Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

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 3

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 4

________ 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 5

The Partnering for Success feature in Chapter 1 focuses on how pharmaceutical products are brought to market. The "lesson learned" from the feature for entrepreneurs is:

Accepted Answer

A)  large firms and smaller entrepreneurial firms can often produce the best results by partnering with each other rather than acting as adversaries 
B)  it rarely works out for large firms and smaller entrepreneurial firms to partner with each other, particularly in the pharmaceutical industry 
C)  the most compelling partnerships between smaller entrepreneurial firms and large firms allow both categories of firms to be generalists, and not focus strictly on their areas of expertise 
D)  partnerships between smaller entrepreneurial firms and large firms almost always favor the smaller entrepreneurial firms, particularly in the pharmaceutical industry 
E)  partnerships between smaller entrepreneurial firms and large firms almost always favor the large firm, particularly in the pharmaceutical industry 
A)  large firms and smaller entrepreneurial firms can often produce the best results by partnering with each other rather than acting as adversaries 
B)  it rarely works out for large firms and smaller entrepreneurial firms to partner with each other, particularly in the pharmaceutical industry 
C)  the most compelling partnerships between smaller entrepreneurial firms and large firms allow both categories of firms to be generalists, and not focus strictly on their areas of expertise 
D)  partnerships between smaller entrepreneurial firms and large firms almost always favor the smaller entrepreneurial firms, particularly in the pharmaceutical industry 
E)  partnerships between smaller entrepreneurial firms and large firms almost always favor the large firm, particularly in the pharmaceutical industry

Question 6

Which of the following statements is incorrect regarding the economic impact of entrepreneurial firms in the United States?

Accepted Answer

A)  Small businesses outperform their larger counterparts in terms of patent activity. 
B)  Small firms are providers of a significant share of the innovations that take place. 
C)  According to a Kauffman Foundation survey, 92% of Americans say entrepreneurs are critically important to job creation. 
D)  Small businesses employ just less than half of all private sector employees. 
E)  Small businesses are the creators of most new jobs. 
A)  Small businesses outperform their larger counterparts in terms of patent activity. 
B)  Small firms are providers of a significant share of the innovations that take place. 
C)  According to a Kauffman Foundation survey, 92% of Americans say entrepreneurs are critically important to job creation. 
D)  Small businesses employ just less than half of all private sector employees. 
E)  Small businesses are the creators of most new jobs.

Question 7

In regard to patent activity (issuance), which of the following statements is correct?

Accepted Answer

A)  Small businesses outperform their larger counterparts. 
B)  Small businesses underperform their larger counterparts. 
C)  Small businesses and large businesses are relatively equal. 
D)  Small businesses are not active in patent activity. 
E)  Large businesses are not active in patent activity. 
A)  Small businesses outperform their larger counterparts. 
B)  Small businesses underperform their larger counterparts. 
C)  Small businesses and large businesses are relatively equal. 
D)  Small businesses are not active in patent activity. 
E)  Large businesses are not active in patent activity.

Question 8

Which of the following statements regarding business success (or failure) rates is correct?

Accepted Answer

A)  After four years, 15 percent of new businesses are still open. 
B)  After four years, 25 percent of new businesses are still open. 
C)  After four years, 50 percent of new businesses are still open. 
D)  Two out of three businesses fail within the first four years. 
E)  Nine out of ten businesses fail within the first four years. 
A)  After four years, 15 percent of new businesses are still open. 
B)  After four years, 25 percent of new businesses are still open. 
C)  After four years, 50 percent of new businesses are still open. 
D)  Two out of three businesses fail within the first four years. 
E)  Nine out of ten businesses fail within the first four years.

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is the correct sequence for the four steps in the entrepreneurial process?

Accepted Answer

A)  deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, managing the growing entrepreneurial firm 
B)  developing successful business ideas, deciding to become an entrepreneur, moving from an idea to an entrepreneurial firm, managing and growing the entrepreneurial firm 
C)  developing successful business ideas, moving from an idea to an entrepreneurial firm, deciding to become an entrepreneur, managing and growing the entrepreneurial firm 
D)  deciding to become an entrepreneur, moving from an idea to an entrepreneurial firm, developing successful business ideas, managing and growing the entrepreneurial firm 
E)  managing and growing the entrepreneurial firm, developing successful business ideas, deciding to become an entrepreneur, moving from an idea to an entrepreneurial firm 
A)  deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, managing the growing entrepreneurial firm 
B)  developing successful business ideas, deciding to become an entrepreneur, moving from an idea to an entrepreneurial firm, managing and growing the entrepreneurial firm 
C)  developing successful business ideas, moving from an idea to an entrepreneurial firm, deciding to become an entrepreneur, managing and growing the entrepreneurial firm 
D)  deciding to become an entrepreneur, moving from an idea to an entrepreneurial firm, developing successful business ideas, managing and growing the entrepreneurial firm 
E)  managing and growing the entrepreneurial firm, developing successful business ideas, deciding to become an entrepreneur, moving from an idea to an entrepreneurial firm

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

The passion that entrepreneurs have typically stems from the potential financial rewards that are associated with an entrepreneurial career.

