Question 1

The period of time prior to a firm's launch and startup is called the fuzzy front end.

Accepted Answer

A) True 
 B)False  True

Question 2

Which of the following countries is an example of an efficiency-driven economy?

Accepted Answer

A)  Egypt 
B)  Iran 
C)  The Russian Federation 
D)  Canada 
E)  Estonia 
A)  Egypt 
B)  Iran 
C)  The Russian Federation 
D)  Canada 
E)  Estonia A

Question 3

Briefly explain the generic life cycle of an industry.

Accepted Answer

Industries don't last forever. Much like humans, they have life cycles-they're born, they grow, they decline, and they die. The earliest stage of an industry is a time of rapid innovation and change as young firms struggle to become the industry standard-bearers with their technology. As these entrepreneurial firms achieve noticeable levels of success, more and more firms desiring to capitalize on the potential for success enter the industry. As the industry grows, it generally becomes more fragmented as a result of so many firms competing for position. Then, at some point consolidation begins to occur as the stronger firms begin to acquire the smaller firms and the weaker firms die out. Eventually, the number of firms in the industry stabilizes and the firms mature. If innovation in the industry ceases to occur, the industry output may actually begin to decline. However, if new, disruptive technology is introduced, the industry may have a new platform on which to innovate and grow again.

Question 4

Zambia and India are examples of _____ economies.

Accepted Answer

A)  production-driven 
B)  factor-driven 
C)  efficiency-driven 
D)  innovation-driven 
E)  quality-driven 
A)  production-driven 
B)  factor-driven 
C)  efficiency-driven 
D)  innovation-driven 
E)  quality-driven

Question 5

The word entrepreneur came into popular use in the United States during the 1990s.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is NOT one of the stages of the generic life cycle of an industry?

Accepted Answer

A)  Emerging 
B)  Disruption 
C)  New life 
D)  Adapting 
E)  Growing 
A)  Emerging 
B)  Disruption 
C)  New life 
D)  Adapting 
E)  Growing

Question 7

Entrepreneurial ventures and small businesses are related, but they are not the same in most respects.

Accepted Answer

A) True 
 B)False

Question 8

The _____ is known as the Decade of Entrepreneurship.

Accepted Answer

A)  1950s 
B)  1960s 
C)  1970s 
D)  1980s 
E)  1990s 
A)  1950s 
B)  1960s 
C)  1970s 
D)  1980s 
E)  1990s

Question 9

Briefly describe entrepreneurship.

Accepted Answer

Entrepreneurship is more than simply sta

Question 10

Entrepreneurship is simply starting a business.

Accepted Answer

A) True 
 B)False

Question 11

Technological change happens when an entrepreneur identifies

Accepted Answer

A)  n ew customer segments that appear to be emerging. 
B)  n ew customer needs. 
C)  e xisting customer needs that have not been satisfied. 
D)  n ew ways of manufacturing and distributing products and services. 
E)  All  of these are correct. 
A)  n ew customer segments that appear to be emerging. 
B)  n ew customer needs. 
C)  e xisting customer needs that have not been satisfied. 
D)  n ew ways of manufacturing and distributing products and services. 
E)  All  of these are correct.

Question 12

More than perhaps anything else, the 1990s were characterized as the _____ Age.

Accepted Answer

A)  Commercial 
B)  Information 
C)  Competitiveness 
D)  Globalization 
E)  Recession 
A)  Commercial 
B)  Information 
C)  Competitiveness 
D)  Globalization 
E)  Recession

Question 13

Of the 29.6 million small businesses in the United States, 80 percent

Accepted Answer

A)  are started by males. 
B)  have no employees. 
C)  are started by females. 
D)  are lifestyle businesses. 
E)  are started by people in the 35- to 44-year-old age group. 
A)  are started by males. 
B)  have no employees. 
C)  are started by females. 
D)  are lifestyle businesses. 
E)  are started by people in the 35- to 44-year-old age group.

Question 14

The entrepreneurial process is typically a linear process.

Accepted Answer

A) True 
 B)False

Question 15

Entrepreneurial ventures are responsible for job creation that is disproportionate to the net total new jobs created in the United States over the past 25 years.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following is arguably the most important platform technology today?

Accepted Answer

A)  D igital anonymity 
B)  Virtual reality 
C)  B ig data 
D)  Genomics 
E)  Artificial intelligence 
A)  D igital anonymity 
B)  Virtual reality 
C)  B ig data 
D)  Genomics 
E)  Artificial intelligence

Question 17

The Small Business Administration reports that about half of all new businesses will survive _____ year(s) or more.

Accepted Answer

A)  1 
B)  2 
C)  5 
D)  10 
E)  15 
A)  1 
B)  2 
C)  5 
D)  10 
E)  15

Question 18

During Phase _____ of the entrepreneurial process, entrepreneurs do preliminary research to understand any issues they may face in the areas of intellectual property, regulation, or in product development in the case of a technology solution.

