EEE 2023 Exam 1 Questions With Correct
Answers
definition |of |entrepreneurship |- |CORRECT |ANSWER✔✔-the |process |by |which |individuals |
pursue |opportunities |without |regard |to |resources |they |currently |control |for |the |purpose |of |
exploiting |future |goods |and |services
reasons |to |become |an |entrepreneur |- |CORRECT |ANSWER✔✔-be |your |own |boss, |pursue |your |
own |ideas, |realize |financial |rewards
four |primary |characteristics |of |a |successful |entrepreneur |- |CORRECT |ANSWER✔✔-passion |for |
the |business, |product/customer |focus, |tenacity |despite |failure, |execution |intelligence
common |myths |about |entrepreneurs |- |CORRECT |ANSWER✔✔-entrepreneurs |are |born, |not |
made, |entrepreneurs |are |gamblers, |entrepreneurs |are |motivated |primarily |by |money, |
entrepreneurs |should |be |young |and |energetic, |entrepreneurs |love |the |spotlight
changing |demographics |- |CORRECT |ANSWER✔✔-18-29= |17.5%, |30-39= |25%, |40-49= |24%, |50-
59= |21%, |60+= |12.5%
steps |in |the |entrepreneurial |process |- |CORRECT |ANSWER✔✔-1. |decision |to |become |an |
entrepreneur, |2. |developing |successful |business |plans, |3. |moving |from |an |idea |to |an |
entrepreneurial |firm, |4. |managing |and |growing |an |entrepreneurial |firm
entrepreneurial |mindset |- |CORRECT |ANSWER✔✔-opportunity |recognition, |creativity, |
responsible |risk-taking, |self-awareness
risk-taking |- |CORRECT |ANSWER✔✔-refers |to |the |tendency |to |engage |in |behaviors |that |have |
the |potential |to |be |harmful |or |dangerous, |yet |at |the |same |time |provide |the |opportunity |for |
some |kind |of |outcome |that |can |be |perceived |as |positive
, risk-aversion |- |CORRECT |ANSWER✔✔-opposed |to |taking |risks
domino |effect |- |CORRECT |ANSWER✔✔-a |cumulative |effect |produced |when |one |event |initiates
|a |succession |of |similar |events
venture |capitalist |- |CORRECT |ANSWER✔✔-entrepreneurship |is |the |art |of |turning |an |idea |into |
a |business
idea |- |CORRECT |ANSWER✔✔-a |thought, |an |impression, |or |a |notion
opportunity |- |CORRECT |ANSWER✔✔-a |favorable |set |of |circumstances |that |creates |a |need |for |
a |new |product, |service, |or |business
opportunity |gap |- |CORRECT |ANSWER✔✔-a |problem
window |of |opportunity |- |CORRECT |ANSWER✔✔-the |time |period |in |which |a |firm |can |
realistically |enter |a |new |market
three |ways |to |identify |an |opportunity |- |CORRECT |ANSWER✔✔-observing |trends, |solving |a |
problem, |finding |gaps |in |the |marketplace
endowment |effect |- |CORRECT |ANSWER✔✔-people |value |a |good, |service, |or |anything |value |
more |once |they |possess |it
4 |essential |qualities |of |an |opportunity |- |CORRECT |ANSWER✔✔-attractive, |timely, |durable, |
anchored |in |a |product, |service, |or |business |that |creates |or |adds |value |for |its |buyer |or |end |
user
Answers
definition |of |entrepreneurship |- |CORRECT |ANSWER✔✔-the |process |by |which |individuals |
pursue |opportunities |without |regard |to |resources |they |currently |control |for |the |purpose |of |
exploiting |future |goods |and |services
reasons |to |become |an |entrepreneur |- |CORRECT |ANSWER✔✔-be |your |own |boss, |pursue |your |
own |ideas, |realize |financial |rewards
four |primary |characteristics |of |a |successful |entrepreneur |- |CORRECT |ANSWER✔✔-passion |for |
the |business, |product/customer |focus, |tenacity |despite |failure, |execution |intelligence
common |myths |about |entrepreneurs |- |CORRECT |ANSWER✔✔-entrepreneurs |are |born, |not |
made, |entrepreneurs |are |gamblers, |entrepreneurs |are |motivated |primarily |by |money, |
entrepreneurs |should |be |young |and |energetic, |entrepreneurs |love |the |spotlight
changing |demographics |- |CORRECT |ANSWER✔✔-18-29= |17.5%, |30-39= |25%, |40-49= |24%, |50-
59= |21%, |60+= |12.5%
steps |in |the |entrepreneurial |process |- |CORRECT |ANSWER✔✔-1. |decision |to |become |an |
entrepreneur, |2. |developing |successful |business |plans, |3. |moving |from |an |idea |to |an |
entrepreneurial |firm, |4. |managing |and |growing |an |entrepreneurial |firm
entrepreneurial |mindset |- |CORRECT |ANSWER✔✔-opportunity |recognition, |creativity, |
responsible |risk-taking, |self-awareness
risk-taking |- |CORRECT |ANSWER✔✔-refers |to |the |tendency |to |engage |in |behaviors |that |have |
the |potential |to |be |harmful |or |dangerous, |yet |at |the |same |time |provide |the |opportunity |for |
some |kind |of |outcome |that |can |be |perceived |as |positive
, risk-aversion |- |CORRECT |ANSWER✔✔-opposed |to |taking |risks
domino |effect |- |CORRECT |ANSWER✔✔-a |cumulative |effect |produced |when |one |event |initiates
|a |succession |of |similar |events
venture |capitalist |- |CORRECT |ANSWER✔✔-entrepreneurship |is |the |art |of |turning |an |idea |into |
a |business
idea |- |CORRECT |ANSWER✔✔-a |thought, |an |impression, |or |a |notion
opportunity |- |CORRECT |ANSWER✔✔-a |favorable |set |of |circumstances |that |creates |a |need |for |
a |new |product, |service, |or |business
opportunity |gap |- |CORRECT |ANSWER✔✔-a |problem
window |of |opportunity |- |CORRECT |ANSWER✔✔-the |time |period |in |which |a |firm |can |
realistically |enter |a |new |market
three |ways |to |identify |an |opportunity |- |CORRECT |ANSWER✔✔-observing |trends, |solving |a |
problem, |finding |gaps |in |the |marketplace
endowment |effect |- |CORRECT |ANSWER✔✔-people |value |a |good, |service, |or |anything |value |
more |once |they |possess |it
4 |essential |qualities |of |an |opportunity |- |CORRECT |ANSWER✔✔-attractive, |timely, |durable, |
anchored |in |a |product, |service, |or |business |that |creates |or |adds |value |for |its |buyer |or |end |
user
