Question 1

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 2

According to the textbook, the passion that motivates people to launch entrepreneurial firms typically stems from the entrepreneur's belief that the business will ________.

Accepted Answer

A)  positively influence people's lives 
B)  make a lot of money 
C)  increase his or her prestige 
D)  lead to a high-level job in the corporate sector 
E)  provide for a secure retirement 
A)  positively influence people's lives 
B)  make a lot of money 
C)  increase his or her prestige 
D)  lead to a high-level job in the corporate sector 
E)  provide for a secure retirement

Question 3

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

Accepted Answer

A)  The number of women-owned businesses is decreasing. 
B)  A total of 33 percent of women-owned businesses are owned by minorities. 
C)  In some industries, women own a significant share of the business. 
D)  The number of groups that support and advocate for women-owned businesses continues to increase. 
E)  Between 1997 and 2013, the number of women-owned businesses increased at a rate of one-and-a-half times the national average. 
A)  The number of women-owned businesses is decreasing. 
B)  A total of 33 percent of women-owned businesses are owned by minorities. 
C)  In some industries, women own a significant share of the business. 
D)  The number of groups that support and advocate for women-owned businesses continues to increase. 
E)  Between 1997 and 2013, the number of women-owned businesses increased at a rate of one-and-a-half times the national average.

Question 4

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 5

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 6

The What Went Wrong? feature in Chapter 1 focuses on Prim, a failed startup in the laundry industry. According to the feature, Prim failed largely as a result of ________.

Accepted Answer

A)  lack of product/customer focus 
B)  poor intellectual property protection 
C)  the individuals who started the firm were too young and inexperienced 
D)  poor execution intelligence 
E)  a lack of passion and resolve 
A)  lack of product/customer focus 
B)  poor intellectual property protection 
C)  the individuals who started the firm were too young and inexperienced 
D)  poor execution intelligence 
E)  a lack of passion and resolve

Question 7

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

Accepted Answer

Entrepreneurship is the process by which

Question 8

According to the textbook, Dropbox, Facebook, and LinkedIn 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 9

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

Accepted Answer

A)  the strength of the entrepreneur and the strength of the business idea are of equal importance 
B)  they would never fund a strong entrepreneur with a weak business idea 
C)  they would rather fund a strong entrepreneur with a mediocre business idea than fund a strong business idea with a mediocre entrepreneur 
D)  a new venture's marketing plan is more important than either the strength of the entrepreneur or the strength of the business idea 
E)  they would rather fund a strong business idea with a mediocre entrepreneur than fund a strong entrepreneur with a mediocre business idea 
A)  the strength of the entrepreneur and the strength of the business idea are of equal importance 
B)  they would never fund a strong entrepreneur with a weak business idea 
C)  they would rather fund a strong entrepreneur with a mediocre business idea than fund a strong business idea with a mediocre entrepreneur 
D)  a new venture's marketing plan is more important than either the strength of the entrepreneur or the strength of the business idea 
E)  they would rather fund a strong business idea with a mediocre entrepreneur than fund a strong entrepreneur with a mediocre business idea

Question 10

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

Accepted Answer

A)  enterprise focus 
B)  innovative intensity 
C)  entrepreneurial intensity 
D)  creative intensity 
E)  innovative concentration 
A)  enterprise focus 
B)  innovative intensity 
C)  entrepreneurial intensity 
D)  creative intensity 
E)  innovative concentration

Question 11

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

Question 12

Pacific Fishing LLC is a startup that is working on a new technology for the fishing industry. Because the technology it's working on is highly proprietary, the company is located in the warehouse district of a large western city. Pacific's founder, Ray Sims, rarely gives interviews and is careful to not divulge much about what the company is doing. Which of the following common myths about entrepreneurs does the behavior of its founder, Ray Sims, dispel?

Accepted Answer

A)  Entrepreneurs are born, not made. 
B)  Entrepreneurs are gamblers. 
C)  Entrepreneurs are motivated primarily by money. 
D)  Entrepreneurs should be young and energetic. 
E)  Entrepreneurs love the spotlight. 
A)  Entrepreneurs are born, not made. 
B)  Entrepreneurs are gamblers. 
C)  Entrepreneurs are motivated primarily by money. 
D)  Entrepreneurs should be young and energetic. 
E)  Entrepreneurs love the spotlight.

