Question 1

In the context of new industry formation, Apple's iPhone, introduced on January 9, 2007, spurred the development of the _____ industry.

Accepted Answer

A)  smartphone improvement 
B)  mobile app 
C)  prepaid phone 
D)  touch screen 
E)  Android 
A)  smartphone improvement 
B)  mobile app 
C)  prepaid phone 
D)  touch screen 
E)  Android

Question 2

As entrepreneurial firms achieve noticeable levels of success and a new industry grows, the industry generally becomes more _____ as a result of so many firms competing for position.

Accepted Answer

A)  stable 
B)  unstable 
C)  consolidated 
D)  fragmented 
E)  uniform 
A)  stable 
B)  unstable 
C)  consolidated 
D)  fragmented 
E)  uniform

Question 3

Industries last forever.

Accepted Answer

A) True 
 B)False

Question 4

Explain how entrepreneurs spur economic growth.

Accepted Answer

Early economists recognized that technol

Question 5

The people and companies that engage in a category of business activity are known as a(n)

Accepted Answer

A)  industry. 
B)  gazelle. 
C)  economy. 
D)  startup. 
E)  company. 
A)  industry. 
B)  gazelle. 
C)  economy. 
D)  startup. 
E)  company.

Question 6

Why should the effects of risk be considered when starting an entrepreneurial adventure?

Accepted Answer

Much of new venture risk occurs early in

Question 7

James would like to open a computer repair shop in his hometown. He is currently in Phase 2 of the entrepreneurial process. This means that James is

Accepted Answer

A)  creating a plan for his business's execution. 
B)  considering the design of his business. 
C)  doing preliminary research to understand the industry. 
D)  focusing on validating the hypotheses he has made about the customer, the solution, and his proposed business model. 
E)  developing hypotheses from his research. 
A)  creating a plan for his business's execution. 
B)  considering the design of his business. 
C)  doing preliminary research to understand the industry. 
D)  focusing on validating the hypotheses he has made about the customer, the solution, and his proposed business model. 
E)  developing hypotheses from his research.

Question 8

The vital issue for entrepreneurs is not avoiding failure but minimizing the cost of a possible failure.

Accepted Answer

A) True 
 B)False

Question 9

The introduction in 1971 of the _____ microprocessor started a technology revolution.

Accepted Answer

A)  Microtel 
B)  Microsoft 
C)  Java 
D)  Intel 
E)  Sun 
A)  Microtel 
B)  Microsoft 
C)  Java 
D)  Intel 
E)  Sun

Question 10

What are some reasons why new businesses fail?

Accepted Answer

There are several reasons for new busine

In the context of new industry formation, Apple's iPhone, introduced on January 9, 2007, spurred the development of the _____ industry.

As entrepreneurial firms achieve noticeable levels of success and a new industry grows, the industry generally becomes more _____ as a result of so many firms competing for position.

Industries last forever.

Explain how entrepreneurs spur economic growth.

The people and companies that engage in a category of business activity are known as a(n)

Why should the effects of risk be considered when starting an entrepreneurial adventure?

James would like to open a computer repair shop in his hometown. He is currently in Phase 2 of the entrepreneurial process. This means that James is

The vital issue for entrepreneurs is not avoiding failure but minimizing the cost of a possible failure.

The introduction in 1971 of the _____ microprocessor started a technology revolution.

What are some reasons why new businesses fail?

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

In the context of new industry formation, Apple's iPhone, introduced on January 9, 2007, spurred the development of the _____ industry.

As entrepreneurial firms achieve noticeable levels of success and a new industry grows, the industry generally becomes more _____ as a result of so many firms competing for position.

Industries last forever.

Explain how entrepreneurs spur economic growth.

The people and companies that engage in a category of business activity are known as a(n)

Why should the effects of risk be considered when starting an entrepreneurial adventure?

James would like to open a computer repair shop in his hometown. He is currently in Phase 2 of the entrepreneurial process. This means that James is

The vital issue for entrepreneurs is not avoiding failure but minimizing the cost of a possible failure.

The introduction in 1971 of the _____ microprocessor started a technology revolution.

What are some reasons why new businesses fail?

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