Question 1

In the context of the given scenario, which of the following is true?

Accepted Answer

A)  She may not be successful if she starts an entrepreneurial venture based on myths. 
B)  She will be successful because she accurately understands the role of entrepreneurs. 
C)  She will never be successful. 
D)  She will be successful because she is smart and talented. 
E)  She will be successful because entrepreneurship ventures seldom fail. 
A)  She may not be successful if she starts an entrepreneurial venture based on myths. 
B)  She will be successful because she accurately understands the role of entrepreneurs. 
C)  She will never be successful. 
D)  She will be successful because she is smart and talented. 
E)  She will be successful because entrepreneurship ventures seldom fail.

Question 2

Frank left his current job to try out this venture. His boss allowed him to take this leave. This is called

Accepted Answer

A)  bootlegging. 
B)  skunk works. 
C)  innovation. 
D)  horse trading. 
E)  brainstorming. 
A)  bootlegging. 
B)  skunk works. 
C)  innovation. 
D)  horse trading. 
E)  brainstorming.

Question 3

Which of the following is a function of a business plan?

Accepted Answer

A)  to improve the balance sheet and enhance net worth 
B)  to raise capital through federally registered shares of the company 
C)  to improve credibility with customers and other stakeholders 
D)  to determine the viability of one's enterprise 
E)  to create a long-term relationship with an investment banking firm 
A)  to improve the balance sheet and enhance net worth 
B)  to raise capital through federally registered shares of the company 
C)  to improve credibility with customers and other stakeholders 
D)  to determine the viability of one's enterprise 
E)  to create a long-term relationship with an investment banking firm

Question 4

An) _____ describes all the elements involved in starting a new venture.

Accepted Answer

A)  business plan 
B)  control system 
C)  value chain 
D)  initial public stock offering 
E)  organization chart 
A)  business plan 
B)  control system 
C)  value chain 
D)  initial public stock offering 
E)  organization chart

Question 5

_____ use networks of contacts more than formal authority.

Accepted Answer

A)  Managers 
B)  Entrepreneurs 
C)  Small businesses 
D)  Franchisees 
E)  Franchisors 
A)  Managers 
B)  Entrepreneurs 
C)  Small businesses 
D)  Franchisees 
E)  Franchisors

Question 6

In the context of the opportunity for starting a business, what are some of the possibilities that entrepreneurs can exploit?

Accepted Answer

To spot opportunities, one mus

Question 7

The tendency of an organization to act in anticipation of future problems and opportunities is

Accepted Answer

A)  competitive aggressiveness. 
B)  innovativeness. 
C)  proactiveness. 
D)  independent action. 
E)  analysis. 
A)  competitive aggressiveness. 
B)  innovativeness. 
C)  proactiveness. 
D)  independent action. 
E)  analysis.

Question 8

According to the entrepreneurial strategy matrix, Rupert's venture can be described as

Accepted Answer

A)  low innovation/high risk. 
B)  low innovation/low risk. 
C)  high innovation/high risk. 
D)  high innovation/low risk. 
E)  high innovation/no risk. 
A)  low innovation/high risk. 
B)  low innovation/low risk. 
C)  high innovation/high risk. 
D)  high innovation/low risk. 
E)  high innovation/no risk.

Question 9

According to the entrepreneurial strategy matrix, Oliver's scenario can be described as

Accepted Answer

A)  low innovation/high risk. 
B)  low innovation/low risk. 
C)  high innovation/low risk. 
D)  high innovation/high risk. 
E)  high innovation/no risk. 
A)  low innovation/high risk. 
B)  low innovation/low risk. 
C)  high innovation/low risk. 
D)  high innovation/high risk. 
E)  high innovation/no risk.

Question 10

Entrepreneurs, in part because they are very busy, often fail to use _____, resulting in inadequate margins to support growth.

Accepted Answer

A)  formal control systems 
B)  a forward-thinking orientation 
C)  an opportunity analysis 
D)  venture capital 
E)  total quality management systems 
A)  formal control systems 
B)  a forward-thinking orientation 
C)  an opportunity analysis 
D)  venture capital 
E)  total quality management systems

Question 11

A small business is often defined as having fewer than _____ employees, as well as being independently owned and operated.

Accepted Answer

A)  500 
B)  400 
C)  300 
D)  200 
E)  100 
A)  500 
B)  400 
C)  300 
D)  200 
E)  100

Question 12

If, after the current assessment, Frank still believes in the potential of the venture, he should now proceed with which step of the planning process?

Accepted Answer

A)  an environmental analysis 
B)  a SWOT analysis 
C)  a promotional plan 
D)  an opportunity analysis 
E)  a business plan 
A)  an environmental analysis 
B)  a SWOT analysis 
C)  a promotional plan 
D)  an opportunity analysis 
E)  a business plan

Question 13

Which of the following is true of entrepreneurial ventures?

Accepted Answer

A)  Companies offering mundane products cannot hope to gain competitive advantage. 
B)  For start-ups, failure is an exception rather than the rule. 
C)  Successful companies do not always require a cutting-edge technology or an exciting new product. 
D)  Acquiring venture capital is essential to the success of all start-up businesses. 
E)  The odds of survival of an entrepreneurial venture worsen if it grows to at least 10 or 20 people. 
A)  Companies offering mundane products cannot hope to gain competitive advantage. 
B)  For start-ups, failure is an exception rather than the rule. 
C)  Successful companies do not always require a cutting-edge technology or an exciting new product. 
D)  Acquiring venture capital is essential to the success of all start-up businesses. 
E)  The odds of survival of an entrepreneurial venture worsen if it grows to at least 10 or 20 people.

Question 14

_____ is the process by which enterprising individuals initiate, manage, and assume the risks and rewards associated with a business.

Accepted Answer

A)  A start-up 
B)  A partnership 
C)  An incubator 
D)  Entrepreneurship 
E)  Joint venture 
A)  A start-up 
B)  A partnership 
C)  An incubator 
D)  Entrepreneurship 
E)  Joint venture

Question 15

_____ is a competitive advantage in the form of relationships with other people and the image other people have of an entrepreneur.

Accepted Answer

A)  Social capital 
B)  Community standing 
C)  Legitimacy 
D)  Quality of life 
E)  Opportunity analysis 
A)  Social capital 
B)  Community standing 
C)  Legitimacy 
D)  Quality of life 
E)  Opportunity analysis

Question 16

Jonah has a new idea to revamp the mail processing at his large company. His boss tells him to go for it and report back on the barriers and efficiencies of his idea. This approach is called

Accepted Answer

A)  job sharing. 
B)  spinoff. 
C)  skunk works. 
D)  job shadowing. 
E)  benchmarking. 
A)  job sharing. 
B)  spinoff. 
C)  skunk works. 
D)  job shadowing. 
E)  benchmarking.

Question 17

_____ play a crucial role in promoting entrepreneurship within large corporations.

Accepted Answer

A)  CEOs 
B)  Managers 
C)  Employees 
D)  Entrepreneurs 
E)  Consumers 
A)  CEOs 
B)  Managers 
C)  Employees 
D)  Entrepreneurs 
E)  Consumers

Question 18

Which of the following devotes too much attention to financial projections while neglecting other important information that is important to investors?

Accepted Answer

A)  a business audit 
B)  an accounting analysis 
C)  a business plan 
D)  a value chain 
E)  a business incubator 
A)  a business audit 
B)  an accounting analysis 
C)  a business plan 
D)  a value chain 
E)  a business incubator

Question 19

As her roommate, you ask her what she will be creating or producing because that is a part of

Accepted Answer

A)  advertising. 
B)  micropayment. 
C)  entreprenurship. 
D)  profiteering. 
E)  planning. 
A)  advertising. 
B)  micropayment. 
C)  entreprenurship. 
D)  profiteering. 
E)  planning.

Question 20

Most small business ventures are located in the _____ quadrant of the entrepreneurial strategy matrix.