Question 13

The number one characteristic shared by successful entrepreneurs is ________.

Accepted Answer

A)  a desire to achieve financial rewards 
B)  a passion for the business 
C)  a desire to employ other people 
D)  a desire to fulfill a lifetime dream 
E)  a desire to bring a revolutionary new product or service to market 
A)  a desire to achieve financial rewards 
B)  a passion for the business 
C)  a desire to employ other people 
D)  a desire to fulfill a lifetime dream 
E)  a desire to bring a revolutionary new product or service to market

Question 14

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

Question 15

Which of the following is not a personality trait or characteristic common among entrepreneurs?

Accepted Answer

A)  Promoter 
B)  Visionary 
C)  Short attention span 
D)  Alert to opportunities 
E)  Self-starter 
A)  Promoter 
B)  Visionary 
C)  Short attention span 
D)  Alert to opportunities 
E)  Self-starter

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

According to the consensus of the research, some people are genetically predisposed to be entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 18

Pure Fix Cycles, the company profiled in the opening feature of Chapter 1, was launched by four co-founders and sells ________.

Accepted Answer

A)  fixed gear, single speed bikes 
B)  entry level bikes that sell in the $100 price range 
C)  bikes the are durable enough that they almost never need to be fixed 
D)  high quality bikes that sell in the $1,000+ price range 
E)  multiple gear, multiple speed bikes 
A)  fixed gear, single speed bikes 
B)  entry level bikes that sell in the $100 price range 
C)  bikes the are durable enough that they almost never need to be fixed 
D)  high quality bikes that sell in the $1,000+ price range 
E)  multiple gear, multiple speed bikes

Question 19

Although interest in entrepreneurship remains high nationwide, the number of women-owned businesses is decreasing.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following is not one of the five common myths about entrepreneurs?

Accepted Answer

A)  Entrepreneurs are tenacious. 
B)  Entrepreneurs are moderate risk takers. 
C)  Entrepreneurs should be young and energetic. 
D)  Entrepreneurs love the spotlight. 
E)  Entrepreneurs are born not made. 
A)  Entrepreneurs are tenacious. 
B)  Entrepreneurs are moderate risk takers. 
C)  Entrepreneurs should be young and energetic. 
D)  Entrepreneurs love the spotlight. 
E)  Entrepreneurs are born not made.

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

According to the textbook, the passion that motivates people to launch entrepreneurial firms typically stems from the entrepreneur's belief that the business will ________.

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

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

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

The What Went Wrong? feature in Chapter 1 focuses on Prim, a failed startup in the laundry industry. According to the feature, Prim failed largely as a result of ________.

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

According to the textbook, Dropbox, Facebook, and LinkedIn are examples of ________ firms.

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

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

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?

The number one characteristic shared by successful entrepreneurs is ________.

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

Which of the following is not a personality trait or characteristic common among entrepreneurs?

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

According to the consensus of the research, some people are genetically predisposed to be entrepreneurs.

Pure Fix Cycles, the company profiled in the opening feature of Chapter 1, was launched by four co-founders and sells ________.

Although interest in entrepreneurship remains high nationwide, the number of women-owned businesses is decreasing.

Which of the following is not one of the five common myths about entrepreneurs?

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Developing an Effective Business Model

Industry and Competitor Analysis

Writing a Business Plan

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

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

According to the textbook, the passion that motivates people to launch entrepreneurial firms typically stems from the entrepreneur's belief that the business will ________.

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

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

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

The What Went Wrong? feature in Chapter 1 focuses on Prim, a failed startup in the laundry industry. According to the feature, Prim failed largely as a result of ________.

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

According to the textbook, Dropbox, Facebook, and LinkedIn are examples of ________ firms.

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

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

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?

The number one characteristic shared by successful entrepreneurs is ________.

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

Which of the following is not a personality trait or characteristic common among entrepreneurs?

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

According to the consensus of the research, some people are genetically predisposed to be entrepreneurs.

Pure Fix Cycles, the company profiled in the opening feature of Chapter 1, was launched by four co-founders and sells ________.

Although interest in entrepreneurship remains high nationwide, the number of women-owned businesses is decreasing.

Which of the following is not one of the five common myths about entrepreneurs?

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Developing an Effective Business Model

Industry and Competitor Analysis

Writing a Business Plan

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