Question 1

According to the textbook, entrepreneurship has historically had ________.

Accepted Answer

A)  a major impact on the economy and minor impact on society 
B)  a minor impact on both the economy and society 
C)  a major impact on society and minor impact on the economy 
D)  a major impact on both the economy and society 
E)  no impact on either the economy or society 
A)  a major impact on the economy and minor impact on society 
B)  a minor impact on both the economy and society 
C)  a major impact on society and minor impact on the economy 
D)  a major impact on both the economy and society 
E)  no impact on either the economy or society D

Question 2

The entrepreneurial process consists of four steps: deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, and divesting or selling the entrepreneurial firm.

Accepted Answer

A) True 
 B)False  False

Question 3

Over the past 10 years, the demographic makeup of entrepreneurial firms has remained fairly stable in the United States and around the world.

Accepted Answer

A) True 
 B)False  False

Question 4

According to the opening feature on Kirsten Blowers, Riffraff's early success was adversely affected by the actions of Pinterest.

Accepted Answer

A) True 
 B)False

Question 5

According to Chapter 1, investors often cite the ________ as their most important criterion in the decision to fund new ventures.

Accepted Answer

A)  financial position of the new venture 
B)  strength of the industry the new firm is entering 
C)  strength of the new venture's marketing plan 
D)  strength of the business idea 
E)  strength of the entrepreneur 
A)  financial position of the new venture 
B)  strength of the industry the new firm is entering 
C)  strength of the new venture's marketing plan 
D)  strength of the business idea 
E)  strength of the entrepreneur

Question 6

A firm's ________ is a plan for how it competes, uses its resources, structures its relationships, interfaces with customers, and creates value to sustain itself on the basis of the value it creates.

Accepted Answer

A)  business plan 
B)  business model 
C)  tactical model 
D)  strategic plan 
E)  operations model 
A)  business plan 
B)  business model 
C)  tactical model 
D)  strategic plan 
E)  operations model

Question 7

In regard to patent activity (issuance), which of the following statements is correct?

Accepted Answer

A)  Small businesses outperform their larger counterparts. 
B)  Small businesses underperform their larger counterparts. 
C)  Small businesses and large businesses are relatively equal. 
D)  Small businesses are not active in patent activity. 
E)  Large businesses are not active in patent activity. 
A)  Small businesses outperform their larger counterparts. 
B)  Small businesses underperform their larger counterparts. 
C)  Small businesses and large businesses are relatively equal. 
D)  Small businesses are not active in patent activity. 
E)  Large businesses are not active in patent activity.

Question 8

Which of the following statements is NOT true about women-owned businesses in the United States?

Accepted Answer

A)  The number of women-owned businesses is decreasing. 
B)  A total of 44 percent of women-owned businesses are owned by minorities. 
C)  In some industries, women own a significant share of the business. 
D)  The number of groups that support and advocate for women-owned businesses continues to increase. 
E)  Over the past nine years, the number of women-owned businesses has grown at a rate five times faster than the national average. 
A)  The number of women-owned businesses is decreasing. 
B)  A total of 44 percent of women-owned businesses are owned by minorities. 
C)  In some industries, women own a significant share of the business. 
D)  The number of groups that support and advocate for women-owned businesses continues to increase. 
E)  Over the past nine years, the number of women-owned businesses has grown at a rate five times faster than the national average.

Question 9

The Partnering for Success feature in Chapter 1 focuses on campus ambassador or campus rep programs. According to the feature, which of the following is NOT a characteristic that such programs typically look for in student hires?

Accepted Answer

A)  Have upbeat personalities 
B)  Are effective communicators 
C)  Have a wide network of friends 
D)  Have effective marketing skills 
E)  Have in-depth knowledge and love for the product 
A)  Have upbeat personalities 
B)  Are effective communicators 
C)  Have a wide network of friends 
D)  Have effective marketing skills 
E)  Have in-depth knowledge and love for the product

Question 10

Kasey Stevenson is starting a firm in the women's clothing industry primarily to pursue financial rewards. According to the textbook, starting a business to make a lot of money ________.

Accepted Answer

A)  often fails to live up to its hype 
B)  is equally as satisfying as other reasons for starting a business 
C)  is the number one reason people start their own business 
D)  is the number two reason that people start their own business, right behind the lack of better career prospects 
E)  does not rank among the top three reasons that people start their own business 
A)  often fails to live up to its hype 
B)  is equally as satisfying as other reasons for starting a business 
C)  is the number one reason people start their own business 
D)  is the number two reason that people start their own business, right behind the lack of better career prospects 
E)  does not rank among the top three reasons that people start their own business

Question 11

Suppose you are a Small Business Development Center counselor and you're looking at the personality profiles of five potential entrepreneurs. Based on the profiles, which individual has the most desirable mix of personal characteristics to become a successful entrepreneur?

