualities of opportunity includes all of the following except ________.

Accepted Answer

The question asks for Jeffry Timmons' view on the qualities of opportunity, which includes only the characteristics of being attractive, durable, and timely. Therefore, the correct answer is D, "None of the above," as all of the qualities are listed.

Question 6

Which of the following is not a way to identify business opportunity as discussed in the text?

Accepted Answer

The other options, A through D, all provide ways to identify business opportunities, such as recognizing changes in the world, finding opportunity in problems, training oneself to identify potential, and using creativity to envision solutions. Option E, on the other hand, simply recognizes a problem without providing a way to address it, which is not the same as identifying a business opportunity.

Question 7

The text defines profit as ________.

Accepted Answer

Profit is defined as the positive gain from operations after all expenses, including both variable and fixed expenses, are subtracted. It is the amount of money left over after all expenses have been paid. Therefore, option A is the correct definition of profit.

Question 8

Entrepreneurship options include ________.

Accepted Answer

Entrepreneurship options are virtually limitless and can include for-profit ventures, not-for-profit organizations, green business options, and new technology and inventions, among others.

Question 9

According to the text,which of the following is not a cost of becoming an entrepreneur?

Accepted Answer

The text states that becoming an entrepreneur can involve costs such as business failure, obstacles, loneliness, and long hours, but it also emphasizes the potential benefits such as contributing to society through innovation and job creation. Therefore, the only option that is not mentioned as a cost is A) Contribution to society.

Question 10

Which of the following could not be considered opportunity costs?

Accepted Answer

Opportunity cost refers to the cost of the next best alternative foregone. Entertainment does not necessarily represent a foregone alternative and cannot be considered an opportunity cost. Therefore, option D could not be considered an opportunity cost.

Question 11

Which is not part of Schumpeter's definition regarding the ways that entrepreneurs find opportunities to create new businesses?

Accepted Answer

Schumpeter's definition of entrepreneurship includes the introduction of new products, new methods of production, new markets, new sources of supply, and the reorganization of an industry. However, finding a new market for a new product is not explicitly mentioned as part of his definition; rather, it's the introduction of new products or finding new markets, not specifically the combination of both.

Question 12

Based on the idea of cost and benefits,which of the following activities is most beneficial?

Accepted Answer

Seeing a speaker you admire and want to mentor you has the potential to provide long-term benefits such as gaining knowledge and networking opportunities. The other activities may provide short-term enjoyment but do not have the same potential for long-term benefits.

Question 13

Which of the following represents a "change" associated with the "five roots of opportunity" explored in the text?

Accepted Answer

The answer of Which of the following represents a "change"...

Question 14

Management expert Peter Drucker pointed out that,for a business to be considered entrepreneurial,it should exploit changes in the world.Which of the following areas have changes that entrepreneurs could exploit?

Accepted Answer

All of the above areas (technology, politics, and socio-economics) have changes that entrepreneurs could potentially exploit to create new businesses or improve existing ones. Technological advancements can create new opportunities for products or services, political changes can create new markets or regulations that businesses can take advantage of, and socio-economic changes can create new consumer needs or preferences.

Question 15

Which of the following is not a tangible product?

Accepted Answer

Computer repair is a service, not a tangible product.

Question 16

Which of the following would be part of a product-uniqueness strategy?

Accepted Answer

A product-uniqueness strategy focuses on offering a product or service that is different from anything else on the market, thus making it one-of-a-kind. Options A, C, and D are cost-focused strategies and do not necessarily contribute to product uniqueness.

Question 17

Which of the following is not an economic question listed in the text?

Accepted Answer

The answer of Which of the following is not an...

Question 18

Which of the following could be considered an acquisition?

Accepted Answer

Buying a business from a retiring owner can be considered an acquisition, as the buyer is acquiring ownership and control of an existing business.

Question 19

All of the following are components of control over compensation except ________.

Accepted Answer

The answer of All of the following are components of...

Question 20

A(n)________ is a legal and commercial relationship between the owner of a trademark,service mark,trade name or advertising symbol and an individual or group seeking to use that identification in a business.

Accepted Answer

The answer of A(n)________ is a legal and commercial relationship...

Quiz 1: Entrepreneurs Recognize Opportunities