Deck 1: Assessing Your Potential for an Entrepreneurial Career

Question 1

The three types of reaction identified by Robinson et al. are:

A) Cognition, Affect, and Behaviour
B) Cognition, Intelligence, and Emotion
C) Empathy, Confusion, and Clarity
D) Passion, Avoidance, and Ignorance

Answer 1

A

Question 2

Arranging financing, handling credit, and budgeting are all considered skills under which broad entrepreneurial skill set?

A) Managing people
B) Managing inventory
C) Managing capital
D) Managing money

Answer 2

D

Question 3

Successful entrepreneurs are _______ people; they want to start producing results immediately.

A) Success-oriented
B) Action-oriented
C) Goal-oriented
D) Challenge-oriented

Answer 3

B

Question 4

In a study of inductees into the Babson University Academy of Distinguished Entrepreneurs, the three attributes and behaviours cited as the principal reasons for entrepreneurial success are:

A) Openness to change, personal initiative, and perseverance.
B) Commitment, dedication, and perseverance.
C) Positive attitude, social savvy, and intellectual intelligence.
D) Emotional intelligence, social intelligence, mathematical intelligence.

Question 5

Which of the following did Robinson et al. define as the predisposition of the individual to respond in a generally favourable or unfavourable manner with respect to innovation?

A) Character
B) Personality
C) Empathy
D) Attitude

Question 6

Which type of entrepreneur takes advantage of the fact that unit costs tend to shrink as volume expands?

A) Capital aggregators
B) Economy-of-scale exploiters
C) Pattern multipliers
D) Deal-to-dealers

Question 7

One of the common themes resulting from research into the common attributes shared by successful entrepreneurs is that:

A) Those attributes can be learned.
B) Those attributes cannot be learned, an individual is either born with them or they are not.
C) Those attributes are always the same - confidence, determination, and perseverance are always at the top of the list.
D) There are no "common" set of attributes - each entrepreneurial success story is unique.

Question 8

Your credit rating is based on:

A) The value of your home equity.
B) Your employment income only.
C) Your prior history in borrowing and repaying money.
D) Your overall debt load, compared to your ability to generate income.

Question 9

Which of the following entrepreneurial types prefer to identify themselves by their craft first, and as business owners only as an afterthought?

A) Freedom Fighters
B) Craftspeople
C) Lifestyle Business
D) Empire Building

Question 10

The best entrepreneurs have a keen sense of their own strengths and weaknesses and of the competitive environment in which they operate. This makes them _______ -oriented.

A) Success
B) Action
C) Goal
D) Reality

Question 11

You can usually identify __________ by the fact that their companies grow by more than 30 percent annually.

A) Venture Capitalists
B) Freedom Fighters
C) Institutional Developers
D) Empire Builders

Question 12

Purchasing supplies and raw materials, controlling inventory, and managing the physical facilities are skills which fall under which of the following broad entrepreneurial skill sets?

A) Directing sales and marketing operations
B) Directing business operations
C) Managing people
D) Setting up a business

Question 13

Most entrepreneurs are found to be ____ listeners and _____ learners.

A) Poor; quick
B) Good; quick
C) Poor; slow
D) Good; slow

Question 14

The personal net worth required to start a business is generally thought to be in the range of:

A) $5,000-$10,000
B) $20,000-$50,000
C) $100,000-$500,000
D) Every business opportunity has its own unique capital requirements.

Question 15

You are able to acquire many of the skills needed prior to considering an entrepreneurial career through all of the following means, except:

A) Job experience
B) Vacationing
C) Organizational (or club) activities
D) Managing a home

Question 16

All of the following are subscales in Robinson's EAO Model, except:

A) Achievement in business
B) Innovation in business
C) Desire for personal control
D) Desire for retribution

Question 17

Despite scoring high on the Entrepreneurial Quiz, your venture is unlikely to succeed if you fail to demonstrate:

A) People prowess
B) Technical savvy
C) Commitment, determination, and perseverance
D) Financial independence

Question 18

Entrepreneurs are driven by an immense desire to achieve the goals they initially set for themselves and then to aim for even more challenging standards. This makes them:

A) Profit-oriented
B) Goal-oriented
C) Success-oriented
D) Challenge-oriented

Question 19

The higher is your number of most desirable responses on the Entrepreneurial Quiz then:

A) The less your responses agree with those of successful entrepreneurs.
B) The more your responses agree with those of successful entrepreneurs.
C) The less likely you are to become a successful entrepreneur.
D) The more likely you are to abort your attempts at an entrepreneurial venture because of anxiety.

