Deck 2: Preparing for the Entrepreneurial Journey

Question 1

It is very difficult today to start a new company as a(n) _____ entrepreneur.

A) undisciplined
B) foreign
C) older
D) solo
E) female

Answer 1

D

Question 2

According to the Small Business Administration, as of 2014, 52 percent of small businesses were

A) p ortfolio-based.
B) h ome-based.
C) n onprofit making.
D) serial ventures.
E) c orporate ventures.

Answer 2

B

Question 3

One false assumption about entrepreneurship is that it takes a lot of money to start a business.

Answer 3

True

Question 4

Entrepreneurship is a personal journey that begins in the mind of an individual.

Question 5

Sarah is an entrepreneur who owns a minority or majority stake in several ventures. Sarah is called a _____ entrepreneur.

A) portfolio
B) traditional
C) serial
D) homogeneous
E) linear

Question 6

Research has enabled us to identify a stereotypical entrepreneur.

Question 7

All of the following are conditions under which entrepreneurs typically choose the startup process EXCEPT when

A) industry barriers are low.
B) there is a lot of uncertainty in the job market.
C) market research concludes the time is right.
D) investment capital is plentiful.
E) the opportunity they seek to exploit involves a breakthrough technology.

Question 8

Entrepreneurs create opportunity first from unmet needs or unsolved problems in the market and only then do they gather the resources to exploit that opportunity.

Question 9

Today, many enterprising people are turning to nonprofit types of ventures to realize their entrepreneurial dreams.

Question 10

Management guru Peter Drucker asserted, "The entrepreneurial mystique, it's not magic, it's not mysterious, and it has nothing to do with the genes. It is a _____."

A) desire
B) great idea
C) great network
D) discipline
E) need for independence

Question 11

Most of the great businesses that have been successful for at least 50 years-companies such as Walt Disney, Sony, and Merck-did NOT start with a

A) desire to make profitable returns.
B) desire  for independence.
C) great idea.
D) great team.
E) great  execution plan.

Question 12

A 2008 twin study by Nicolaou and Shane using 870 pairs of identical twins and 857 pairs of same-sex fraternal twins to study entrepreneurial activity found that entrepreneurs are

A) 100 percent made.
B) about 50 percent born and 50 percent made.
C) 100 percent born.
D) about 80 percent born and 20 percent made.
E) about 40 percent born and 60 percent made.

Question 13

The goal of most entrepreneurs and investors is to reduce the level of _____ in any venture.

A) startup capital
B) overhead
C) competition
D) risk
E) bad decisions

Question 14

To test a business idea, an entrepreneur needs to get in front of customers. To grow a business, an entrepreneur needs

A) money.
B) independence.
C) technology.
D) a business plan.
E) ideas.

Question 15

The Ewing Marion Kauffman Foundation reported that in 2015, the percentage of entrepreneurs aged _____ to _____ declined from 34.3 percent in 1996 to 25 percent in 2015.

A) 20; 34
B) 25; 55
C) 18; 43
D) 55; 64
E) 65; 98

Question 16

Usually it's not the idea but the execution plan that makes the business a success.

Question 17

In the United States, opportunity-driven entrepreneurship is far more prevalent than in efficiency-driven or factor-driven economies such as Brazil and Uganda, where entrepreneurship frequently happens out of necessity.

Question 18

Strong ties play an important role in the entrepreneurial process because entrepreneurs typically move forward faster with the help and support of strong ties who have a prior history with the entrepreneur.

Question 19

If entrepreneurs haven't started their first business by the time they are 30, it is too late.

Question 20

In an entrepreneurial endeavor, risk is correlated with reward-the greater the risk taken, the greater the reward expected.

Question 21

Which of the following is NOT a factor researchers have uncovered that serves as a barrier to people becoming self-employed as entrepreneurs?

A) Lack of confidence
B) Financial needs
C) Family issues
D) Time constraints
E) Lack of college degree

Question 22

To prepare for success, an aspiring entrepreneur should find a(n) _____ who is leading the type of life that the entrepreneur envisions for the future and who can be a guide and sounding board as well as champion and gateway to people the entrepreneur would otherwise not have been able to meet.

A) network broker
B) mentor
C) investor
D) silent partner
E) chief executive officer (CEO)

Question 23

Because entrepreneurs operate in a world of uncertainty, the ability to _____ is vital.

A) a nalyze a situation
B) stay in their comfort zone
C) extract superfluous information
D) disregard potential outcomes
E) reject uncertainty and ambiguity

Question 24

An entrepreneur who starts one business and then moves on to start another is called a(n) _____ entrepreneur.