Accepted Answer

A)  1 
B)  2 
C)  3 
D)  4 
E)  5 
A)  1 
B)  2 
C)  3 
D)  4 
E)  5

Question 19

Discuss the knowledge economy of the 2000s.

Accepted Answer

The new millennium ushered in what many

Question 20

Chief among the benefits to society that the entrepreneurial process brings are

Accepted Answer

A)  new technologies, new market discovery, and diversity. 
B)  economic growth, new industry formation, and job creation. 
C)  job creation, new market discovery, and diversity. 
D)  economic growth, globalization, and new technologies. 
E)  globalization, job creation, and new industry formation. 
A)  new technologies, new market discovery, and diversity. 
B)  economic growth, new industry formation, and job creation. 
C)  job creation, new market discovery, and diversity. 
D)  economic growth, globalization, and new technologies. 
E)  globalization, job creation, and new industry formation.

The period of time prior to a firm's launch and startup is called the fuzzy front end.

Which of the following countries is an example of an efficiency-driven economy?

Briefly explain the generic life cycle of an industry.

Zambia and India are examples of _____ economies.

The word entrepreneur came into popular use in the United States during the 1990s.

Which of the following is NOT one of the stages of the generic life cycle of an industry?

Entrepreneurial ventures and small businesses are related, but they are not the same in most respects.

The _____ is known as the Decade of Entrepreneurship.

Briefly describe entrepreneurship.

Entrepreneurship is simply starting a business.

Technological change happens when an entrepreneur identifies

More than perhaps anything else, the 1990s were characterized as the _____ Age.

Of the 29.6 million small businesses in the United States, 80 percent

The entrepreneurial process is typically a linear process.

Entrepreneurial ventures are responsible for job creation that is disproportionate to the net total new jobs created in the United States over the past 25 years.

Which of the following is arguably the most important platform technology today?

The Small Business Administration reports that about half of all new businesses will survive _____ year(s) or more.

During Phase _____ of the entrepreneurial process, entrepreneurs do preliminary research to understand any issues they may face in the areas of intellectual property, regulation, or in product development in the case of a technology solution.

Discuss the knowledge economy of the 2000s.

Chief among the benefits to society that the entrepreneurial process brings are

Preparing for the Entrepreneurial Journey

Creating Opportunity

Analyzing the Industry and Market

Developing and Testing a Business Model

Prototyping and Validating a Solution

Protecting the Startups Assets

Building the Founding Team

Calculating Startup Capital Requirements

Preparing a Business Plan

Designing an Entrepreneurial Organization

Planning Startup Operations

Choosing the Legal Form of Organization

Developing a Startup Marketing Plan

Incorporating Ethics and Social Responsibility Into the Business

Funding Startup and Growth

Planning for Growth and Change

Filters

Exam 1: Understanding Entrepreneurship

The period of time prior to a firm's launch and startup is called the fuzzy front end.

Which of the following countries is an example of an efficiency-driven economy?

Briefly explain the generic life cycle of an industry.

Zambia and India are examples of _____ economies.

The word entrepreneur came into popular use in the United States during the 1990s.

Which of the following is NOT one of the stages of the generic life cycle of an industry?

Entrepreneurial ventures and small businesses are related, but they are not the same in most respects.

The _____ is known as the Decade of Entrepreneurship.

Briefly describe entrepreneurship.

Entrepreneurship is simply starting a business.

Technological change happens when an entrepreneur identifies

More than perhaps anything else, the 1990s were characterized as the _____ Age.

Of the 29.6 million small businesses in the United States, 80 percent

The entrepreneurial process is typically a linear process.

Entrepreneurial ventures are responsible for job creation that is disproportionate to the net total new jobs created in the United States over the past 25 years.

Which of the following is arguably the most important platform technology today?

The Small Business Administration reports that about half of all new businesses will survive _____ year(s) or more.

During Phase _____ of the entrepreneurial process, entrepreneurs do preliminary research to understand any issues they may face in the areas of intellectual property, regulation, or in product development in the case of a technology solution.

Discuss the knowledge economy of the 2000s.

Chief among the benefits to society that the entrepreneurial process brings are

Preparing for the Entrepreneurial Journey

Creating Opportunity

Analyzing the Industry and Market

Developing and Testing a Business Model

Prototyping and Validating a Solution

Protecting the Startups Assets

Building the Founding Team

Calculating Startup Capital Requirements

Preparing a Business Plan

Designing an Entrepreneurial Organization

Planning Startup Operations

Choosing the Legal Form of Organization

Developing a Startup Marketing Plan

Incorporating Ethics and Social Responsibility Into the Business

Funding Startup and Growth

Planning for Growth and Change

Filters