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Entrepreneurship - Exam
Contributed by: Haigh
  • 1. Entrepreneurship is the process of designing, launching, and running a new business, often initially a small business. It involves taking risks, creating value, and identifying opportunities to innovate. Entrepreneurs are visionary individuals who are willing to take on challenges, adapt to changing environments, and pursue their ideas with passion and determination. They play a crucial role in driving economic growth, creating jobs, and fostering innovation in various industries. Successful entrepreneurs possess a combination of creativity, leadership, resilience, and the ability to make strategic decisions. They constantly seek out new opportunities, learn from failures, and continuously strive for growth and success.

    What does SWOT analysis stand for in the context of entrepreneurship?
A) Service, Website, Orders, Training
B) Sales, Workforce, Operations, Technology
C) Strategy, Winning, Organizing, Teamwork
D) Strengths, Weaknesses, Opportunities, Threats
  • 2. What does ROI stand for in the context of business?
A) Recurring Operating Income
B) Risk of Inflation
C) Return on Investment
D) Runway of Innovation
  • 3. What is a common reason for startup failure?
A) Too much funding
B) Perfect timing
C) Lack of market demand
D) Overwhelming success
  • 4. Which term refers to the legal protection of inventions and artistic works?
A) Tangible assets
B) Workforce optimization
C) Strategic planning
D) Intellectual property
  • 5. What is the term for the temporary suspension of business operations to reorganize and pay creditors?
A) Liquidation
B) Bankruptcy
C) Diversification
D) Monopoly
  • 6. Which type of entrepreneurship involves starting a business within an existing organization?
A) Solopreneurship
B) Exopreneurship
C) Intrapreneurship
D) Collaborative entrepreneurship
  • 7. What is an essential part of networking for entrepreneurs?
A) Talking only about oneself
B) Avoiding social events
C) Building relationships
D) Collecting business cards
  • 8. What is the term for the process of understanding customer needs and preferences?
A) Product development
B) Employee training
C) Logo design
D) Market research
  • 9. What does MVP stand for in the realm of entrepreneurship?
A) Minimum Viable Product
B) Marketing Video Promotion
C) Most Valuable Player
D) Market Value Proposition
  • 10. Who typically bears most of the risks and enjoys most of the rewards in entrepreneurship?
A) Consumers
B) Employees
C) Government officials
D) The entrepreneur
  • 11. Who defined the role of the entrepreneur as 'creative destruction'?
A) John Maynard Keynes
B) Joseph Schumpeter
C) Adam Smith
D) Milton Friedman
  • 12. What does 'creative destruction' involve according to Joseph Schumpeter?
A) Launching innovations that destroy old industries while ushering in new ones
B) Eliminating all forms of competition within an industry
C) Creating monopolies through government intervention
D) Preserving traditional industries while slowly introducing changes
  • 13. In what types of organizations can entrepreneurial behavior be observed?
A) Only in small-sized firms
B) Exclusively within large corporations
C) Only in government sectors
D) New and established firms, for-profit and not-for-profit organizations
  • 14. What is one component of an entrepreneurship ecosystem?
A) Corporate mergers and acquisitions
B) Traditional banking systems
C) Government programs and services that promote entrepreneurship
D) Stock market trading platforms
  • 15. Which type of organization offers advice and mentoring to entrepreneurs?
A) Large multinational corporations
B) Non-governmental organizations such as small-business associations
C) Consumer protection agencies
D) Financial regulatory bodies
  • 16. What is a common characteristic of entrepreneurs in terms of risk?
A) A tendency towards risk-taking
B) Complete avoidance of risks
C) Indifference to financial outcomes
D) Preference for guaranteed returns
  • 17. What is one way entrepreneurs might use opportunities?
A) To avoid market competition
B) To reduce innovation in their industry
C) To maintain the status quo
D) To develop new products or services
  • 18. What type of financing might entrepreneurs seek?
A) Venture capital financing
B) Government subsidies for large corporations
C) Loans from family and friends exclusively
D) Personal savings only
  • 19. Who first defined the term 'entrepreneur' in his work 'Essai sur la Nature du Commerce en Général'?
A) Joseph Schumpeter
B) Richard Cantillon
C) Jean-Baptiste Say
D) Alfred Marshall
  • 20. What was the original French term for 'entrepreneur' first recorded in a dictionary published in 1723?
A) Gale of Creative Destruction
B) Endogenous Growth Theory
C) Dictionnaire Universel de Commerce by Jacques des Bruslons
D) Essay on the Nature of Trade in General
  • 21. Which economist considered Cantillon's work as the 'cradle of political economy'?
