Principles of Entrepreneurship - Test Review

Question 1

An entrepreneur is someone who identifies __, starts and grows a business, and assumes the __ and rewards of the venture

Accepted Answer

an opportunity and risk

Question 2

Entrepreneurs try to create value, while managing ___________ resources in a changing, uncertain business environment.

Accepted Answer

scarce

Question 3

If you buy a t-shirt for $15, and sell it for $20. What is your gross margin?

Accepted Answer

$5

Question 4

Key metrics and measures that highlight the health of the business is called what?

Accepted Answer

Key Performance Indicators

Question 5

Leadership Skills are:

Accepted Answer

The ability to inspire and motivate others towards a common goal

Question 6

The introduction of something new – a new idea, product, method, device, or service, is called:

Accepted Answer

innovation

Question 7

What is considered the “instrument” of entrepreneurship?

Accepted Answer

Innovation

Question 8

This type of entrepreneurship observes other successful innovations, and then works to improve those products

Accepted Answer

Imitator Entrepreneurship

Question 9

All of the following are marketing tech tools, except:

Accepted Answer

Text Marketing

Question 10

________, not money, is usually the driver of entrepreneurism.

Accepted Answer

Passion

Question 11

How do you calculate gross margin?

Accepted Answer

Sales Price – Cost

Question 12

Which type of entrepreneurship is mostly focused on making the world a better place?

Accepted Answer

Social Entrepreneurship

Question 13

Being an entrepreneur is not only a career choice, but also a lifestyle that may offer some level of:

Accepted Answer

independence and flexibility

Question 14

All are possible ways entrepreneurship begins, except:

Accepted Answer

Developing a product similar to another business

Question 15

A Business Plan might also be called a

Accepted Answer

roadmap and/or pitch deck

Question 16

Entrepreneurial ______________ is the combination of Profession, Passion, Mission, and Vocation.

Accepted Answer

Purpose

Question 17

Ability to quickly learn, and effectively use, various forms of technology to accomplish business objectives are called

Accepted Answer

Technical Skills

Question 18

The ability to care, empathize and understand the needs of others is called what?

Accepted Answer

Emotional Intelligence

Question 19

Which type of entrepreneurship is more focused on growing fast?

Accepted Answer

Scalable Startup Entrepreneurship

Question 20

The difference between small business and entrepreneurship has nearly nothing to do with size and everything to do with:

Accepted Answer

characteristics

Questions 20