Fundamentals of Business Intelligence (FBI) Practice Exam

True or False: Entrepreneurship strictly refers to owning and managing your own business.

1. True

2. False

3. Depends on the business model

4. Only in the tech industry

The correct answer is: False

Entrepreneurship is a broader concept that encompasses more than just owning and managing a business. It involves the process of identifying opportunities, innovating, and creating value, which can occur in various forms beyond traditional business ownership. For instance, social entrepreneurship focuses on addressing social issues while entrepreneurial activity can also manifest within established organizations through intrapreneurship, where individuals act like entrepreneurs within a company to initiate new projects or innovations. The statement that entrepreneurship strictly refers to owning and managing your own business is therefore misleading, as it does not take into account these various contexts and forms of entrepreneurial activity. This broader perspective on entrepreneurship is crucial for understanding its role in the economy and society. Options suggesting a narrower focus, such as limiting entrepreneurship to specific industries or pointing to the rigidity of business models, do not accurately reflect the full spectrum of entrepreneurial endeavors.