Accepted Answer

A)  Candidate A: visionary, energetic, moderate risk taker 
B)  Candidate B: seeks recognition, self-starter, creative 
C)  Candidate C: visionary, high-risk taker, energetic 
D)  Candidate D: high-risk taker, achievement-motivated, networker 
E)  Candidate E: tolerant for ambiguity, seeks recognition, motivated primarily by money 
A)  Candidate A: visionary, energetic, moderate risk taker 
B)  Candidate B: seeks recognition, self-starter, creative 
C)  Candidate C: visionary, high-risk taker, energetic 
D)  Candidate D: high-risk taker, achievement-motivated, networker 
E)  Candidate E: tolerant for ambiguity, seeks recognition, motivated primarily by money

Question 12

In the book The Theory of Economic Development, ________ argued that entrepreneurs develop new products and technologies that, over time, make current products and technologies obsolete. This process is called creative destruction.

Accepted Answer

A)  Malcolm Gladwell 
B)  Seth Godin 
C)  Joseph Schumpeter 
D)  Thomas Friedman 
E)  Jim Collins 
A)  Malcolm Gladwell 
B)  Seth Godin 
C)  Joseph Schumpeter 
D)  Thomas Friedman 
E)  Jim Collins

Question 13

The four main characteristics of successful entrepreneurs are: passion for the business, execution intelligence, product/customer focus, and tenacity despite failure.

Accepted Answer

A) True 
 B)False

Question 14

Google is a firm that is proactive, innovative and risk-taking. From this description, we can most accurately conclude that Google has a high level of ________.

Accepted Answer

A)  enterprise focus 
B)  innovative intensity 
C)  entrepreneurial intensity 
D)  creative intensity 
E)  innovative concentration 
A)  enterprise focus 
B)  innovative intensity 
C)  entrepreneurial intensity 
D)  creative intensity 
E)  innovative concentration

Question 15

According to the consensus of the research, some people are genetically predisposed to be entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following is NOT a personality trait or characteristic common among entrepreneurs?

Accepted Answer

A)  Promoter 
B)  Visionary 
C)  Short attention span 
D)  Alert to opportunities 
E)  Self-starter 
A)  Promoter 
B)  Visionary 
C)  Short attention span 
D)  Alert to opportunities 
E)  Self-starter

Question 17

There has been ________ in the number of minority entrepreneurs in the United States over the past several years.

Accepted Answer

A)  a moderate increase 
B)  a substantial decrease 
C)  no meaningful change 
D)  a substantial increase 
E)  a moderate decrease 
A)  a moderate increase 
B)  a substantial decrease 
C)  no meaningful change 
D)  a substantial increase 
E)  a moderate decrease

Question 18

Joseph Schumpeter argued that entrepreneurs develop new products and technologies that over time make current products and technologies obsolete, and this process, which he called creative destruction, is good because it stimulates economic activity.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following statements is correct regarding entrepreneurial activity and age ranges?

Accepted Answer

A)  The highest percentage of entrepreneurs falls in the 20 to 34 age range. 
B)  The highest percentage of entrepreneurs falls in the 45 to 54 age range. 
C)  The highest percentage of entrepreneurs falls in the 35 to 44 age range. 
D)  The highest percentage of entrepreneurs falls in the 55 to 64 age range. 
E)  The highest percentage of entrepreneurs falls in the 60+ age range. 
A)  The highest percentage of entrepreneurs falls in the 20 to 34 age range. 
B)  The highest percentage of entrepreneurs falls in the 45 to 54 age range. 
C)  The highest percentage of entrepreneurs falls in the 35 to 44 age range. 
D)  The highest percentage of entrepreneurs falls in the 55 to 64 age range. 
E)  The highest percentage of entrepreneurs falls in the 60+ age range.

Question 20

According to the textbook, the passion that motivates people to launch entrepreneurial firms typically stems from the entrepreneur's belief that the business will ________.

Accepted Answer

A)  positively influence people's lives 
B)  make a lot of money 
C)  increase his or her prestige 
D)  lead to a high-level job in the corporate sector 
E)  provide for a secure retirement 
A)  positively influence people's lives 
B)  make a lot of money 
C)  increase his or her prestige 
D)  lead to a high-level job in the corporate sector 
E)  provide for a secure retirement

According to the textbook, entrepreneurship has historically had ________.

The entrepreneurial process consists of four steps: deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, and divesting or selling the entrepreneurial firm.