Accepted Answer

A) True 
 B)False

Question 13

Stacey Wills, who is at heart a craftsperson, recently started a firm to manufacturer a new innovative food blender. Stacey's desire is to sell her food blender to as many people as possible, because she firmly believes in the merits of her product. Stacey's story best illustrates which of the following characteristics, or attributes, of a successful entrepreneur?

Accepted Answer

A)  product/customer focus 
B)  execution intelligence 
C)  tenacity despite failure 
D)  a desire to please consumers 
E)  a desire to gain financial rewards 
A)  product/customer focus 
B)  execution intelligence 
C)  tenacity despite failure 
D)  a desire to please consumers 
E)  a desire to gain financial rewards

Question 14

According to the textbook, the number one reason that people become entrepreneurs is to:

Accepted Answer

A)  realize financial rewards 
B)  gain prestige 
C)  be their own boss 
D)  continue a family tradition 
E)  pursue their own ideas 
A)  realize financial rewards 
B)  gain prestige 
C)  be their own boss 
D)  continue a family tradition 
E)  pursue their own ideas

Question 15

According to the opening feature on GiftZip, raising funding was the biggest challenge that Sam Hogg experienced in making his company a success.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following statements is not true about women-owned businesses in the United States?

Accepted Answer

A)  There are a growing number of groups that support and advocate for women-owned businesses. 
B)  Women-owned firms still trail male-owned businesses in terms of sales and profits. 
C)  The top industry for women-owned firms is manufacturing. 
D)  Over 50% of women-owned firms are home-based. 
E)  The number of women-owned businesses is increasing. 
A)  There are a growing number of groups that support and advocate for women-owned businesses. 
B)  Women-owned firms still trail male-owned businesses in terms of sales and profits. 
C)  The top industry for women-owned firms is manufacturing. 
D)  Over 50% of women-owned firms are home-based. 
E)  The number of women-owned businesses is increasing.

Question 17

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

Accepted Answer

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

Question 18

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 19

According to the textbook, Google, Facebook, and Zynga are examples of ________ firms.

Accepted Answer

A)  lifestyle 
B)  salary-substitute 
C)  industry-standard 
D)  entrepreneurial 
E)  standard-of-living 
A)  lifestyle 
B)  salary-substitute 
C)  industry-standard 
D)  entrepreneurial 
E)  standard-of-living

Question 20

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

Accepted Answer

A)  has a strong work ethic 
B)  intolerant of ambiguity 
C)  visionary 
D)  promoter 
E)  decisive 
A)  has a strong work ethic 
B)  intolerant of ambiguity 
C)  visionary 
D)  promoter 
E)  decisive

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

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

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

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

The Partnering for Success feature in Chapter 1 focuses on how pharmaceutical products are brought to market. The "lesson learned" from the feature for entrepreneurs is:

Which of the following statements is incorrect regarding the economic impact of entrepreneurial firms in the United States?

In regard to patent activity (issuance), which of the following statements is correct?

Which of the following statements regarding business success (or failure) rates is correct?

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

Which of the following is the correct sequence for the four steps in the entrepreneurial process?

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

The passion that entrepreneurs have typically stems from the potential financial rewards that are associated with an entrepreneurial career.

According to the textbook, the number one reason that people become entrepreneurs is to:

According to the opening feature on GiftZip, raising funding was the biggest challenge that Sam Hogg experienced in making his company a success.

Which of the following statements is not true about women-owned businesses in the United States?

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

According to the textbook, entrepreneurs are:

According to the textbook, Google, Facebook, and Zynga are examples of ________ firms.

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

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Writing a Business Plan

Industry and Competitor Analysis

Developing an Effective Business Model

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

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

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

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

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

The Partnering for Success feature in Chapter 1 focuses on how pharmaceutical products are brought to market. The "lesson learned" from the feature for entrepreneurs is:

Which of the following statements is incorrect regarding the economic impact of entrepreneurial firms in the United States?

In regard to patent activity (issuance), which of the following statements is correct?

Which of the following statements regarding business success (or failure) rates is correct?

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

Which of the following is the correct sequence for the four steps in the entrepreneurial process?

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

The passion that entrepreneurs have typically stems from the potential financial rewards that are associated with an entrepreneurial career.

According to the textbook, the number one reason that people become entrepreneurs is to:

According to the opening feature on GiftZip, raising funding was the biggest challenge that Sam Hogg experienced in making his company a success.

Which of the following statements is not true about women-owned businesses in the United States?

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

According to the textbook, entrepreneurs are:

According to the textbook, Google, Facebook, and Zynga are examples of ________ firms.

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

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Writing a Business Plan

Industry and Competitor Analysis

Developing an Effective Business Model

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