EEE 2023 Midterm Study Guide UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Definition of Entrepreneurship - CORRECT ANSWER Entrepreneurship is defined as the
process by which individuals pursue opportunities without regard to the resources they currently
control
Four Primary Characteristics of Successful Entrepreneurs - CORRECT ANSWER -
Passion for the business
-Product/Customer focus
-Tenacity despite failure(bounce back)
-Execution intelligence
Common Myths of Entrepreneurship - 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
Three kinds of Startups - CORRECT ANSWER -Salary substitute firms
-Lifestyle firms
-Entrepreneurial firms
Four steps of the Entrepreneurial Process - CORRECT ANSWER -Decision to become an
entrepreneur
- Developing a successful business idea
-Moving from a firm to an entrepreneurial
, -Managing and growing an entrepreneurial firm
Four qualities of an opportunity - CORRECT ANSWER -Attractive
-Timely
-Durable
-Anchored in a product, service, or business that creates or adds value for its buyer/end user
Three ways to identify opportunities - CORRECT ANSWER -Observing trends
-Solving a problem
-Finding gaps in the market place
Understand and know the personal characteristics of Entrepreneurs - CORRECT
ANSWER -Passion for the business: the passion tends to come from the belief that the
company will do well
-Product/Customer focus: stems from the idea that most entrepreneurs are craftspeople
-Tenacity despite failure(bounce back): their ability to persevere through setbacks
-Execution Intelligence: ability to create a successful business plan/knowing the market
Five steps of Creativity - CORRECT ANSWER -Preperation
-Incubation
-Insight
-Evaluation
-Elaboration
Four parts of the feasibility analysis - CORRECT ANSWER -Product/Service Feasibility
-Industry/Target Market Feasibility
-Organizational Feasibility
-Financial Feasibility
ACTUAL Exam Questions and CORRECT
Answers
Definition of Entrepreneurship - CORRECT ANSWER Entrepreneurship is defined as the
process by which individuals pursue opportunities without regard to the resources they currently
control
Four Primary Characteristics of Successful Entrepreneurs - CORRECT ANSWER -
Passion for the business
-Product/Customer focus
-Tenacity despite failure(bounce back)
-Execution intelligence
Common Myths of Entrepreneurship - 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
Three kinds of Startups - CORRECT ANSWER -Salary substitute firms
-Lifestyle firms
-Entrepreneurial firms
Four steps of the Entrepreneurial Process - CORRECT ANSWER -Decision to become an
entrepreneur
- Developing a successful business idea
-Moving from a firm to an entrepreneurial
, -Managing and growing an entrepreneurial firm
Four qualities of an opportunity - CORRECT ANSWER -Attractive
-Timely
-Durable
-Anchored in a product, service, or business that creates or adds value for its buyer/end user
Three ways to identify opportunities - CORRECT ANSWER -Observing trends
-Solving a problem
-Finding gaps in the market place
Understand and know the personal characteristics of Entrepreneurs - CORRECT
ANSWER -Passion for the business: the passion tends to come from the belief that the
company will do well
-Product/Customer focus: stems from the idea that most entrepreneurs are craftspeople
-Tenacity despite failure(bounce back): their ability to persevere through setbacks
-Execution Intelligence: ability to create a successful business plan/knowing the market
Five steps of Creativity - CORRECT ANSWER -Preperation
-Incubation
-Insight
-Evaluation
-Elaboration
Four parts of the feasibility analysis - CORRECT ANSWER -Product/Service Feasibility
-Industry/Target Market Feasibility
-Organizational Feasibility
-Financial Feasibility