Accepted Answer

A)  upper left 
B)  low risk 
C)  upper right 
D)  lower right 
E)  high innovation 
A)  upper left 
B)  low risk 
C)  upper right 
D)  lower right 
E)  high innovation

In the context of the given scenario, which of the following is true?

Frank left his current job to try out this venture. His boss allowed him to take this leave. This is called

Which of the following is a function of a business plan?

An) _____ describes all the elements involved in starting a new venture.

_____ use networks of contacts more than formal authority.

In the context of the opportunity for starting a business, what are some of the possibilities that entrepreneurs can exploit?

The tendency of an organization to act in anticipation of future problems and opportunities is

According to the entrepreneurial strategy matrix, Rupert's venture can be described as

According to the entrepreneurial strategy matrix, Oliver's scenario can be described as

Entrepreneurs, in part because they are very busy, often fail to use _____, resulting in inadequate margins to support growth.

A small business is often defined as having fewer than _____ employees, as well as being independently owned and operated.

If, after the current assessment, Frank still believes in the potential of the venture, he should now proceed with which step of the planning process?

Which of the following is true of entrepreneurial ventures?

_____ is the process by which enterprising individuals initiate, manage, and assume the risks and rewards associated with a business.

_____ is a competitive advantage in the form of relationships with other people and the image other people have of an entrepreneur.

Jonah has a new idea to revamp the mail processing at his large company. His boss tells him to go for it and report back on the barriers and efficiencies of his idea. This approach is called

_____ play a crucial role in promoting entrepreneurship within large corporations.

Which of the following devotes too much attention to financial projections while neglecting other important information that is important to investors?

As her roommate, you ask her what she will be creating or producing because that is a part of

Most small business ventures are located in the _____ quadrant of the entrepreneurial strategy matrix.

Managing Effectively in a Global World

The Evolution of Management

The Organizational Environment and Culture

Ethics and Corporate Responsibility

Planning and Decision Making

Organizing for Success

Managing Human Resources

Managing Diversity and Inclusion

Leadership

Motivating People

Teamwork

Communicating

Managerial Control

Innovating and Changing

Filters

Exam 6: Entrepreneurship

In the context of the given scenario, which of the following is true?

Frank left his current job to try out this venture. His boss allowed him to take this leave. This is called

Which of the following is a function of a business plan?

An) _____ describes all the elements involved in starting a new venture.

_____ use networks of contacts more than formal authority.

In the context of the opportunity for starting a business, what are some of the possibilities that entrepreneurs can exploit?

The tendency of an organization to act in anticipation of future problems and opportunities is

According to the entrepreneurial strategy matrix, Rupert's venture can be described as

According to the entrepreneurial strategy matrix, Oliver's scenario can be described as

Entrepreneurs, in part because they are very busy, often fail to use _____, resulting in inadequate margins to support growth.

A small business is often defined as having fewer than _____ employees, as well as being independently owned and operated.

If, after the current assessment, Frank still believes in the potential of the venture, he should now proceed with which step of the planning process?

Which of the following is true of entrepreneurial ventures?

_____ is the process by which enterprising individuals initiate, manage, and assume the risks and rewards associated with a business.

_____ is a competitive advantage in the form of relationships with other people and the image other people have of an entrepreneur.

Jonah has a new idea to revamp the mail processing at his large company. His boss tells him to go for it and report back on the barriers and efficiencies of his idea. This approach is called

_____ play a crucial role in promoting entrepreneurship within large corporations.

Which of the following devotes too much attention to financial projections while neglecting other important information that is important to investors?

As her roommate, you ask her what she will be creating or producing because that is a part of

Most small business ventures are located in the _____ quadrant of the entrepreneurial strategy matrix.

Managing Effectively in a Global World

The Evolution of Management

The Organizational Environment and Culture

Ethics and Corporate Responsibility

Planning and Decision Making

Organizing for Success

Managing Human Resources

Managing Diversity and Inclusion

Leadership

Motivating People

Teamwork

Communicating

Managerial Control

Innovating and Changing

Filters