Question 20

These entrepreneurs go on to build larger companies through hiring and delegation of authority.

A) Team builders
B) Pattern multipliers
C) Independent innovators
D) Deal-to-dealers

Question 21

Craftspeople are a type of entrepreneur that seek financial independence above anything else and the freedom to spend their time as they wish.

Question 22

It is estimated that the principal reason for the failure of small firms is poor cash flow.

Question 23

Well-known social entrepreneurs include all of the following, except:

A) Shannon Tessier and Zack Patterson
B) Craig and Mark Kielburger
C) Jeff Skoll
D) Kenneth Lay

Question 24

Which of the following is not among the three questions to address when confronted with an ethical problem?

A) What will others think?
B) Is it balanced?
C) Is it legal?
D) How will it make you feel about yourself?

Question 25

A ________ should be a formal statement of a business's values concerning ethics and social issues.

A) Code of behaviour
B) Code of ethics
C) Mission statement
D) Vision statement

Question 26

Training employees, motivating people, and evaluating workers fall under the "directing business operations" skill set.

Question 27

Agencies such as Equifax Canada Inc. assemble information about how you pay your bills and then enter this information into your credit file. An individual who is always late in paying their bills is given a rating of:

A) R1
B) R2
C) R3
D) R4

Question 28

There is considerable evidence which suggests that the "right stuff" needed to become a successful entrepreneur can be learned.

Question 29

Social entrepreneurship seeks:

A) Social change
B) Financial profit
C) Welfare management
D) Social media business opportunities

Question 30

Researchers are unable to identify a set of common attributes, attitudes, and experiences among entrepreneurs that appear to lead to success.

Question 31

The Managerial Sills Inventory questionnaire can be used to develop an inventory of your skills and capabilities in the areas of financial accounting, human resources, and ethics.

Question 32

High energy, good health, and emotional stability are thought to be some of the "not so learnable" qualities of successful entrepreneurs.

Question 33

Deal-to-dealers are small business owners which have had more than one venture, often in quite different lines of business.

Question 34

Many small business owners experience an immediate increase in the level of personal income they can earn.

Question 35

Most entrepreneurs are self-confident, and with this confidence comes a strong ego.

Question 36

According to Vesper's typology, "Acquirers" are entrepreneurs that will often take over businesses that are in trouble and try to straighten them out or buy businesses that they can add value to in some way, perhaps before selling them off again.

Question 37

High intelligence and conceptual ability are two of the most "learnable" attributes of successful entrepreneurs.

Question 38

All of the following are included in the triple bottom line assessment, except:

A) Financial performance
B) Global equality
C) Environmental impact
D) Social well-being

Question 39

A code of ethics should be guided by all of the following areas of concern, except:

A) Citizenship
B) Responsibility
C) Integrity
D) Competition

Question 40

The "typical entrepreneur" is most closely associated with the Empire Builder type of entrepreneur.

Question 41

Your credit rating is based on your income earning potential in a five year period.

Question 42

Social entrepreneurship refers to the discovery, evaluation, and exploitation of opportunities for financial profit.

Question 43

Most entrepreneurs are described as having a high risk tolerance. Do you agree or disagree? Why?

Question 44

Equifax Canada Inc. is a venture capital firm headquartered in western Canada.

Question 45

List the reasons why businesses should be concerned with being more socially responsible.

Question 46

Summarize the basis for the argument that companies should give back to the communities in which they live.

Question 47

Your personal balance sheet includes a summary of all your assets-what you own that has some cash value-and your liabilities or debts.

Question 48

List and describe the "not-so-learnable" traits of an entrepreneur.

Question 49

Craig and Mark Kielburger are well known for the role they played in the Ponzi scheme and eventual collapse of Enron.

Question 50

Of the many attributes shared by successful entrepreneurs, which of those is believed to be the most critical to their success? Explain.

Question 51

List and briefly describe the three entrepreneurial archetypes developed by John Warrillow.

Question 52

Outline the five steps in preparing a personal balance sheet.

Question 53

A socially responsible organization behaves in such a way as to achieve a high level of financial performance, coupled with obvious efforts to act as good citizens and give something back to the societies in which they exist.