ENT101 Reviewer with Q&A 100%
Verified Answers: 2025/2026
1. Entrepreneurship - CORRECT ANSWER-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.
2. Creative Destruction - CORRECT ANSWER-According to Joseph Schumpeter, an
economic process that destroys the order or equilibrium to create a new one.
3. Sole Proprietorship, Partnership, Limited Partnership, Corporation, LLC, Non-
Profit, Co-op - CORRECT ANSWER-7 Types of Businesses
4. Risk-taker, Visionary, Innovator, Leader - CORRECT ANSWER-Characteristics of an
Entrepreneur
5. Jobs Creation, Problem Solver, Source of Innovation, Helping the Community,
Greater Wealth - CORRECT ANSWER-Importance of Entrepreneurship
6. Startup Ecosystem - CORRECT ANSWER-A network that supports the growth of
startups, including entrepreneurs, investors, incubators, accelerators,
universities, and government entities.
7. Startups - CORRECT ANSWER-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.
8. Entrepreneur - CORRECT ANSWER-An individual who creates, organizes, and
operates a business, assuming financial risks.
9. Investors - CORRECT ANSWER-provides capital
10. Incubators/Accelerators - CORRECT ANSWER-Offer resources and mentorship
, 11. Government and Universities - CORRECT ANSWER-provide policies, regulations
and talent
12. Innovation - CORRECT ANSWER-aim to solve a problem or fill a gap in the market
with a new or significantly improved product, service, or process.
13. Scalability - CORRECT ANSWER-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.
14. Risk and Uncertainty - CORRECT ANSWER-operate in environments with high risk
and uncertainty, often because they are trying to create something new or enter
uncharted territories.
15. Growth Orientation - CORRECT ANSWER-typically focus on growth, often seeking
external funding from venture capitalists, angel investors, or crowdfunding to
accelerate their development.
16. Lean Operations - CORRECT ANSWER-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")
17. Eric Ries - CORRECT ANSWER-a concept popularized by _________ in "The Lean
Startup"
18. Technology Startups - CORRECT ANSWER-Innovate using technology
19. Social Startups - CORRECT ANSWER-Address social/environmental challenges
20. eCommerce Startups - CORRECT ANSWER-Operate online marketplaces
21. Fintech Startups - CORRECT ANSWER-revolutionize financial services
22. HealthTech Startups - CORRECT ANSWER-Improve healthcare through technology
23. SaaS (Software as a Service) Startups - CORRECT ANSWER-Provide subscription-
based software solutions
24. Biotech Startups - CORRECT ANSWER-Focus on biotechnology and life sciences
Verified Answers: 2025/2026
1. Entrepreneurship - CORRECT ANSWER-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.
2. Creative Destruction - CORRECT ANSWER-According to Joseph Schumpeter, an
economic process that destroys the order or equilibrium to create a new one.
3. Sole Proprietorship, Partnership, Limited Partnership, Corporation, LLC, Non-
Profit, Co-op - CORRECT ANSWER-7 Types of Businesses
4. Risk-taker, Visionary, Innovator, Leader - CORRECT ANSWER-Characteristics of an
Entrepreneur
5. Jobs Creation, Problem Solver, Source of Innovation, Helping the Community,
Greater Wealth - CORRECT ANSWER-Importance of Entrepreneurship
6. Startup Ecosystem - CORRECT ANSWER-A network that supports the growth of
startups, including entrepreneurs, investors, incubators, accelerators,
universities, and government entities.
7. Startups - CORRECT ANSWER-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.
8. Entrepreneur - CORRECT ANSWER-An individual who creates, organizes, and
operates a business, assuming financial risks.
9. Investors - CORRECT ANSWER-provides capital
10. Incubators/Accelerators - CORRECT ANSWER-Offer resources and mentorship
, 11. Government and Universities - CORRECT ANSWER-provide policies, regulations
and talent
12. Innovation - CORRECT ANSWER-aim to solve a problem or fill a gap in the market
with a new or significantly improved product, service, or process.
13. Scalability - CORRECT ANSWER-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.
14. Risk and Uncertainty - CORRECT ANSWER-operate in environments with high risk
and uncertainty, often because they are trying to create something new or enter
uncharted territories.
15. Growth Orientation - CORRECT ANSWER-typically focus on growth, often seeking
external funding from venture capitalists, angel investors, or crowdfunding to
accelerate their development.
16. Lean Operations - CORRECT ANSWER-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")
17. Eric Ries - CORRECT ANSWER-a concept popularized by _________ in "The Lean
Startup"
18. Technology Startups - CORRECT ANSWER-Innovate using technology
19. Social Startups - CORRECT ANSWER-Address social/environmental challenges
20. eCommerce Startups - CORRECT ANSWER-Operate online marketplaces
21. Fintech Startups - CORRECT ANSWER-revolutionize financial services
22. HealthTech Startups - CORRECT ANSWER-Improve healthcare through technology
23. SaaS (Software as a Service) Startups - CORRECT ANSWER-Provide subscription-
based software solutions
24. Biotech Startups - CORRECT ANSWER-Focus on biotechnology and life sciences
