Question 1

Which of the following is an accurate characterization of interest in entrepreneurship?

Accepted Answer

A)  There is minimal interest in entrepreneurship across the world. 
B)  There is minimal interest in entrepreneurship in North America and Europe, but significant interest in Asia and Australia. 
C)  There is significant interest in entrepreneurship in North America and Europe, but minimal interest in Asia and Australia. 
D)  While interest in entrepreneurship was once high, it is waning in popularity across the world. 
E)  There is tremendous interest in entrepreneurship across the world. 
A)  There is minimal interest in entrepreneurship across the world. 
B)  There is minimal interest in entrepreneurship in North America and Europe, but significant interest in Asia and Australia. 
C)  There is significant interest in entrepreneurship in North America and Europe, but minimal interest in Asia and Australia. 
D)  While interest in entrepreneurship was once high, it is waning in popularity across the world. 
E)  There is tremendous interest in entrepreneurship across the world.

Question 2

The passion that entrepreneurs have typically stems from the ability to pursue their own ideas.

Accepted Answer

A) True 
 B)False

Question 3

The number one characteristic shared by successful entrepreneurs is ________.

Accepted Answer

A)  a desire to achieve financial rewards 
B)  a passion for the business 
C)  a desire to employ other people 
D)  a desire to fulfill a lifetime dream 
E)  a desire to bring a revolutionary new product or service to market 
A)  a desire to achieve financial rewards 
B)  a passion for the business 
C)  a desire to employ other people 
D)  a desire to fulfill a lifetime dream 
E)  a desire to bring a revolutionary new product or service to market

Question 4

Identify and discuss the three primary reasons that entrepreneurial behavior has a strong impact on the United States economy.

Accepted Answer

The two reasons that entrepreneurial beh

Question 5

The Savvy Entrepreneurial Firm feature in Chapter 1 focuses on incubators and accelerators, those that help start-ups. ________ are organizations that offer a small amount of seed funding in exchange for small equity positions in the companies that participate in their programs.

Accepted Answer

A)  Incubators 
B)  Intrapreneurs 
C)  Accelerators 
D)  Capital markets 
E)  Banks 
A)  Incubators 
B)  Intrapreneurs 
C)  Accelerators 
D)  Capital markets 
E)  Banks

Question 6

According to the textbook, there are three types of startup firms: ________.

Accepted Answer

A)  lifestyle firms, general firms, and entrepreneurial firms 
B)  standard-of-living firms, statutory firms, and general firms 
C)  entrepreneurial firms, standard-of-living firms, and statutory firms 
D)  lifestyle firms, salary-substitute firms, and entrepreneurial firms 
E)  innovative firms, entrepreneurial firms, and standard firms 
A)  lifestyle firms, general firms, and entrepreneurial firms 
B)  standard-of-living firms, statutory firms, and general firms 
C)  entrepreneurial firms, standard-of-living firms, and statutory firms 
D)  lifestyle firms, salary-substitute firms, and entrepreneurial firms 
E)  innovative firms, entrepreneurial firms, and standard firms

Question 7

According to the textbook, entrepreneurs are ________.

Accepted Answer

A)  gamblers 
B)  moderate risk takers 
C)  aggressive risk takers 
D)  forceful risk takers 
E)  minimal risk takers 
A)  gamblers 
B)  moderate risk takers 
C)  aggressive risk takers 
D)  forceful risk takers 
E)  minimal risk takers

Question 8

Which of the following was NOT given in the textbook as a reason for the increase in the number of senior entrepreneurs?

Accepted Answer

A)  Seniors tend to be more passionate about new business ideas than middle-aged or younger prospective entrepreneurs. 
B)  Many seniors have extensive business experience and other qualities that equip them for an entrepreneurial career. 
C)  Growing worries among seniors that they need to earn additional income to pay for future health care services and other expenses 
D)  An increasing desire among older workers for more personal fulfillment in their lives. 
E)  Corporate downsizing 
A)  Seniors tend to be more passionate about new business ideas than middle-aged or younger prospective entrepreneurs. 
B)  Many seniors have extensive business experience and other qualities that equip them for an entrepreneurial career. 
C)  Growing worries among seniors that they need to earn additional income to pay for future health care services and other expenses 
D)  An increasing desire among older workers for more personal fulfillment in their lives. 
E)  Corporate downsizing

Question 9

Entrepreneurs are usually moderate, rather than high, risk-takers.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following was NOT identified in the textbook as one of the five primary reasons passion is important for the launch of a successful entrepreneurial organization?

Accepted Answer

A)  The ability to stick to a plan even when faced with evidence that changes are needed 
B)  A willingness to work hard for an extended period of time 
C)  The ability to overcome setbacks and "no's" 
D)  The ability to listen to feedback on the limitations of your organization and yourself 
E)  Perseverance and persistence when the going gets tough 
A)  The ability to stick to a plan even when faced with evidence that changes are needed 
B)  A willingness to work hard for an extended period of time 
C)  The ability to overcome setbacks and "no's" 
D)  The ability to listen to feedback on the limitations of your organization and yourself 
E)  Perseverance and persistence when the going gets tough

Question 11

Apple is an established firm that encourages and emphasizes entrepreneurial behavior throughout its various divisions. According to the textbook, Apple practices ________ entrepreneurship.

