Entrepreneurship Quiz 2

1. What are the following as a benefit of cultural diversity in an entrepreneurial venture?

a. Availability of more jobs.
b. Homogeneity in the workplace.
c. More of the same types of employees.
d. A blend of perspectives and workplace skills.

2. Which of the following is NOT a cause of the discontinuity of family-owned businesses?

a. Litigation against the owners
b. Unequal ownership of shares in the business
c. Failure to create a management succession plan
d. Inadequate separation of personal and business accounts

3. The theory of entrepreneurship refutes several myths that are perceived to be characteristics of entrepreneurs. One such myth is that successful entrepreneurs

a. need only a great idea
b. manages people effectively
c. are innovative in developing solutions and
d. uses a creative process in idea generation you

4. The thought process of entrepreneurs and entrepreneurs are similar in characteristics, except for their focus on which of the following types of thinking?

a. Creative
b. Strategic
c. Innovative
d. Risk-taking

5. Which of the following correctly describes entrepreneurs who are focused, goal-orientated, and driven by the vision of seeing their dreams materialise?

a. Persistent-oriented
b. Innovation-inclined
c. Achievement-orientated
d. Aggressively-inclined

6. An exploitable set of circumstances with uncertain outcomes requiring commitment of resources and involving exposure to risk refers to

a. an idea
b. an opportunity
c. a business concept
d. a business venture

7. Which of the following documents can entrepreneurs prepare to help bridge the gap between an idea and a business plan?

a. strategic plan
b. marketing plan
c. business mode
d. business concept

8. A well-established business entity wants to obtain feedback from industry experts that will help answer some major strategic questions. Which of the following methods should this company utilise?

a. The Gordon Method
b. The Notebook Method
c. The Delphi Methodology
d. The Focus Group Method

9. At this stage, businesses need to create a legal structure, secure market access, raise equity, secure financing, and hire staff. To which of the following stages in developing a business concept does the above statement refer?

a. Harvesting
b. Career generation
c. Business operation
d. Business plan formulation

10. Which of the following is an internal source of funding?

a. Equity
b. Leasing
c. Debenture
d. Joint Venture

11. Which of the following is considered a demographic factor that influences innovation?

a. Crime level
b. Interest rate
c. Buying behavior of customer
d. Age distribution of population

12. Six months ago, Johnson noticed that his clients were purchasing laptops. Today, they are only purchasing notebooks and tablets. This is an example of a change in

a. trade laws
b. behavior
c. political rules
d. business model

Entrepreneurship Quiz 2^{Entrepreneurship}

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