A) Carl Menger
B) Ludwig von Mises
C) Joseph Schumpeter
D) William Stanley Jevons
  • 22. Who emphasized entrepreneurs as drivers of economic development by reallocating resources?
A) Alfred Marshall
B) Richard Cantillon
C) Joseph Schumpeter
D) Jean-Baptiste Say
  • 23. In the Ashanti Empire, what title was awarded to successful entrepreneurs?
A) Mena
B) Oligarch
C) Meister
D) Abirempon
  • 24. According to Schumpeter, who bears the risk in entrepreneurial ventures?
A) The entrepreneur.
B) The government.
C) The market.
D) The capitalist.
  • 25. Which economist viewed the entrepreneur as a multi-tasking capitalist?
A) Richard Cantillon
B) Jean-Baptiste Say
C) Alfred Marshall
D) Joseph Schumpeter
  • 26. Which school of thought did Cantillon and Say belong to?
A) Austrian economists
B) Marxist economists
C) Classical economists
D) Physiocrats
  • 27. What type of entrepreneurship extends to include a specific mindset resulting in entrepreneurial initiatives?
A) The term 'entrepreneurship' itself.
B) Political entrepreneurship.
C) Intrapreneurship.
D) Social entrepreneurship.
  • 28. Who was named by historian Judith Flanders as 'among the greatest and most innovative retailers the world has ever seen'?
A) Pryce Pryce-Jones
B) Bill Gates
C) Henry Ford
D) Josiah Wedgwood
  • 29. Who formed the first mail order business, capitalizing on the railway network and modern postal system?
A) John D. Rockefeller
B) Sam Walton
C) Josiah Wedgwood
D) Pryce Pryce-Jones
  • 30. In a 2002 survey of business history professors, who was ranked as the top figure in American business history?
A) Andrew Carnegie
B) Henry Ford
C) John D. Rockefeller
D) Thomas Edison
  • 31. Which entrepreneur followed Henry Ford in the 2002 survey ranking of top figures in American business history?
A) Sam Walton
B) J. P. Morgan
C) Alfred P. Sloan
D) Bill Gates
  • 32. Who was ranked third in the 2002 survey of top figures in American business history?
A) Andrew Carnegie
B) Sam Walton
C) Thomas Edison
D) John D. Rockefeller
  • 33. Which entrepreneur was ranked fourth in the 2002 survey of top figures in American business history?
A) J. P. Morgan
B) Alfred P. Sloan
C) Andrew Carnegie
D) Thomas Edison
  • 34. Who was ranked fifth in the 2002 survey of top figures in American business history?
A) Thomas Edison
B) Alfred P. Sloan
C) J. P. Morgan
D) Sam Walton
  • 35. Which management pioneer was ranked first by a 1977 survey of management scholars?
A) Frederick Winslow Taylor
B) Frank Bunker Gilbreth Sr.
C) Elton Mayo
D) Chester Barnard
  • 36. Who was ranked second in the 1977 survey of top management pioneers?
A) Elton Mayo
B) Frank Bunker Gilbreth Sr.
C) Chester Barnard
D) Lillian Moller Gilbreth
  • 37. Which type of financing involves raising money through a large number of small investors online?
A) Loans from banks
B) Business plan competitions
C) Equity crowdfunding
D) Microcredit
  • 38. Which principle of Effectuation Theory suggests starting with available means?
A) Affordable Loss
B) Lemonade
C) Bird-in-Hand
D) Crazy Quilt
  • 39. Which notable business did Mark Zuckerberg create?
A) Amazon
B) Twitter
C) Google
D) Facebook
  • 40. Who was ranked fourth in the 1977 survey of top management pioneers?
A) Chester Barnard
B) Frederick Winslow Taylor
C) Elton Mayo
D) Lillian Moller Gilbreth
  • 41. Who co-founded the retailer Marks & Spencer in 1884?
A) Ralph Slazenger
B) Isidore Gluckstein
C) Michael Marks
D) Joseph Malin
  • 42. Who developed the Effectuation Theory?
A) Saras Sarasvathy
B) Icek Ajzen
C) Dane Wagner and Dr. Nikki Blacksmith
D) Clark, Covin, and Pidduck
  • 43. How many dimensions of behaviors are included in the Twelve Pillars of Entrepreneurship?
A) Twelve
B) Five
C) Seventeen
D) Four
  • 44. Which entrepreneur was ranked eighteenth in the 2002 survey of top figures in American business history?
A) Cornelius Vanderbilt
B) George Westinghouse
C) Josiah Wedgwood
D) Bill Hewlett
  • 45. What did a study by Backes-Gellner and Moog find important for future entrepreneurs?
