Exam 1: Introduction to Entrepreneurship

Suppose you are a Small Business Development Center counselor and you're looking at the personality profiles of five potential entrepreneurs. Based on the profiles, which individual has the most desirable mix of personal characteristics to become a successful entrepreneur?

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):

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

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

Entrepreneurs are motivated primarily by money.

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

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?

The Savvy Entrepreneurial Firm feature in Chapter 1 focuses on Revio Mobile (maker of Angry Birds) and Zeo, two companies that have produced successful products. The feature's main purpose is to illustrate the importance of ________ as a key characteristic of the founders of entrepreneurial firms.

According to the results of the GEM 2010 survey, about 1 out of every 13 American adults is actively engaged in starting a business or is the owner/manager of a business that is less than 3 1/2 years old.

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

According to the textbook, entrepreneurship has historically had:

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

According to the textbook, the four characteristics of successful entrepreneurs are:

Describe the four main characteristics of successful entrepreneurs.

James Quinn is starting a firm in the financial services industry primarily to pursue financial rewards. According to the textbook, starting a business to make a lot of money:

In the book The Theory of Economic Development, ________ argued that entrepreneurs develop new products and technologies that over time make current products and technologies obsolete. This process is called creative destruction.

Among minorities, ________ -owned firms had the highest growth rate from 1996 to 2010.

Joseph Schumpeter argued that entrepreneurs develop new products and technologies that over time make current products and technologies obsolete, and this process, which he called creative destruction, is good because it stimulates economic activity.

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

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