Question 1

A(n) ________ is a written document that describes all the aspects of a business venture in a concise manner.

Accepted Answer

A)  business plan 
B)  business model 
C)  operations plan 
D)  corporate plan 
E)  contingency plan 
A)  business plan 
B)  business model 
C)  operations plan 
D)  corporate plan 
E)  contingency plan

Question 2

Which of the following is NOT one of the four steps of the entrepreneurial process?

Accepted Answer

A)  Deciding to become an entrepreneur 
B)  Determining how to seize the spotlight 
C)  Developing successful business ideas 
D)  Moving from an idea to an entrepreneurial firm 
E)  Managing and growing the entrepreneurial firm 
A)  Deciding to become an entrepreneur 
B)  Determining how to seize the spotlight 
C)  Developing successful business ideas 
D)  Moving from an idea to an entrepreneurial firm 
E)  Managing and growing the entrepreneurial firm

Question 3

According to reliable statistics, 9 out of 10 businesses fail in their first few years of existence.

Accepted Answer

A) True 
 B)False

Question 4

The number one characteristic shared by successful entrepreneurs is passion for the business.

Accepted Answer

A) True 
 B)False

Question 5

Entrepreneurship is the process by which individuals pursue opportunities within the constraints of the resources they control.

Accepted Answer

A) True 
 B)False

Question 6

Describe the four main characteristics of successful entrepreneurs.

Accepted Answer

The four main characteristics of success

Question 7

Which of the following was NOT identified in the textbook as one of the common traits and characteristics of entrepreneurs?

Accepted Answer

A)  Lengthy attention span 
B)  Self-starter 
C)  Tolerant of ambiguity 
D)  Tenacious 
E)  Pessimistic disposition 
A)  Lengthy attention span 
B)  Self-starter 
C)  Tolerant of ambiguity 
D)  Tenacious 
E)  Pessimistic disposition

Question 8

Identify the three types of startup firms, and discuss how they differ. Provide examples of each type of firm.

Accepted Answer

The three types of startup firms are: sa

Question 9

One of the businesses owned by Kirsten Blowers, the entrepreneur profiled in the opening feature of Chapter 1, is Riffraff. Riffraff sells ________.

Accepted Answer

A)  refurbished furniture 
B)  clothing 
C)  jewelry 
D)  books 
E)  t-shirts 
A)  refurbished furniture 
B)  clothing 
C)  jewelry 
D)  books 
E)  t-shirts

Question 10

Which of the following is NOT one of the five common myths about entrepreneurs?

Accepted Answer

A)  Entrepreneurs are tenacious. 
B)  Entrepreneurs are moderate risk takers. 
C)  Entrepreneurs should be young and energetic. 
D)  Entrepreneurs love the spotlight. 
E)  Entrepreneurs are born not made. 
A)  Entrepreneurs are tenacious. 
B)  Entrepreneurs are moderate risk takers. 
C)  Entrepreneurs should be young and energetic. 
D)  Entrepreneurs love the spotlight. 
E)  Entrepreneurs are born not made.

Question 11

Describe the three primary reasons that people become entrepreneurs and start their own firms.

Accepted Answer

The three primary reasons that people be

Question 12

Jan Berry recently received a $500,000 inheritance from her maternal grandmother. Jan decided to use the money to start a business. According to the textbook, the inheritance that Jan received was the ________ that prompted her to start a business.

Accepted Answer

A)  prompting event 
B)  entrepreneurial prompt 
C)  initiating event 
D)  triggering event 
E)  kick-off event 
A)  prompting event 
B)  entrepreneurial prompt 
C)  initiating event 
D)  triggering event 
E)  kick-off event

Question 13

Unfortunately, statistics show that there is very little interest in entrepreneurship among young people in the United States.

Accepted Answer

A) True 
 B)False

Question 14

The number one reason that people become entrepreneurs is to pursue financial rewards.

Accepted Answer

A) True 
 B)False

Question 15

According to the Global Entrepreneurship Monitor (GEM) 2015-2016 study, the majority of people in high-income countries are drawn to entrepreneurship ________.

Accepted Answer

A)  to take advantage of an attractive opportunity 
B)  due to lack of career prospects 
C)  as a result of government incentives 
D)  because an important role model was an entrepreneur 
E)  to gain prestige 
A)  to take advantage of an attractive opportunity 
B)  due to lack of career prospects 
C)  as a result of government incentives 
D)  because an important role model was an entrepreneur 
E)  to gain prestige

Question 16

Which of the following statements regarding survival rates of entrepreneurial firms in the United States is correct?

Accepted Answer

A)  As high as 50 percent after four years 
B)  As high as 60 percent after four years 
C)  As high as 70 percent after four years 
D)  As high as 80 percent after four years 
E)  As high as 90 percent after four years 
A)  As high as 50 percent after four years 
B)  As high as 60 percent after four years 
C)  As high as 70 percent after four years 
D)  As high as 80 percent after four years 
E)  As high as 90 percent after four years

Question 17

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

Accepted Answer

A)  Creative destruction 
B)  Modernism 
C)  Execution 
D)  Creativity 
E)  Innovation 
A)  Creative destruction 
B)  Modernism 
C)  Execution 
D)  Creativity 
E)  Innovation

Question 18

Although interest in entrepreneurship remains high nationwide, the number of women-owned businesses is decreasing.

