Quiz about Entrepreneurship and Small Business Management

Question 1

Which of the following is the correct definition of the term 'entrepreneur', as used by the OECD?

Accepted Answer

Entrepreneurs are those persons (business owners) who seek to generate value through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets.

Answer

Entrepreneurs are those people who start new businesses with the aim of making a profit.

Answer

Entrepreneurs are those persons who seek to create value by starting new businesses with innovative products and services.

Answer

Entrepreneurs are those people who seek to create value for local communities, people or customers by starting new ventures which exploit new products, processes or markets.

Question 2

What is the definition of the term, 'social enterprise'?

Accepted Answer

A trading organization which serves a social purpose and which can take a variety of legal forms, including co-operative, a limited company and a community interest company.

Answer

A commercial organization that seeks to combine a profit seeking motive with the provision of social benefits.

Answer

A trading organization that is motivated by profit and a societal orientation.

Answer

A social enterprise undertakes social marketing and can take a variety of legal forms, including co-operative, a limited company and a community interest company.

Question 3

Intrapreneurship often takes the form of ...

Accepted Answer

a semi-autonomous group (e.g. an internal venture team), operating within the overarching structure of the parent organization.

Answer

a spinout venture from a university to commercial a new invention.

Answer

a subsidiary of a large corporation developing a new product.

Answer

a semi-autonomous group operating outside the overarching structure of the parent organization.

Question 4

The goals motivating entrepreneurial activity can include which of the following options:

Accepted Answer

To improve the social welfare of people, e.g. in terms of their health.

Answer

To improve the wealth of the entrepreneurs.

Answer

To maintain influence amongst powerful local figures.

Answer

All of the above.

Question 5

Can entrepreneurship be 'learned'?

Accepted Answer

Practical exercises, study and critical reflection can be a good way to think about

Answer

Entrepreneurs are born and not made

Answer

It's a discipline and like any other discipline it can be learned.

Answer

You will never become an entrepreneur simply by reading a book

Question 6

Which of these statements best describes the context for entrepreneurship?

Accepted Answer

Entrepreneurship takes place in a wide variety of contexts.

Answer

Entrepreneurship takes place in small businesses.

Answer

Entrepreneurship takes place in large businesses.

Answer

Entrepreneurship does not take place in social enterprises.

Question 7

Which statement is not true of entrepreneurs?

Accepted Answer

They generally stick to the processes already in use.

Answer

They change the way businesses convert inputs into outputs

Answer

They take risks

Answer

They apply innovative ideas

Question 8

Pichot suggested three roles for the intrapreneur in promoting innovation. What are they?

Accepted Answer

Inventor, product champion and sponsor

Answer

Team builder, information source and advocate

Answer

Inventor, innovator and sponsor

Answer

Inventor, developer and marketer

Question 9

Why is the notion of 'vision' important in entrepreneurship?

Accepted Answer

Without it there is no driving force or sense of direction.

Answer

People need a sense of fantasy in order to create ambitious ventures.

Answer

Investors prefer to invest in visionaries.

Answer

Having a vision helps to create a paradigm shift.

Question 10

What are the two key issues that arise when you create an effective entrepreneurial team
from scratch?

Accepted Answer

Team composition and team roles

Answer

Team mentality and team synergy

Answer

Team numbers and team quality

Answer

Team experience and team experience

Practice Test On: Entrepreneurship and Small Business Management

Practice Test On:
Entrepreneurship and Small Business Management