Exam 1: Introduction to Entrepreneurship

The What Went Wrong? feature in Chapter 1 focuses on Prim, a failed startup in the laundry industry. According to the feature, Prim failed largely as a result of ________.

The three primary reasons that people become entrepreneurs and start their own firms are to ________.

Which of the following is the correct sequence for the four steps in the entrepreneurial process?

Innovation is the process of creating something new, which is central to the entrepreneurial process.

Small businesses outperform their larger counterparts in terms of patent activity (issuance).

Established firms with an entrepreneurial emphasis are proactive, innovative, and risk-taking.

According to the textbook, the number one reason that people become entrepreneurs is to ________.

Montana Sky Trails leads multiday outdoor adventure trips for private groups and corporate clients to various locations across Montana. The company was started by Justin Smith, an individual that gave up a prestigious job in banking because Montana Sky Trails better accommodates his personal lifestyle. Montana Sky Trails is an example of a(n) ________ firm.

According to the textbook, the four characteristics of successful entrepreneurs are ________.

Alex and Patty Webb launched a firm several years ago and have been particularly successful in introducing new products to the marketplace. One thing that Alex and Patty are particularly good at is translating their thoughts, creativity, and imaginations into products that reach the marketplace. The ability to make this happen is most closely related to which of the following characteristics of successful entrepreneurs?

Colorado Sandwich, Soup and Salad is a casual dining restaurant that has been owned by Stephanie Peterson for the past 14 years. The restaurant offers a menu that is typical for casual dining restaurants and affords Stephanie a level of income that is similar to what she would earn in a conventional job. According to the textbook, Colorado Sandwich, Soup and Salad is an example of a(n) ________ firm.

Stacey Wills, who is at heart a craftsperson, recently started a firm to manufacture a new innovative food blender. Stacey's desire is to sell her food blender to as many people as possible because she firmly believes in the merits of her product. Stacey's story best illustrates which of the following characteristics, or attributes, of a successful entrepreneur?

As new products that are better than the existing generation of products are introduced, sales normally increase because the new products provide consumers increased value or worth. This process, which is called ________, stimulates economic activity, which is a good thing for the economy.

Entrepreneurial firms ________.

According to a Bentley University survey, ________ percent of millennials have a desire to start their own business.

According to the textbook, Dropbox, Facebook, and Uber are examples of ________ firms.

In terms of the "types" of startup firms, entrepreneurial firms bring new products and services to market.

Entrepreneurs are motivated primarily by money.

According to Chapter 1, a sentiment that venture capitalists often express is that ________.

What is entrepreneurship? What is the essence of entrepreneurial behavior?