Test Your Entrepreneurial IQ

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| By Dselm1

Dselm1

Community Contributor

Quizzes Created: 1 | Total Attempts: 1,398

Questions: 11 | Attempts: 1,416 | Updated: Jan 4, 2024

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Questions and Answers

1.

As a child you looked for ways to make or earn money instead of relying on your allowance
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The given statement suggests that as a child, you were proactive and sought out opportunities to make or earn money instead of solely relying on your allowance. This implies that you were enterprising and motivated to become financially independent, which is indicative of a true statement.

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2.

I am responsible for my own actions. People who rely on luck are irresponsible.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
This statement suggests that individuals should take accountability for their actions and not depend on luck to determine the outcomes. By accepting responsibility for their own actions, people demonstrate a sense of maturity and reliability. Relying on luck can be seen as irresponsible because it implies a lack of personal agency and an unwillingness to take control of one's own life. Therefore, the correct answer is True.

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0
1
3.

Just because a product can be sold cheaply doesn't mean everyone in that market will buy it.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The statement implies that the affordability of a product does not guarantee that everyone in the market will purchase it. This suggests that factors other than price, such as personal preferences, needs, or brand loyalty, can influence consumer behavior. Therefore, it is true that just because a product is sold cheaply, it does not mean that everyone in the market will buy it.

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4.

I can handle having incomplete information before venturing into a new project.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
This statement suggests that the person is comfortable with starting a new project even if they do not have all the information they need. They are confident in their ability to handle the situation and adapt as necessary. This attitude can be beneficial in a fast-paced and ever-changing work environment, as it allows for flexibility and quick decision-making.

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5.

Statistics support the fact that entrepreneurs who have had family members venture into successful small business ownership before them are more likely to be successful.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Entrepreneurs who have had family members venture into successful small business ownership before them are more likely to be successful. This is supported by statistics, which indicate that having family members who have already succeeded in business can provide valuable guidance, mentorship, and resources to the entrepreneur. Additionally, growing up in a family business environment can instill important skills and knowledge that contribute to the entrepreneur's success. Therefore, it is reasonable to conclude that the statement is true.

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0
0
6.

When I am passionate aout something, I can work on it for days on end, sometimes sacrificing getting the proper rest.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
This statement suggests that the individual is willing to work continuously for multiple days without taking proper rest when they are passionate about something. This indicates a high level of dedication and commitment towards their interests or goals.

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1
0
7.

Hard work and a successful finiancial baking will not ensure the success of a small business.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The statement suggests that even though someone works hard and achieves financial stability, it does not guarantee the success of a small business. This implies that there are other factors that contribute to the success of a small business, such as market competition, customer demand, effective marketing strategies, and product quality. Therefore, the statement is true as it acknowledges that hard work and financial backing alone are not enough to ensure the success of a small business.

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1
0
8.

You should advertise and focus the sale of your product or service to meet the needs of as many people as possible.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Advertising and focusing the sale of a product or service to meet the needs of as many people as possible is a sound strategy. By targeting a broader audience, a company can increase its customer base and potentially boost sales. Understanding the needs and preferences of a diverse range of consumers allows for better product positioning and messaging, which can attract a larger market share. This approach also allows for more opportunities for growth and expansion, as catering to a wider audience increases the chances of finding new customer segments and markets.

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0
2
9.

When you havent and idea you feel will be successful, you rarely let anyone talk you out of it, even if they speak with the voice of reason.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
This statement implies that when you have a strong belief in the success of an idea, you are less likely to be swayed by someone else's logical arguments against it. In other words, even if someone presents a reasonable argument against your idea, you are still inclined to stick with it. Therefore, the correct answer is True.

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0
0
10.

I am not afraid of taking a calculated risk.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The statement "I am not afraid of taking a calculated risk" implies that the person is confident and willing to make decisions that involve some level of uncertainty or potential loss, but with careful consideration and analysis. This suggests that the person is open to new opportunities and is willing to step out of their comfort zone to achieve their goals.

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11.

I am not afraid of taking a calculated risk.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
This statement implies that the person is comfortable with making decisions that involve some level of uncertainty or potential negative outcomes. They are willing to assess the risks involved and make an informed decision based on that assessment. This suggests that they have confidence in their ability to handle any potential consequences and are not easily deterred by the possibility of failure or loss.

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Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

Current Version
Jan 04, 2024

Quiz Edited by
ProProfs Editorial Team
May 23, 2012

Quiz Created by
Dselm1

Test Your Entrepreneurial IQ

As a child you looked for ways to make or earn money instead of relying on your allowance

I am responsible for my own actions. People who rely on luck are irresponsible.

Just because a product can be sold cheaply doesn't mean everyone in that market will buy it.

I can handle having incomplete information before venturing into a new project.

Statistics support the fact that entrepreneurs who have had family members venture into successful small business ownership before them are more likely to be successful.

When I am passionate aout something, I can work on it for days on end, sometimes sacrificing getting the proper rest.

Hard work and a successful finiancial baking will not ensure the success of a small business.

You should advertise and focus the sale of your product or service to meet the needs of as many people as possible.

When you havent and idea you feel will be successful, you rarely let anyone talk you out of it, even if they speak with the voice of reason.

I am not afraid of taking a calculated risk.

I am not afraid of taking a calculated risk.