Over the past 10 years, the demographic makeup of entrepreneurial firms has remained fairly stable in the United States and around the world.

According to the opening feature on Kirsten Blowers, Riffraff's early success was adversely affected by the actions of Pinterest.

According to Chapter 1, investors often cite the ________ as their most important criterion in the decision to fund new ventures.

A firm's ________ is a plan for how it competes, uses its resources, structures its relationships, interfaces with customers, and creates value to sustain itself on the basis of the value it creates.

In regard to patent activity (issuance), which of the following statements is correct?

Which of the following statements is NOT true about women-owned businesses in the United States?

The Partnering for Success feature in Chapter 1 focuses on campus ambassador or campus rep programs. According to the feature, which of the following is NOT a characteristic that such programs typically look for in student hires?

Kasey Stevenson is starting a firm in the women's clothing industry primarily to pursue financial rewards. According to the textbook, starting a business to make a lot of money ________.

Suppose you are a Small Business Development Center counselor and you're looking at the personality profiles of five potential entrepreneurs. Based on the profiles, which individual has the most desirable mix of personal characteristics to become a successful entrepreneur?

In the book The Theory of Economic Development, ________ argued that entrepreneurs develop new products and technologies that, over time, make current products and technologies obsolete. This process is called creative destruction.

The four main characteristics of successful entrepreneurs are: passion for the business, execution intelligence, product/customer focus, and tenacity despite failure.

Google is a firm that is proactive, innovative and risk-taking. From this description, we can most accurately conclude that Google has a high level of ________.

According to the consensus of the research, some people are genetically predisposed to be entrepreneurs.

Which of the following is NOT a personality trait or characteristic common among entrepreneurs?

There has been ________ in the number of minority entrepreneurs in the United States over the past several years.

Joseph Schumpeter argued that entrepreneurs develop new products and technologies that over time make current products and technologies obsolete, and this process, which he called creative destruction, is good because it stimulates economic activity.

Which of the following statements is correct regarding entrepreneurial activity and age ranges?

According to the textbook, the passion that motivates people to launch entrepreneurial firms typically stems from the entrepreneur's belief that the business will ________.

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Developing an Effective Business Model

Industry and Competitor Analysis

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Ventures Financial Strength and Viability

Building a New-Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters

Exam 1: Introduction to Entrepreneurship

According to the textbook, entrepreneurship has historically had ________.

The entrepreneurial process consists of four steps: deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, and divesting or selling the entrepreneurial firm.

Over the past 10 years, the demographic makeup of entrepreneurial firms has remained fairly stable in the United States and around the world.

According to the opening feature on Kirsten Blowers, Riffraff's early success was adversely affected by the actions of Pinterest.

According to Chapter 1, investors often cite the ________ as their most important criterion in the decision to fund new ventures.

A firm's ________ is a plan for how it competes, uses its resources, structures its relationships, interfaces with customers, and creates value to sustain itself on the basis of the value it creates.

In regard to patent activity (issuance), which of the following statements is correct?

Which of the following statements is NOT true about women-owned businesses in the United States?

The Partnering for Success feature in Chapter 1 focuses on campus ambassador or campus rep programs. According to the feature, which of the following is NOT a characteristic that such programs typically look for in student hires?

Kasey Stevenson is starting a firm in the women's clothing industry primarily to pursue financial rewards. According to the textbook, starting a business to make a lot of money ________.

Suppose you are a Small Business Development Center counselor and you're looking at the personality profiles of five potential entrepreneurs. Based on the profiles, which individual has the most desirable mix of personal characteristics to become a successful entrepreneur?

In the book The Theory of Economic Development, ________ argued that entrepreneurs develop new products and technologies that, over time, make current products and technologies obsolete. This process is called creative destruction.

The four main characteristics of successful entrepreneurs are: passion for the business, execution intelligence, product/customer focus, and tenacity despite failure.

Google is a firm that is proactive, innovative and risk-taking. From this description, we can most accurately conclude that Google has a high level of ________.

According to the consensus of the research, some people are genetically predisposed to be entrepreneurs.

Which of the following is NOT a personality trait or characteristic common among entrepreneurs?

There has been ________ in the number of minority entrepreneurs in the United States over the past several years.

Joseph Schumpeter argued that entrepreneurs develop new products and technologies that over time make current products and technologies obsolete, and this process, which he called creative destruction, is good because it stimulates economic activity.

Which of the following statements is correct regarding entrepreneurial activity and age ranges?

According to the textbook, the passion that motivates people to launch entrepreneurial firms typically stems from the entrepreneur's belief that the business will ________.

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Developing an Effective Business Model

Industry and Competitor Analysis

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Ventures Financial Strength and Viability

Building a New-Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters