Question 1

Starbucks is a firm that is proactive, innovative and risk-taking. From this description, we can most accurately conclude that Starbucks has a high level of:

Accepted Answer

A)  inventive zeal 
B)  innovative intensity 
C)  entrepreneurial intensity 
D)  creative intensity 
E)  general zeal 
A)  inventive zeal 
B)  innovative intensity 
C)  entrepreneurial intensity 
D)  creative intensity 
E)  general zeal C

Question 2

The four main characteristics of successful entrepreneurs are: passion for the business, execution intelligence, product/customer focus, and tenacity despite failure.

Accepted Answer

A) True 
 B)False  True

Question 3

The Savvy Entrepreneurial Firm feature in Chapter 1 focuses on Guitar Hero and iRobot, 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.

Accepted Answer

A)  execution intelligence 
B)  a desire to pursue your own ideas 
C)  tenacity despite failure 
D)  passion for the business 
E)  product/customer focus 
A)  execution intelligence 
B)  a desire to pursue your own ideas 
C)  tenacity despite failure 
D)  passion for the business 
E)  product/customer focus C

Question 4

Tahoe Trips & Trails, a company mentioned in Chapter 1, leads multiday outdoor adventure trips for private groups and corporate clients to Lake Tahoe, Yosemite, Death Valley, and similar locations. The company was started by Hanna Sullivan, an individual that gave up a prestigious job with a private investment company because Tahoe Trips & Trails better accommodates her personal lifestyle. Tahoe Trips & Trails is an example of a ________ firm.

Accepted Answer

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

Question 5

Klimit, the company profiled in the opening feature for Chapter 1, plans to make money on the ski jackets and other apparel products that will use its proprietary technology by:

Accepted Answer

A)  manufacturing the products and selling them via catalogues and the Internet 
B)  manufacturing the products and selling through large retailers like Gap and Old Navy 
C)  franchising 
D)  manufacturing the products and selling them through ski shops and other specialty stores 
E)  licensing its technology to outdoor gear and apparel companies 
A)  manufacturing the products and selling them via catalogues and the Internet 
B)  manufacturing the products and selling through large retailers like Gap and Old Navy 
C)  franchising 
D)  manufacturing the products and selling them through ski shops and other specialty stores 
E)  licensing its technology to outdoor gear and apparel companies

Question 6

The entrepreneurial process consists of four steps: deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, and managing and growing the entrepreneurial firm.

Accepted Answer

A) True 
 B)False

Question 7

In the past two decades, economic activity has moved increasingly in the direction of large firms, rather than smaller entrepreneurial firms.

Accepted Answer

A) True 
 B)False

Question 8

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?

Accepted Answer

A)  Candidate A: creative, decisive, moderate risk taker 
B)  Candidate B: seeks recognition, self-starter, strong work ethic 
C)  Candidate C: visionary, high risk taker, energetic 
D)  Candidate D: high risk taker, achievement motivated, is a networker 
E)  Candidate E: tolerant for ambiguity, seeks recognition, motivated primarily by money 
A)  Candidate A: creative, decisive, moderate risk taker 
B)  Candidate B: seeks recognition, self-starter, strong work ethic 
C)  Candidate C: visionary, high risk taker, energetic 
D)  Candidate D: high risk taker, achievement motivated, is a networker 
E)  Candidate E: tolerant for ambiguity, seeks recognition, motivated primarily by money

Question 9

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

Accepted Answer

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

Question 10

What is entrepreneurship? What is the essence of entrepreneurial behavior?

Accepted Answer

Entrepreneurship is the process by which

Question 11

A business model is a written document that describes all the aspects of a business venture in a concise manner.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following statement is incorrect regarding the economic impact of entrepreneurial firms?

Accepted Answer

A)  Small firms are more innovative than large firms. 
B)  Small firms produce more patents per employee than large firms. 
C)  Economic activity is moving increasingly in the direction of small rather than large firms. 
D)  Small businesses employ more than half of all private sector employees in the United States. 
E)  Small businesses create about one-third of all new jobs. 
A)  Small firms are more innovative than large firms. 
B)  Small firms produce more patents per employee than large firms. 
C)  Economic activity is moving increasingly in the direction of small rather than large firms. 
D)  Small businesses employ more than half of all private sector employees in the United States. 
E)  Small businesses create about one-third of all new jobs.

Question 13

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

Accepted Answer

The three primary reasons that people be

Question 14

There is strong evidence to suggest that the number of older people choosing entrepreneurial careers is increasing rapidly.

Accepted Answer

A) True 
 B)False

Question 15

A ________ is a written document that describes all the aspects of a business venture in a concise manner.

