ENT101 Reviewer Questions with Correct Answers 100% Verified By Experts|2025/2026
Latest Update
Entrepreneurship Involves identifying opportunities, creating innovative solutions, and
organizing resources to manage a business venture. It entails risk-taking, adaptability, and a
drive to create value.
Creative Destruction According to Joseph Schumpeter, an economic process that destroys
the order or equilibrium to create a new one.
Sole Proprietorship, Partnership, Limited Partnership, Corporation, LLC, Non-Profit, Co-op 7
Types of Businesses
Risk-taker, Visionary, Innovator, Leader Characteristics of an Entrepreneur
Jobs Creation, Problem Solver, Source of Innovation, Helping the Community, Greater Wealth
Importance of Entrepreneurship
Startup Ecosystem A network that supports the growth of startups, including entrepreneurs,
investors, incubators, accelerators, universities, and government entities.
Startups Typically defined as a newly established business that is in the early stages of
operations, founded by one or more entrepreneurs to develop a unique product or service.
Entrepreneur An individual who creates, organizes, and operates a business, assuming
financial risks.
Investors provides capital
Incubators/Accelerators Offer resources and mentorship
, Government and Universities provide policies, regulations and talent
Innovation aim to solve a problem or fill a gap in the market with a new or significantly
improved product, service, or process.
Scalability Unlike traditional small businesses, startups are designed to grow rapidly and
reach a large market. They aim for high scalability, meaning they can increase revenue with
minimal incremental cost.
Risk and Uncertainty operate in environments with high risk and uncertainty, often because
they are trying to create something new or enter uncharted territories.
Growth Orientation typically focus on growth, often seeking external funding from venture
capitalists, angel investors, or crowdfunding to accelerate their development.
Lean Operations operate with limited resources, employing lean methodologies to test ideas
quickly, learn from failures, and pivot if necessary (a concept popularized by Eric Ries in "The
Lean Startup")
Eric Ries a concept popularized by _________ in "The Lean Startup"
Technology Startups Innovate using technology
Social Startups Address social/environmental challenges
eCommerce Startups Operate online marketplaces
Fintech Startups revolutionize financial services
Latest Update
Entrepreneurship Involves identifying opportunities, creating innovative solutions, and
organizing resources to manage a business venture. It entails risk-taking, adaptability, and a
drive to create value.
Creative Destruction According to Joseph Schumpeter, an economic process that destroys
the order or equilibrium to create a new one.
Sole Proprietorship, Partnership, Limited Partnership, Corporation, LLC, Non-Profit, Co-op 7
Types of Businesses
Risk-taker, Visionary, Innovator, Leader Characteristics of an Entrepreneur
Jobs Creation, Problem Solver, Source of Innovation, Helping the Community, Greater Wealth
Importance of Entrepreneurship
Startup Ecosystem A network that supports the growth of startups, including entrepreneurs,
investors, incubators, accelerators, universities, and government entities.
Startups Typically defined as a newly established business that is in the early stages of
operations, founded by one or more entrepreneurs to develop a unique product or service.
Entrepreneur An individual who creates, organizes, and operates a business, assuming
financial risks.
Investors provides capital
Incubators/Accelerators Offer resources and mentorship
, Government and Universities provide policies, regulations and talent
Innovation aim to solve a problem or fill a gap in the market with a new or significantly
improved product, service, or process.
Scalability Unlike traditional small businesses, startups are designed to grow rapidly and
reach a large market. They aim for high scalability, meaning they can increase revenue with
minimal incremental cost.
Risk and Uncertainty operate in environments with high risk and uncertainty, often because
they are trying to create something new or enter uncharted territories.
Growth Orientation typically focus on growth, often seeking external funding from venture
capitalists, angel investors, or crowdfunding to accelerate their development.
Lean Operations operate with limited resources, employing lean methodologies to test ideas
quickly, learn from failures, and pivot if necessary (a concept popularized by Eric Ries in "The
Lean Startup")
Eric Ries a concept popularized by _________ in "The Lean Startup"
Technology Startups Innovate using technology
Social Startups Address social/environmental challenges
eCommerce Startups Operate online marketplaces
Fintech Startups revolutionize financial services
