Category 1
Which of the following best describes a key characteristic of entrepreneurs?
A) They avoid risks
B) They focus on maintaining the status quo
C) They seek out and take calculated risks to seize opportunities
D) They prefer to work under strict guidelines
C) They seek out and take calculated risks to seize opportunities
Why is risk-taking considered an essential part of entrepreneurship?
Entrepreneurs take calculated risks to capitalize on new opportunities
Jimmy Wales and Larry Sanger are responsible for launching what website in 2001? The site brands itself on its homepage as "The Free Encyclopedia."
Wikipedia
Cruel Summer, Blank Space, Love Story
Taylor Swift
In the entrepreneurial discovery process, what is typically involved in identifying market trends?
A) Ignoring feedback from customers
B) Replicating competitors' business models
C) Focusing solely on product design
D) Analyzing data and customer preferences to find unmet needs
D) Analyzing data and customer preferences to find unmet needs
An entrepreneur is deciding between several business ideas based on customer demand and financial feasibility. What stage of the entrepreneurial discovery process are they likely in?
Evaluating business opportunities
Typically only known by his title and last name, what famous cereal mascot technically has Horatio Magellan as his first and middle names?
Cap'n Crunch
Just Wanna Rock, Watch This, You Was Right
Lil Uzi Vert
Which of the following explains why entrepreneurs are vital to innovation and economic growth?
A) They focus on replicating existing business models
B) They prefer to operate in saturated markets
C) They create new products and services, driving job creation and economic development
D) They limit their businesses to small, local markets
C) They create new products and services, driving job creation and economic development
Scenario: Jordan is an entrepreneur who has identified a gap in the market for eco-friendly packaging. Jordan is now analyzing how much it will cost to develop and distribute the product. What stage of the entrepreneurial process is Jordan in?
Assessing the feasibility of the business idea
What casual steakhouse chain has its corporate headquarters in Louisville, Kentucky, despite having the Lone Star State in its name?
Texas Roadhouse
God's Plan, One Dance, Hotline Bling
Drake
An entrepreneur conducts market research and finds that customers are dissatisfied with current technology solutions. What stage of the entrepreneurial discovery process is this?
A) Creating a business plan
B) Finalizing a product design
C) Identifying a market gap
D) Launching the product
C) Identifying a market gap
Which global trend has significantly impacted the rise of remote work and digital collaboration?
A) Digital transformation
B) Fitness and wellness movements
C) Fashion trends
D) Sustainability initiatives
A) Digital transformation
Cola, cherry, licorice, apricot, and cardamom are five of the 23 flavors famously advertised to be present in every can of what drink?
Dr. Pepper
Bonfire, 3005, This is America
Childish Gambino
What is an example of entrepreneurial discovery?
A) Using the same business model as your competitor
B) Buying out a competitor’s company
C) Creating a product to solve an unmet need in the market
D) Decreasing the price of a product to compete with others
C) Creating a product to solve an unmet need in the market
One of the critical steps in venture creation is evaluating the resources required. Which resource is typically assessed first?
A) The color of the branding
B) The available materials, equipment, and technology needed
C) The type of social media posts used
D) The design of the website
B) The available materials, equipment, and technology needed
What popular fast food chicken franchise, owned by Yum!, was co-founded in 1952 by a well-known Colonel who obtained that honorific title from the US state referenced in the restaurant’s name?
KFC
Hey Ya! Ms. Jackson, Roses
OutKast