Introduction to Entrepreneurship Questions Part 1

INTRODUCTION TO ENTREPRENEURSHIP TRIAL QUESTIONS (UNIT 1 OVERVIEW OF ENTREPRENEURSHIP TO UNIT 8 RESOURCES) Q1. The following are drawbacks to entrepreneurship except........ A. Disengagement B. Discouragement C. High levels of stress D. Risk of losing investment Q2. I am likely to be an entrepreneur because I have chosen a career path that offers entrepreneurial opportunities. This statement means I am motivated by............. A. Locus of control B. Perception of desirability C. Perception of feasibility D. Positive push Q3. One of the following is a psychological reason for pursuing entrepreneurship. A. Between things B. Locus of control C. Middle of things D. Need for satisfaction Q4. I am an entrepreneur who practices directly in daily work at a final product that reflects my competencies. What type of entrepreneur am I? A. Craft B. Nascent C. Opportunist D. Serial. Q5. One of the following is a sociological reason for pursuing entrepreneurship. A. Between things B. Locus of control C. Middle of things D. Need for satisfaction Q6. The word entrepreneur is derived from a French word enterprender, which means...... A. To be creative B. To make profits C. To take over D. To undertake. Q7. I may not have a lot of skills, but I am a resourceful person who would be open to any entrepreneurial idea that has potential. What type of entrepreneur am I likely to be? A. Craft B. Portfolio C. Opportunist D. Serial Q8. My friends keep saying I am good at hair styling and so I have decided to start my own hair salon. This statement means I am motivated by......... A. Perception of desirability B. Perception of feasibility C. Positive pull D. Positive push Q9. The characteristics of an individual that causes consistent patterns in that individual's behaviour over time is referred to as entrepreneurial.......... A. Attribute B. Mentality C. Personality D. Potential Q10. All the following are steps in the entrepreneurial process except..... A. Evaluation and exploitation of resources B. Idea generation C. Opportunity recognition D. Resource allocation Q11. I started selling bottled water to my colleagues in class last semester but I failed terribly. I think I'm not very lucky in life and doing successful business is not my fate. This statement means I have high......... A. External locus of control B. Extremes locus of control C. Internal locus of control D. Resources Q12. One way to avoid pitfalls of your business is to........... A. Make profits. B. Sell shares C. Take risk D. Understand your business in depth Q13. Entrepreneurs are not only motivated by profits and regard it as a yardstick for measuring achievement. A. True B. False Q14. Entrepreneurs are only motivated by profits and regard it as a yardstick for measuring achievement. A. True B. False Q15. One of the ways to keep the entrepreneurial fire going it to..... A. Learn B. Make profits C. Sell shares D. Take risk Q16. All the following are non - entrepreneurial attributes except..... A. Dependency B. Impulsiveness C. Invulnerability D. Values Q17. I am not likely to be an entrepreneur because I believe that what happens in my life is as a result of my personal decision. This statement means I have high....... A. External locus of control B. Extreme locus of control C. Internal locus of control D. Interval locus of control Q18. Akosua became an entrepreneur because she was motivated by Kofi's success story. The statement implies Akosua was influenced by........ A. Desirability B. Feasibility studies C. Perceived desirability D. Perceived feasibility. Q19. Which of the following is not a drawback of entrepreneurship A. Uncertainty of income B. Long hours and hard work C. Making difference D. High levels of stress Q20. Which of the following describes a serial entrepreneur? A. Owns an equity stake in an independent business. B. Takes an idea to market and makes it happen C. Has no grand vision D. Expect to be the owner or part owner of a start-up business. Q21. Which of the following is true about an opportunist entrepreneur? He / She A. Has no grand vision B. Owns an equity in an independent business. C. Takes an idea to the market and makes it happen D. Trains apprentices Q22. Craft entrepreneurs can further be classified into......... A. Nascent and novice entrepreneurs B. Growth oriented and income oriented entrepreneurs. C. Opportunist and portfolio entrepreneurs D. Serial and strategic entrepreneurs Q23. Which of the following is/are not a core attribute of an entrepreneur? A. Determination B. Intelligence C. Tolerance of Risk D. Courage Q24. Entrepreneurship is all about the following except.... A. Having the tenacity to push an idea through to reality B. Innovation and invention C. Seeking opportunities D. Taking risk below security Q25. The first person who introduced the term entrepreneur is....... A. Adam Smith B. Peter F. Drucker C. Richard Cantillon D. Joseph Schumpeter Q26. Akosua decided to enter into petty trading because of poverty. Who is Akosua? A. Novice entrepreneur B. Social entrepreneur C. Subsistence entrepreneur D. Scalable and start up entrepreneur Q27. An approach in which individuals, groups, start-up companies or entrepreneurs develop, fund and implement solutions to social, cultural or environmental issues is...... A. Corporate entrepreneurship B. High Growth entrepreneurship C. Social entrepreneurship D. Subsistence entrepreneurship Q28. Which of the following is not a role of entrepreneurship in economic development? A. Entrepreneurs exploiting only from the community B. Harnessing resources that were previously lying down C. New venture creation D. Redistribution of wealth Q29. The characteristics of an individual that causes consistent patterns in individual's behaviour over time referred to as entrepreneurial........ A. Attribute B. Attitude C. Mentality D. Personality Q30. All the following are ways to avoid pitfalls of small business failure except..... A. Knowing your business depth B. Maintain positive attitude C. Setting your business along with the competition D. Understanding financial statement. Q31. An individual who actively engage in creating new venture either alone or with someone and is expected to be the owner or part owner of this start up is.... A. Serial entrepreneur B. Nascent entrepreneur C. Novice entrepreneur D. Portfolio entrepreneur Q32. An individual who has no prior business ownership experience as a founder, inheritor of a business, or a purchaser of a business is..... A. Habitual entrepreneur B. Novice entrepreneur C. Portfolio entrepreneur D. Serial entrepreneur Q33. If an entrepreneur has internal locus of control, this means that he or she..... A. Has a high need for achievement B. Feels comfortable in an unstructured C. Believes that success depends on his or her own actions D. Believes fate is a powerful force. Q34. Which of the following is a common entrepreneurial traits? A. A high need for achievement B. A need for structured environment C. Viewing changes as threatening D. All of the above. Q35. The process of gathering information about trends is...... A. Need for achievement B. Neuroticism C. Scanning the environment D. Tenacity Q36. An entrepreneur who owns more than one business at a time is...... A. Corporate entrepreneur B. Entrepreneur C. Portfolio entrepreneur D. None of the above. Q37. According to.......... the entrepreneur is a person with unusual foresight and could recognise the potential of goods and services. A. Adam Smith B. Charles Darwin C. Joseph Alois D. Richard Cantillon Q38. An organisation that is focused on executing a repeatable and scalable business model can be described as......... enterprise A. Large or small B. Start up C. Transformational D. Transactional Q39. Which of these functions of entrepreneurs relate to opportunity? A. Analysing, Directing, Scanning B. Analysing, Focusing, Scanning C. Attracting, Leading, Analysing D. Scanning, Identifying, Analysing Q40. Entrepreneurship is more than mere creation of business. It is about...... A. Being interested in everything B. Having thought of creativity C. Overlooking opportunities D. Taking risks beyond security Q41. Which of the following is not a classification of entrepreneurs? A. Portfolio entrepreneur B. Movice entrepreneur C. Nascent entrepreneur D. Serial entrepreneur