ENTR 2030 Quiz 1 || 100% Verified Solutions.
Entrepreneurship correct answers A way of thinking, acting, and being that combines the ability
to create new opportunities with the courage to act on them
7 Truths of Entrepreneurship correct answers 1: Entrepreneurship is not reserved for startups
2: Entrepreneurs do not have special personality traits
3: Entrepreneurship can be taught (it's a method that requires practice)
4: Entrepreneurs are not extreme risk takers
5: Entrepreneurs collaborate more than they compete
6: Entrepreneurs act more than they plan
7: Entrepreneurship is a life skill
Startup correct answers A temporary organization in search of a scalable business model
Personality Traits of Entrepreneurs correct answers Desire for achievement, ability to influence
events, tendency to take risks, tolerance for uncertainty
Effectuation Theory correct answers The idea that the future in unpredictable yet controllable
and entrepreneurs can effect the future
Types of Entrepreneurship correct answers Corporate entrepreneurship, entrepreneurship inside,
franchising, buying a small business social entrepreneurship, family enterprising, and serial
entrepreneurship
Corporate Entrepreneurship correct answers A process of creating new products, ventures,
processes, or renewal within large organizations
, Entrepreneurship Inside correct answers Employees who think and act entrepreneurially within
different types of organizations
Franchise correct answers License purchased by an entrepreneur from an existing business to
operate under the businesses name
Buying a Small Business correct answers Entrepreneur purchases existing business
Social Entrepreneurship correct answers The process of sourcing innovative solutions to social
and environmental problems
Benefit Corporation (B Corp) correct answers Organization that ensures social and
environmental standards are met
Family Enterprise correct answers A business that is owned and managed by multiple family
members
Serial Entrepreneurs (Habitual Entrepreneurs) correct answers Entrepreneurs who start several
businesses, either simultaneously or consecutively
Method correct answers A systematic way of approaching a task
Process correct answers A series of steps taken to achieve a particular end
Entrepreneurship as a Method correct answers A set of practices, phases of learning, iterative,
creative, action focus, investment for learning, collaborative
Entrepreneurship as a Process correct answers Known inputs and predicted outputs, steps to
complete, linear, predictive, planning focus, expected return, competitive
Entrepreneurship correct answers A way of thinking, acting, and being that combines the ability
to create new opportunities with the courage to act on them
7 Truths of Entrepreneurship correct answers 1: Entrepreneurship is not reserved for startups
2: Entrepreneurs do not have special personality traits
3: Entrepreneurship can be taught (it's a method that requires practice)
4: Entrepreneurs are not extreme risk takers
5: Entrepreneurs collaborate more than they compete
6: Entrepreneurs act more than they plan
7: Entrepreneurship is a life skill
Startup correct answers A temporary organization in search of a scalable business model
Personality Traits of Entrepreneurs correct answers Desire for achievement, ability to influence
events, tendency to take risks, tolerance for uncertainty
Effectuation Theory correct answers The idea that the future in unpredictable yet controllable
and entrepreneurs can effect the future
Types of Entrepreneurship correct answers Corporate entrepreneurship, entrepreneurship inside,
franchising, buying a small business social entrepreneurship, family enterprising, and serial
entrepreneurship
Corporate Entrepreneurship correct answers A process of creating new products, ventures,
processes, or renewal within large organizations
, Entrepreneurship Inside correct answers Employees who think and act entrepreneurially within
different types of organizations
Franchise correct answers License purchased by an entrepreneur from an existing business to
operate under the businesses name
Buying a Small Business correct answers Entrepreneur purchases existing business
Social Entrepreneurship correct answers The process of sourcing innovative solutions to social
and environmental problems
Benefit Corporation (B Corp) correct answers Organization that ensures social and
environmental standards are met
Family Enterprise correct answers A business that is owned and managed by multiple family
members
Serial Entrepreneurs (Habitual Entrepreneurs) correct answers Entrepreneurs who start several
businesses, either simultaneously or consecutively
Method correct answers A systematic way of approaching a task
Process correct answers A series of steps taken to achieve a particular end
Entrepreneurship as a Method correct answers A set of practices, phases of learning, iterative,
creative, action focus, investment for learning, collaborative
Entrepreneurship as a Process correct answers Known inputs and predicted outputs, steps to
complete, linear, predictive, planning focus, expected return, competitive