A) portfolio
B) traditional
C) serial
D) heterogeneous
E) assorted

Question 25

Which of the following models is used to form corporate entrepreneurship, entrepreneurship that occurs inside an existing organization?

A) Opportunistic
B) E nabler
C) Advocate
D) P roducer
E) All of these are correct.

Question 26

_____ is a critical part of the everyday life of an entrepreneur and is a skill that must be developed and exercised carefully.

A) Making effective decisions
B) Disregarding potential outcomes
C) Extracting superfluous information
D) Embracing stability and predictability
E) Delegating details

Question 27

The _____ ties in a professional network are an entrepreneur's acquaintances and business contacts.

A) strong
B) weak
C) personal
D) kinship
E) familial

Question 28

Although entrepreneurs should not be _____ as their business grows, they should be well aware of the status of critical numbers in their business, and they should make their presence known among employees on a regular basis.

A) risk-takers
B) dependent on others
C) overly aggressive
D) micromanagers
E) workaholics

Question 29

Nonprofit, socially responsible businesses typically focus on _____ goals.

A) political
B) r eligious
C) technological
D) long-term financial
E) noncharitable

Question 30

_____ is the exchange of information and resources among individuals, groups, or organizations whose common goals are to mutually benefit and create value for the members.

A) Business planning
B) Marketing
C) Mentoring
D) Networking
E) Critical thinking

Question 31

An entrepreneur's _____ are the foundation for his or her business and are always reflected in the business and in how customers are treated.

A) ideas
B) networks
C) core values
D) resources
E) relationships

Question 32

One of the best ways to discover an opportunity is to study a(n) _____ in depth.

A) company
B) product
C) industry
D) business plan
E) market

Question 33

Which of the following serve as gateways to other networks and exert influence between groups or networks?

A) Network brokers
B) Angel investors
C) Production people
D) Opinion leaders
E) All of these are correct.

Question 34

Although it is an entrepreneur's passion that launches a business and keeps it going through the early days when survival is often in doubt, a more _____ style of leadership is often required once the business has survived and has entered the growth mode.

A) autocratic
B) aggressive
C) pragmatic
D) authoritarian
E) transactional

Question 35

Robert began a business to help low-income people attain car loans at low-income rates. The business is exempted from taxation and attracts donations from car dealers. Robert started a _____ venture.

A) commercial
B) bureaucratic
C) competitive
D) corporate
E) nonprofit

Question 36

A(n)   _____ is a group of companies that are engaged in a similar or related field.

A) organization
B) industry
C) foreign market
D) partnership
E) community

Question 37

A(n) _____ company acts like an evangelist, assigning ownership of a project or new business creation and providing seed funding to test it.

A) philanthropic
B) advocate
C) nonprofit
D) motivated
E) enabler model

Question 38

All of the following are important steps that an entrepreneur can take to increase his or her chances of success in entrepreneurship EXCEPT

A) learn to micromanage.
B) study an industry .
C) understand his or her preferences .
D) build a network .
E) acquire new skills .

Question 39

Embracing _____ and _____ is essential to creating opportunity and to launching a new business.

A) n etworking; research
B) r esearch; uncertainty
C) u ncertainty; ambiguity
D) d ecision making; micromanaging
E) strategic alliances; networking

Question 40

All of the following are identified as opportunities that come with choosing entrepreneurship as a career path EXCEPT

A) supporting the community.
B) making a difference.
C) becoming dependent.
D) creating wealth.
E) doing well while doing good.

Question 41

Discuss the tasks that will help increase an entrepreneur's chances of success in entrepreneurship.

Question 42

What are strong and weak ties? What role do they play in the entrepreneurial process?

Question 43

Discuss some of the challenges associated with choosing entrepreneurship as a career path.

Question 44

How can an entrepreneur efficiently build a large and meaningful network?

Question 45

Choose and describe two of the four broad categories of entrepreneurs that differ from the traditional path.

Question 46

Discuss why assembling the right team is so important in entrepreneurship.

Question 47

Discuss some of the myths surrounding entrepreneurs.

Question 48

What are some of the critical thinking and communication skills that an entrepreneur needs to hone to be effective at starting and growing his or her business?

Question 49

What are some of the sources for learning about entrepreneurs? Which is the most important source?

Question 50

Discuss several models that companies can choose from to stimulate the entrepreneurial environment required for innovation to occur.