Accepted Answer

A) True 
 B)False

Question 19

According to the results of the GEM 2015-2016 survey, about 1 out of every 8 and a ½ American adults is actively engaged in starting a business or is the owner/manager of a business that is less than 3 ½ years old.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following statements is incorrect regarding entrepreneurial activity and age range?

Accepted Answer

A)  The highest percent of business owners fall in the 45-54 age range. 
B)  The lowest percent of business owners fall in the 60+ age range. 
C)  The majority of business founders have no prior work experience. 
D)  The majority of individuals who start companies are in their forties and fifties. 
E)  Entrepreneurial activity is fairly evenly spread out over age ranges. 
A)  The highest percent of business owners fall in the 45-54 age range. 
B)  The lowest percent of business owners fall in the 60+ age range. 
C)  The majority of business founders have no prior work experience. 
D)  The majority of individuals who start companies are in their forties and fifties. 
E)  Entrepreneurial activity is fairly evenly spread out over age ranges.

A(n) ________ is a written document that describes all the aspects of a business venture in a concise manner.

Which of the following is NOT one of the four steps of the entrepreneurial process?

According to reliable statistics, 9 out of 10 businesses fail in their first few years of existence.

The number one characteristic shared by successful entrepreneurs is passion for the business.

Entrepreneurship is the process by which individuals pursue opportunities within the constraints of the resources they control.

Describe the four main characteristics of successful entrepreneurs.

Which of the following was NOT identified in the textbook as one of the common traits and characteristics of entrepreneurs?

Identify the three types of startup firms, and discuss how they differ. Provide examples of each type of firm.

One of the businesses owned by Kirsten Blowers, the entrepreneur profiled in the opening feature of Chapter 1, is Riffraff. Riffraff sells ________.

Which of the following is NOT one of the five common myths about entrepreneurs?

Describe the three primary reasons that people become entrepreneurs and start their own firms.

Jan Berry recently received a $500,000 inheritance from her maternal grandmother. Jan decided to use the money to start a business. According to the textbook, the inheritance that Jan received was the ________ that prompted her to start a business.

Unfortunately, statistics show that there is very little interest in entrepreneurship among young people in the United States.

The number one reason that people become entrepreneurs is to pursue financial rewards.

According to the Global Entrepreneurship Monitor (GEM) 2015-2016 study, the majority of people in high-income countries are drawn to entrepreneurship ________.

Which of the following statements regarding survival rates of entrepreneurial firms in the United States is correct?

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

Although interest in entrepreneurship remains high nationwide, the number of women-owned businesses is decreasing.

According to the results of the GEM 2015-2016 survey, about 1 out of every 8 and a ½ American adults is actively engaged in starting a business or is the owner/manager of a business that is less than 3 ½ years old.

Which of the following statements is incorrect regarding entrepreneurial activity and age range?

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

A(n) ________ is a written document that describes all the aspects of a business venture in a concise manner.

Which of the following is NOT one of the four steps of the entrepreneurial process?

According to reliable statistics, 9 out of 10 businesses fail in their first few years of existence.

The number one characteristic shared by successful entrepreneurs is passion for the business.

Entrepreneurship is the process by which individuals pursue opportunities within the constraints of the resources they control.

Describe the four main characteristics of successful entrepreneurs.

Which of the following was NOT identified in the textbook as one of the common traits and characteristics of entrepreneurs?

Identify the three types of startup firms, and discuss how they differ. Provide examples of each type of firm.

One of the businesses owned by Kirsten Blowers, the entrepreneur profiled in the opening feature of Chapter 1, is Riffraff. Riffraff sells ________.

Which of the following is NOT one of the five common myths about entrepreneurs?

Describe the three primary reasons that people become entrepreneurs and start their own firms.

Jan Berry recently received a $500,000 inheritance from her maternal grandmother. Jan decided to use the money to start a business. According to the textbook, the inheritance that Jan received was the ________ that prompted her to start a business.

Unfortunately, statistics show that there is very little interest in entrepreneurship among young people in the United States.

The number one reason that people become entrepreneurs is to pursue financial rewards.

According to the Global Entrepreneurship Monitor (GEM) 2015-2016 study, the majority of people in high-income countries are drawn to entrepreneurship ________.

Which of the following statements regarding survival rates of entrepreneurial firms in the United States is correct?

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

Although interest in entrepreneurship remains high nationwide, the number of women-owned businesses is decreasing.

According to the results of the GEM 2015-2016 survey, about 1 out of every 8 and a ½ American adults is actively engaged in starting a business or is the owner/manager of a business that is less than 3 ½ years old.

Which of the following statements is incorrect regarding entrepreneurial activity and age range?

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