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Principles of Entrepreneurship Final Exam WITH COMPLETE SOLUTIONS GRADED A+
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11/4/24, 4:42 PM Principles of Entrepreneurship Final Exam Flashcards | QuizletPrinciples of Entrepreneurship Final ExamWITH
COMPLETE SOLUTIONS GRADED A+.
The statistical analysis of entrepreneurship Efficiency-Driven
has 3 classifications of economic
development. Which one relies on
industrialization & economies of scale?
Select One:
a. Innovation-driven
b. Factor-driven
c. Efficiency-driven
The causal process is when entrepreneurs: Act in a rational manner with planned risk taking; start with a desired outcome and
Select One: use a linear process
a. Act in a rational manner with planned risk
taking; start with a desired outcome and
use a linear process
b. Are means-driven, risk averse using a
circular process
c. Have the ability to effectively &
appropriately change decision policies
d. The ability to recognize & analyze new
product, methods and markets
https://quizlet.com/548375171/principles-of-entrepreneurship-final-exam-flash-cards/ 1/22
,11/4/24, 4:42 PM Principles of Entrepreneurship Final Exam Flashcards | Quizlet
Richard Cantillon defined an entrepreneur The sole risk taker that buys at a certain price, sells at an uncertain price for potential
as: gain
Select one:
a. Supplier of commodities; provider of
innovation & progress; seeks opportunities
to minimize costs of risk to gain profits
b. The sole risk taker that buys at a certain
price, sells at an uncertain price for
potential gain
c. The sole occupation to apply knowledge
to the creation of a product for human
consumption
d. Not being a risk taker, but willing to bear
uncertainty; uses personal judgment &
control to weight probability of risk vs.
success; believes success comes from luck
With psychic risk entrepreneurs ______________ fear failure and thus over compensate for it or succumb to negative thoughts and
Select one: feelings.
a. fear adapting
b. fear losing their sanity
c. fear losing money
d. fear failure and thus over compensate for
it or succumb to negative thoughts and
feelings.
Gazelle start-up businesses in the past 600,000
decade have approached nearly _____ per
year.
Select one:
a. 650,000
b. 600,000
c. 500,000
d. 150,000
Frank Knight defined an entrepreneur as: Willing to bear uncertainty by using personal judgment & by using calculated
Select one: probabilities to minimize uncertain results.
a. Supplier of commodities; provider of
innovation & progress; seeks opportunities
to minimize costs of risk to gain profits
b. Willing to bear uncertainty by using
personal judgment & by using calculated
probabilities to minimize uncertain results.
c. The sole risk taker that buys at a certain
price, sells at an uncertain price for
potential gain
d. The sole occupation to apply knowledge
to the creation of a product for human
consumption
https://quizlet.com/548375171/principles-of-entrepreneurship-final-exam-flash-cards/ 2/22
, 11/4/24, 4:42 PM Principles of Entrepreneurship Final Exam Flashcards | Quizlet
Frank Knight believed all of the following The entrepreneur buys at a certain price, and sells at an uncertain price for potential
except profit
Select one:
a. The entrepreneur buys at a certain price,
and sells at an uncertain price for potential
profit
b. The entrepreneur uses personal
judgment and control of resources to
weigh probabilities of risk and success
c. The entrepreneur has a willingness to
bear real uncertainty
d. The entrepreneur is not a risk taker
Feedback
Unstructured and chaotic is the norm for False
entrepreneurs.
Select one:
True
False
According to Mark Cuban, most True
entrepreneurial initiatives fail because of
lack of effort.
Select one:
True
False
Which of the following is not a I can develop my qualities through dedication and effort.
characteristic of a Fixed Mindset?
Select one:
a. I can't change my intelligence.
b. I can develop my qualities through
dedication and effort.
c. I can't change my talents.
d. There is nothing I can do about what's
happening or going to happen.
The entrepreneurial motivations of All of the options
individuals usually relate to which of the
following factors?
Select one:
a. The venture
b. All of the options
c. The entrepreneur
d. The environment
https://quizlet.com/548375171/principles-of-entrepreneurship-final-exam-flash-cards/ 3/22
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