Module 1: Entrepreneurship Today 1.7. Quiz Exam Answers

Module 1: Entrepreneurship Today 1.7. Quiz Exam Answers

Module 1: Entrepreneurship Today – 1.7 Quiz Exam Answers provides learners with clear, accurate, and well-structured solutions to the key concepts introduced in this foundational entrepreneurship module. This section focuses on the modern landscape of entrepreneurship, the roles and characteristics of successful entrepreneurs, the impact of innovation and technology on new ventures, and the evolving global economic environment. These answers help students reinforce essential ideas such as opportunity recognition, risk management, value creation, and the traits that allow entrepreneurs to adapt and thrive in competitive markets. By reviewing these answers, learners gain a deeper understanding of how entrepreneurship operates today and how entrepreneurial thinking contributes to economic growth and societal change.

  1. What distinguishes an entrepreneur from a small business owner?

    • An entrepreneur is involved in opening new businesses.
    • An entrepreneur creates new products that meet an already addressed need but in a slightly different way.
    • An entrepreneur identifies and acts on opportunities that no one else has addressed. 
    • An entrepreneur assumes a financial risk in their endeavor.

  2. Which of the following is a type of entrepreneur?

    • Market makers 
    • Business owners
    • Nonprofit organizers
    • Repurposers

  3. Roberta’s venture into innovative dental hygiene products has allowed her to maintain her current lifestyle, which she enjoys. Since she is considered a lifestyle entrepreneur, which of the following is not likely to be her source of motivation?

    • Encouraging consumers to use her products to better enjoy their hygiene habits.
    • Financial gains and profit, allowing her to sell her business and reap the financial rewards. 
    • Continuing working at her full-time employment while she invests in her new venture.
    • Using her return to invest in her favorite nonprofit, aligned with her own personal passions and beliefs.

  4. As Lisa completes her due diligence before investing in a new venture, she is taking what kind of risk?

    • Calculated risk 
    • Unnecessary risk
    • Maximum risk
    • Minimum risk

  5. Which of the following is an important first step in resolving a problem?

    • Identifying the problem 
    • Testing the solution for the problem
    • Finding investors for the solution to the problem
    • Turning the solution into a business venture

  6. Which is the most important reason for a potential entrepreneur to have an opportunity-identifying perspective?

    • It is most important for an entrepreneur to identify a problem.
    • It is most important for an entrepreneur to determine if a successful business venture can result from solving the problem. 
    • It is most important for an entrepreneur to develop solutions for problems.
    • It is most important for an entrepreneur to identify investors for the solution.

  7. Which of the following is not considered a factor driving the growth of entrepreneurship?

    • The excitement of creating something new
    • Lowered risk for entrepreneurs 
    • Having control over decision-making
    • The support of entrepreneurship as a viable career choice

  8. Cheryl loves to problem-solve. In fact, she has noted a few problems of late that she thinks she could solve with a little time, ingenuity, and finances. Which of the following factors driving the growth of entrepreneurship is most likely to drive Cheryl forward on an entrepreneurial path?

    • The excitement of creating something new 
    • Having something enjoyable to do after retirement that still brings in an income
    • Having control over decision-making
    • Taking a calculated risk to start a new venture

  9. What is the relationship between venture capital activity and the number of entrepreneurial ventures in a given nation?

    • The more venture capital activity, the greater the entrepreneurial ventures. 
    • The less venture capital activity, the greater the entrepreneurial ventures.
    • The more venture capital activity, the fewer entrepreneurial ventures.
    • There is no relationship between venture capital activity and entrepreneurial ventures.

  10. Which of the following is not a factor that can affect entrepreneurial opportunity?

    • Employment rates
    • Government policies
    • Religious affiliations 
    • Trade issues