Exam 1: Introduction to Entrepreneurship

Topics Entertainment, the focus of the Partnering for Success feature in Chapter 1, produces "boxed sets" of children's DVDs featuring the best products from small producers. What is the primary lesson that entrepreneurial firms can learn from reading about what Topics Entertainment is doing?

According to Chapter 1, a sentiment that venture capitalists often express is that:

Established firms with an entrepreneurial emphasis are proactive, innovative, and risk-taking.

As new products are introduced, that are better than their existing generation of products, sales normally increase, because the new products provide consumers increased value or worth. This process, which is called ________, stimulates economic activity, which is a good thing for the economy.

A Gallup study revealed that ________ high school students want to start their own companies.

Katherine Frans just received an inheritance of $50,000 from her grandmother. She has decided to use the money to start a business that she has always been interested in starting. For Katherine, the $50,000 inheritance represents a ________ that prompted her to start a business.

According to the textbook, the most active age range for early stage entrepreneurial activity is:

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

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

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

Over the past 10 years, the demographic makeup of entrepreneurial firms has remained fairly stable in the United States and around the world.

Entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control.

The number one characteristic shared by successful entrepreneurs is:

According to the textbook, entrepreneurs are ________ risk takers.

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):