A) Strong leadership skills
B) A diverse social network
C) Early financial independence
D) High academic grades
  • 46. What activities do nascent entrepreneurs often undertake?
A) Consulting for other businesses
B) Managing day-to-day operations of an existing business
C) Looking for facilities, obtaining financial backing, forming legal entities, organizing teams
D) Investing in stock markets
  • 47. Who was ranked seventeenth in the 2002 survey of top figures in American business history?
A) David Packard
B) Cornelius Vanderbilt
C) George Westinghouse
D) Bill Hewlett
  • 48. Which area of the brain was found to be more active in entrepreneurs according to a 2014 study at ETH Zürich?
A) Occipital lobe
B) Frontopolar cortex (FPC)
C) Temporal lobe
D) Parietal lobe
  • 49. Which theory's principles include 'Affordable Loss' and 'Crazy Quilt'?
A) Twelve Pillars of Entrepreneurship
B) Entrepreneurial Orientation (EO)
C) Theory of Planned Behavior (TPB)
D) Effectuation Theory
  • 50. What do Fauchart and Gruber's classifications of entrepreneurs reflect?
A) Founders' heterogenous identities
B) Economic inequality impacts
C) Market demand predictions
D) Statistical risk levels
  • 51. What influences the income of self-employed people according to one study?
A) Certain genes affecting personality
B) Statistical risk measurement
C) Market demand alone
D) Entrepreneurial styles
  • 52. Which ethnic group has been studied for entrepreneurship in Miami during the 2010s?
A) Dominican investors
B) Cuban business owners
C) Mexican entrepreneurs
D) Puerto Rican business leaders
  • 53. Which strategy involves minimizing inventory as part of bootstrapping?
A) Owner financing through personal loans.
B) Lean manufacturing strategies.
C) Seeking government grants.
D) Increasing accounts payable by delaying payment.
  • 54. Which of these is NOT a benefit of bootstrapping?
A) Maintaining ownership and control.
B) Fostering creativity and resourcefulness.
C) Immediate large-scale expansion.
D) Minimizing debt obligations.
  • 55. In which type of economies are portfolio entrepreneurs especially prominent?
A) Developed economies
B) Emerging economies
C) Less developed economies
D) Digital economies
  • 56. Which management pioneer was ranked fifth in the 1977 survey?
A) Frederick Winslow Taylor
B) Lillian Moller Gilbreth
C) Elton Mayo
D) Chester Barnard
  • 57. Who was ranked seventh in the 2002 survey of top figures in American business history?
A) Ray Kroc
B) Alfred P. Sloan
C) Walt Disney
D) J. P. Morgan
  • 58. What is one way bootstrapping can reduce product development costs?
A) Seeking high-interest bank loans.
B) Using lean startup methodologies.
C) Delaying all payments to suppliers.
D) Increasing inventory levels.
  • 59. Which entrepreneur was ranked twentieth in the 2002 survey of top figures in American business history?
A) Josiah Wedgwood
B) Henry Ford
C) Pryce Pryce-Jones
D) George Westinghouse
  • 60. What trait is negatively associated with an enterprising tendency according to 2022 research?
A) Innovativeness
B) Optimism
C) Trait victimhood
D) High self-efficacy
  • 61. Which of the following is an example of a tangible resource?
A) Machinery
B) Brand name
C) Skills and experience
D) Entrepreneurial networks
  • 62. According to the 2025 study, what percentage of male entrepreneurs start a firm in an industry related to their father's?
A) 90 percent.
B) Almost 75 percent.
C) 50 percent.
D) 25 percent.
  • 63. What is the role of mass media in shaping views and demand according to the text?
A) It diminishes entrepreneurial opportunities
B) It only affects non-entrepreneurs
C) It has no significant impact
D) It plays a crucial role
  • 64. Which entrepreneur was ranked twelfth in the 2002 survey of top figures in American business history?
A) Eli Whitney
B) Alexander Graham Bell
C) Jack Welch
D) James J. Hill
  • 65. What is often associated with entrepreneurship, especially when creating novel goods or services?
A) Incremental improvements
B) Statistical risk
C) Ambiguity
D) True uncertainty
  • 66. What is the effect of taxes on entrepreneurship according to many studies?
A) Taxes drastically reduce entrepreneurship
B) Taxes have no impact at all
C) The effect is small
D) Taxes significantly boost entrepreneurship
  • 67. Which dimension is not part of the Entrepreneurial Orientation (EO) framework?