Accepted Answer

A)  tactical 
B)  corporate 
C)  strategic 
D)  business 
E)  enterprise 
A)  tactical 
B)  corporate 
C)  strategic 
D)  business 
E)  enterprise

Question 12

According to the Global Entrepreneurship Monitor (GEM) 2015-2016 survey, about ________ percent of adults in the United States are either starting a business or are running a business that has been in existence for less than 3 1/2 years.

Accepted Answer

A)  3.8 
B)  5.5 
C)  7.6 
D)  9.0 
E)  11.9 
A)  3.8 
B)  5.5 
C)  7.6 
D)  9.0 
E)  11.9

Question 13

An event that prompts an individual to become an entrepreneur, such as losing a job, inheriting money, or accommodating a certain lifestyle, is referred to as a(n) ________.

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 14

Cody Rodgers is the founder of a company named Extreme Sports Apparel. The company makes apparel products for extreme sports enthusiasts such as rock climbers, triathletes, skateboarders, and BMX bikers. Cody wants his company to pursue a high level of corporate entrepreneurship. To achieve that goal, Cody's firm should be ________.

Accepted Answer

A)  innovative, risk averse, and take a "wait and see" posture 
B)  taking a "wait and see" posture, innovative, and risk taking 
C)  proactive, not innovative, and risk taking 
D)  taking a "wait and see" posture, not innovative, and risk averse 
E)  proactive, innovative, and risk taking 
A)  innovative, risk averse, and take a "wait and see" posture 
B)  taking a "wait and see" posture, innovative, and risk taking 
C)  proactive, not innovative, and risk taking 
D)  taking a "wait and see" posture, not innovative, and risk averse 
E)  proactive, innovative, and risk taking

Question 15

Pacific Fishing LLC is a startup that is working on a new technology for the fishing industry. Because the technology it's working on is highly proprietary, the company is located in the warehouse district of a large western city. Pacific's founder, Ray Sims, rarely gives interviews and is careful to not divulge much about what the company is doing. Which of the following common myths about entrepreneurs does the behavior of its founder, Ray Sims, dispel?

Accepted Answer

A)  Entrepreneurs are born, not made. 
B)  Entrepreneurs are gamblers. 
C)  Entrepreneurs are motivated primarily by money. 
D)  Entrepreneurs should be young and energetic. 
E)  Entrepreneurs love the spotlight. 
A)  Entrepreneurs are born, not made. 
B)  Entrepreneurs are gamblers. 
C)  Entrepreneurs are motivated primarily by money. 
D)  Entrepreneurs should be young and energetic. 
E)  Entrepreneurs love the spotlight.

Which of the following is an accurate characterization of interest in entrepreneurship?

The passion that entrepreneurs have typically stems from the ability to pursue their own ideas.

The number one characteristic shared by successful entrepreneurs is ________.

Identify and discuss the three primary reasons that entrepreneurial behavior has a strong impact on the United States economy.

The Savvy Entrepreneurial Firm feature in Chapter 1 focuses on incubators and accelerators, those that help start-ups. ________ are organizations that offer a small amount of seed funding in exchange for small equity positions in the companies that participate in their programs.

According to the textbook, there are three types of startup firms: ________.

According to the textbook, entrepreneurs are ________.

Which of the following was NOT given in the textbook as a reason for the increase in the number of senior entrepreneurs?

Entrepreneurs are usually moderate, rather than high, risk-takers.

Which of the following was NOT identified in the textbook as one of the five primary reasons passion is important for the launch of a successful entrepreneurial organization?

Apple is an established firm that encourages and emphasizes entrepreneurial behavior throughout its various divisions. According to the textbook, Apple practices ________ entrepreneurship.

According to the Global Entrepreneurship Monitor (GEM) 2015-2016 survey, about ________ percent of adults in the United States are either starting a business or are running a business that has been in existence for less than 3 1/2 years.

An event that prompts an individual to become an entrepreneur, such as losing a job, inheriting money, or accommodating a certain lifestyle, is referred to as a(n) ________.

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

Which of the following is an accurate characterization of interest in entrepreneurship?

The passion that entrepreneurs have typically stems from the ability to pursue their own ideas.

The number one characteristic shared by successful entrepreneurs is ________.

Identify and discuss the three primary reasons that entrepreneurial behavior has a strong impact on the United States economy.

The Savvy Entrepreneurial Firm feature in Chapter 1 focuses on incubators and accelerators, those that help start-ups. ________ are organizations that offer a small amount of seed funding in exchange for small equity positions in the companies that participate in their programs.

According to the textbook, there are three types of startup firms: ________.

According to the textbook, entrepreneurs are ________.

Which of the following was NOT given in the textbook as a reason for the increase in the number of senior entrepreneurs?

Entrepreneurs are usually moderate, rather than high, risk-takers.

Which of the following was NOT identified in the textbook as one of the five primary reasons passion is important for the launch of a successful entrepreneurial organization?

Apple is an established firm that encourages and emphasizes entrepreneurial behavior throughout its various divisions. According to the textbook, Apple practices ________ entrepreneurship.

According to the Global Entrepreneurship Monitor (GEM) 2015-2016 survey, about ________ percent of adults in the United States are either starting a business or are running a business that has been in existence for less than 3 1/2 years.

An event that prompts an individual to become an entrepreneur, such as losing a job, inheriting money, or accommodating a certain lifestyle, is referred to as a(n) ________.

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