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Scientific Foundations of Entrepreneurship

Entrepreneurship

An exploration of theories, economic definitions, and historical frameworks regarding entrepreneurial activity.

business economics theory

8 Questions Medium Ages 18+ Sep 3, 2026

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About this Study Set

This study set covers Entrepreneurship through 8 practice questions. An exploration of theories, economic definitions, and historical frameworks regarding entrepreneurial activity. Every question includes the correct answer so you can learn as you go — pick any format above to get started.

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1 According to Joseph Schumpeter’s theory of economic development, what is the primary engine of economic growth?

A The accumulation of capital
B Creative destruction
C Government intervention
D Market equilibrium

2 Which economist defined the entrepreneur as the individual who 'shifts economic resources out of an area of lower and into an area of higher productivity and greater yield'?

A Jean-Baptiste Say
B Adam Smith
C David Ricardo
D John Maynard Keynes

3 In the context of Effectuation Theory, what is the core principle that suggests entrepreneurs focus on using existing means rather than searching for specific goals?

A The Lemonade Principle
B The Bird-in-Hand Principle
C The Crazy Quilt Principle
D The Affordable Loss Principle

4 Which psychological trait was identified by David McClelland in his 1961 research as the primary driver for entrepreneurial success?

A External Locus of Control
B High Need for Achievement
C Risk-aversion
D Introversion

5 What does the 'Liability of Newness' theory, proposed by Arthur Stinchcombe, state about startup firms?

A They are more likely to fail due to a lack of established routines and social ties
B They are more profitable due to lean operations
C They have lower tax burdens than legacy firms
D They have superior access to venture capital

6 What is the primary focus of the 'Resource-Based View' (RBV) of the firm in an entrepreneurial context?

A External market trends
B Competitive pricing strategies
C Internal tangible and intangible assets
D Global economic cycles

7 Frank Knight, in his 1921 work 'Risk, Uncertainty, and Profit', made what key distinction regarding entrepreneurs?

A The difference between calculable risk and non-calculable uncertainty
B The difference between profit and revenue
C The difference between management and labor
D The difference between innovation and invention

8 What does the 'Pivot' concept in the Lean Startup methodology, popularized by Eric Ries, scientifically involve?

A Increasing advertising expenditure
B A structured course correction designed to test a new fundamental hypothesis
C Changing the company logo
D Liquidating all company assets

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