A) Innovativeness
B) Proactiveness
C) Collaboration
D) Risk-taking
  • 68. What is becoming transnational in nature to enable organizations to operate globally?
A) Local marketing strategies
B) Domestic financial plans
C) Internal company policies
D) Corporate visions
  • 69. Who was ranked thirteenth in the 2002 survey of top figures in American business history?
A) Eli Whitney
B) Cyrus McCormick
C) James J. Hill
D) Jack Welch
  • 70. Which management pioneer was ranked third in the 1977 survey?
A) Lillian Moller Gilbreth
B) Frederick Winslow Taylor
C) Elton Mayo
D) Frank Bunker Gilbreth Sr.
  • 71. What is another term for a serial entrepreneur?
A) Single-founder entrepreneur
B) Serial founder
C) Portfolio entrepreneur
D) Novice entrepreneur
  • 72. Who opened the first sit-down fish restaurant in 1896?
A) Ralph Slazenger
B) Samuel Isaacs
C) Joseph Malin
D) Montague Gluckstein
  • 73. What type of uncertainty is measurable statistically?
A) Ambiguity
B) True uncertainty
C) Knightian uncertainty
D) Risk
  • 74. Which entrepreneur was ranked sixteenth in the 2002 survey of top figures in American business history?
A) David Packard
B) Bill Hewlett
C) Cornelius Vanderbilt
D) Cyrus McCormick
  • 75. According to Edith Penrose, what is essential for capturing business opportunities in modern organizations?
A) Combining human resources collectively
B) Focusing on individual contributions only
C) Ignoring resource management
D) Minimizing the role of human resources
  • 76. What psychological state is associated with breakthrough innovations according to Mihaly Csikszentmihalyi?
A) Depression
B) Anxiety
C) Flow
D) Burnout
  • 77. What is a debt financing option that involves borrowing against future sales?
A) Start-up accelerators
B) Equity crowdfunding
C) Angel investors
D) Merchant cash advance
  • 78. Who was ranked nineteenth in the 2002 survey of top figures in American business history?
A) Josiah Wedgwood
B) George Westinghouse
C) Cornelius Vanderbilt
D) Pryce Pryce-Jones
  • 79. Which sports brand has the longest-running sporting sponsorship at Wimbledon?
A) Puma
B) Nike
C) Adidas
D) Slazenger
  • 80. Which entrepreneur was ranked tenth in the 2002 survey of top figures in American business history?
A) Alexander Graham Bell
B) Eli Whitney
C) Ray Kroc
D) Thomas J. Watson
  • 81. Why are ventures started by sons in the same or related industry as their fathers more successful?
A) They inherit a fully established business from their fathers.
B) Sons obtain industry knowledge through informal interactions with their fathers.
C) They have access to greater financial resources.
D) They receive formal education in that specific industry.
  • 82. What is the primary focus of the Individual Entrepreneurial Orientation (IEO) scale developed in 2024?
A) Classifying firm-level entrepreneurial behaviors.
B) Providing a taxonomy for decision-making behaviors.
C) Measuring individual-level entrepreneurial behaviors.
D) Organizing educational curricula in business schools.
  • 83. What is essential for entrepreneurs to communicate effectively with their team?
A) A charismatic leadership style
B) Strict management policies
C) Minimal interaction
D) Frequent written reports
  • 84. Which entrepreneur was ranked sixth in the 2002 survey of top figures in American business history?
A) Walt Disney
B) Sam Walton
C) Alfred P. Sloan
D) J. P. Morgan
  • 85. Who was ranked eleventh in the 2002 survey of top figures in American business history?
A) Alexander Graham Bell
B) Eli Whitney
C) Thomas J. Watson
D) James J. Hill
  • 86. Which entrepreneur was ranked fourteenth in the 2002 survey of top figures in American business history?
A) David Packard
B) James J. Hill
C) Cyrus McCormick
D) Jack Welch
  • 87. What percentage of self-employed individuals with a graduate degree remained consistent over time according to Michelacci and Schivardi?
A) 50 percent.
B) 75 percent.
C) 10 percent.
D) About 33 percent.
  • 88. What model is used in Strategic Entrepreneurship according to the Academy of Management?
A) Balanced Scorecard
B) SWOT Analysis
C) PESTLE Analysis
D) Input-Process-Output model
  • 89. Who was ranked ninth in the 2002 survey of top figures in American business history?
A) Alexander Graham Bell
B) Walt Disney
C) Ray Kroc
D) Thomas J. Watson
  • 90. Who was ranked fifteenth in the 2002 survey of top figures in American business history?
A) David Packard
B) Cyrus McCormick
C) Bill Hewlett
D) Jack Welch
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