Accepted Answer

A)  business plan 
B)  business model 
C)  operations plan 
D)  corporate plan 
E)  contingency plan 
A)  business plan 
B)  business model 
C)  operations plan 
D)  corporate plan 
E)  contingency plan

Question 16

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 17

A firm's ________ is a plan for how it competes, uses its resources, structures its relationships, interfaces with customers, and creates value to sustain itself on the basis of the value it creates

Accepted Answer

A)  business plan 
B)  business model 
C)  tactical model 
D)  strategic plan 
E)  operations model 
A)  business plan 
B)  business model 
C)  tactical model 
D)  strategic plan 
E)  operations model

Question 18

According to the textbook, entrepreneurship has historically had (a):

Accepted Answer

A)  major impact on the economy and minor impact on society 
B)  minor impact on both the economy and society 
C)  major impact on society and minor impact on the economy 
D)  major impact on both the economy and society 
E)  no impact on either the economy or society 
A)  major impact on the economy and minor impact on society 
B)  minor impact on both the economy and society 
C)  major impact on society and minor impact on the economy 
D)  major impact on both the economy and society 
E)  no impact on either the economy or society

Question 19

Which of the following statements is true regarding the demographics of entrepreneurs in the United States?

Accepted Answer

A)  Over the past 10 years, the demographic makeup of entrepreneurial firms has remained relatively unchanged. 
B)  Of the 26 million businesses in the United States, a decreasing number are owned by women and minorities. 
C)  Between 1997 and 2002, the fastest-growing area of women-owned firms was health care. 
D)  There is strong evidence to suggest that the number of seniors choosing entrepreneurial careers is increasing. 
E)  Interest in entrepreneurship among young people remains flat. 
A)  Over the past 10 years, the demographic makeup of entrepreneurial firms has remained relatively unchanged. 
B)  Of the 26 million businesses in the United States, a decreasing number are owned by women and minorities. 
C)  Between 1997 and 2002, the fastest-growing area of women-owned firms was health care. 
D)  There is strong evidence to suggest that the number of seniors choosing entrepreneurial careers is increasing. 
E)  Interest in entrepreneurship among young people remains flat.

Question 20

Kendall Toms recently launched a medical startup. He is very excited about the business because he strongly believes that the products his firm is working on will make a positive differences in peoples' lives. Kendall's excitement results from which of the following characteristics of entrepreneurs?

Accepted Answer

A)  passion for the business 
B)  tenacity despite failure 
C)  desire to be his own boss 
D)  desire to be on the cutting edge of technological change 
E)  desire to gain financial rewards 
A)  passion for the business 
B)  tenacity despite failure 
C)  desire to be his own boss 
D)  desire to be on the cutting edge of technological change 
E)  desire to gain financial rewards

Starbucks is a firm that is proactive, innovative and risk-taking. From this description, we can most accurately conclude that Starbucks has a high level of:

The four main characteristics of successful entrepreneurs are: passion for the business, execution intelligence, product/customer focus, and tenacity despite failure.

The Savvy Entrepreneurial Firm feature in Chapter 1 focuses on Guitar Hero and iRobot, 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.

Klimit, the company profiled in the opening feature for Chapter 1, plans to make money on the ski jackets and other apparel products that will use its proprietary technology by:

The entrepreneurial process consists of four steps: deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, and managing and growing the entrepreneurial firm.

In the past two decades, economic activity has moved increasingly in the direction of large firms, rather than smaller entrepreneurial firms.

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?

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

What is entrepreneurship? What is the essence of entrepreneurial behavior?

A business model is a written document that describes all the aspects of a business venture in a concise manner.

Which of the following statement is incorrect regarding the economic impact of entrepreneurial firms?

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

There is strong evidence to suggest that the number of older people choosing entrepreneurial careers is increasing rapidly.

A ________ is a written document that describes all the aspects of a business venture in a concise manner.

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

A firm's ________ is a plan for how it competes, uses its resources, structures its relationships, interfaces with customers, and creates value to sustain itself on the basis of the value it creates

According to the textbook, entrepreneurship has historically had (a):

Which of the following statements is true regarding the demographics of entrepreneurs in the United States?

Kendall Toms recently launched a medical startup. He is very excited about the business because he strongly believes that the products his firm is working on will make a positive differences in peoples' lives. Kendall's excitement results from which of the following 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 Venture's 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

Starbucks is a firm that is proactive, innovative and risk-taking. From this description, we can most accurately conclude that Starbucks has a high level of:

The four main characteristics of successful entrepreneurs are: passion for the business, execution intelligence, product/customer focus, and tenacity despite failure.

The Savvy Entrepreneurial Firm feature in Chapter 1 focuses on Guitar Hero and iRobot, 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.

Klimit, the company profiled in the opening feature for Chapter 1, plans to make money on the ski jackets and other apparel products that will use its proprietary technology by:

The entrepreneurial process consists of four steps: deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, and managing and growing the entrepreneurial firm.

In the past two decades, economic activity has moved increasingly in the direction of large firms, rather than smaller entrepreneurial firms.

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?

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

What is entrepreneurship? What is the essence of entrepreneurial behavior?

A business model is a written document that describes all the aspects of a business venture in a concise manner.

Which of the following statement is incorrect regarding the economic impact of entrepreneurial firms?

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

There is strong evidence to suggest that the number of older people choosing entrepreneurial careers is increasing rapidly.

A ________ is a written document that describes all the aspects of a business venture in a concise manner.

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

A firm's ________ is a plan for how it competes, uses its resources, structures its relationships, interfaces with customers, and creates value to sustain itself on the basis of the value it creates

According to the textbook, entrepreneurship has historically had (a):

Which of the following statements is true regarding the demographics of entrepreneurs in the United States?

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 Venture's 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