Deck 1: The Global Entrepreneurial Revolution for a Flatter World

Question 1

Value creation is a linear process as it requires a short-term perspective.

Answer 1

False

Question 2

A 2010 report by The Guardian Life Small Business Research Institute indicated that women-owned businesses have been steadily decreasing over the past few decades.

Answer 2

False

Question 3

Rick,an entrepreneur,is in the process of selecting a manager for his new venture.To successfully run the venture,who is he most likely to select?

A) Fiona,who prefers minimal investment in human resources
B) Saeed,who complements the needs of the venture
C) Garcia,who views change and ambiguity as detrimental for the venture
D) Maria,who has a different vision for the venture

Answer 3

B

Question 4

While various surveys of high school seniors indicate a strong interest in entrepreneurship,a 2004 Gallup Poll showed that a large percentage of American parents would prefer that their children pursue a less risky career.

Question 5

Entrepreneurship will result in equal incomes among the masses.

Question 6

Entrepreneurship educators believe that expertise,wisdom,and knowledge are housed solely in the faculty brain or in the library.

Question 7

When the entrepreneurial process will take over,it will result in economic expansion and accompanying social mobility.

Question 8

According to a study conducted in 2006,the self-employed report the lowest levels of personal satisfaction,challenge,pride,and remuneration.

Question 9

What is the characteristic of entrepreneurship educators whose views and attitudes toward learning differ radically from traditional academic approaches?

A) They are faculty centric.
B) They do not prefer a work-in-progress philosophy of teaching.
C) They do believe that expertise,wisdom,and knowledge are housed solely in the faculty.
D) They are likely to see their role as mentors,coaches,and advocates for students.

Question 10

Entrepreneurship training works well in schools of business and engineering,but it has not proven to be useful in fields such as architecture,medicine,and life sciences.

Question 11

Which of the following is a critical factor in enhancing entrepreneurship?

A) Restricting entrepreneurship at the regional level
B) Discouraging entrepreneurs from expressing competitiveness
C) Reducing restrictions that block the flow of finance
D) Removing programs based on "learning by doing"

Question 12

Studies indicate that smaller firms generate twice as many innovations per research and development (R&D)dollar spent as the established multinationals.

Question 13

According to the U.S.Small Business Administration's Office of Advocacy,small firms accounted for all of the net new jobs in 2010.

Question 14

According to Thomas Friedman,his book titled "The World is Flat" refers to the convergence of technology and world events that are playing a role in bringing about significant changes in traditional value chains.

Question 15

The best entrepreneurship faculties are generally able to determine in advance who among their incoming students will be the most effective entrepreneurs.

Question 16

Research in the 1980s and 1990s found that since World War II,small entrepreneurial firms have been responsible for half of all innovation and a large percentage of all radical innovation in the United States.

Question 17

Which of the following is an entrepreneurial transformation that is changing the world?

A) Entrepreneurship is now being discouraged in corporate America.
B) Entrepreneurship topics and related issues are being removed from the curricula of business schools as they are self-taught.
C) Entrepreneurship is becoming a tool to create social and economic equalities.
D) Entrepreneurship is becoming a dominant management model for running nonprofit businesses.

Question 18

What is the difference between entrepreneurial educators and traditional academicians?

A) Entrepreneurial educators are faculty centric,whereas traditional academicians are student centric.
B) Entrepreneurial educators follow a rigid training module,whereas traditional academicians follow a more hands-on philosophy.
C) Entrepreneurial educators treat the learning process as solely occurring in the classroom,whereas traditional academicians treat it as more of an apprenticeship.
D) Entrepreneurial educators are opportunity centric,whereas traditional academicians are faculty centric.

Question 19

Gearing entrepreneurs for competitiveness is likely to hinder the process of entrepreneurial revolution.

Question 20

David Birch,an MIT researcher,found that new and growing smaller firms had little effect on the economy as a whole.

Question 21

Briefly discuss the role of successful American entrepreneurs as philanthropists.

Question 22

Which of the following is a characteristic of private equity creation?

A) It is a linear process.
B) It requires a long-term perspective.
C) It hinders entrepreneurship.
D) It targets quick returns on investments made over a short period of time.

Question 23

Explain the four entrepreneurial transformations that are changing the world.

Question 24

Who among the following is most likely to be called a philanthropist?

A) Lydia,an entrepreneur,who acquires a foreign company
B) Ahmed,an entrepreneur,who exercises monopoly in the highly profitable oil and natural gas sector
C) Zainab,an entrepreneur,who funds the construction of a public school in her locality
D) Eric,an entrepreneur,who sells his innovation in the aviation industry

Question 25

_____ entrepreneurship means new venture creation.

Question 26

What is true of the majority of America's self-made entrepreneurs?

A) They accumulated their wealth through luck.
B) They are invisible to most Americans.
C) They fit the media stereotype.
D) They prefer social status to financial independence.

Question 27

_____ is becoming a dominant management model for running nonprofit businesses and in the emerging field of social ventures.

Question 28

Briefly discuss the role of angel investors in the creation of new ventures.

Question 29

Describe a typical American entrepreneur.

Question 30

How do entrepreneurial faculties drive the rapid explosion of entrepreneurship?

Question 31

What is the impact of small firms in driving innovation in the United States?

Question 32

At the heart of the entrepreneurial process is a(n):

A) rigid organizational structure.
B) resistance to ambiguity.
C) innovative spirit.
D) resistance to change.

Question 33

When successful entrepreneurs get involved in the nonprofit sector directly by offering strategic assistance,like long-term planning and leveraging relationships to identify additional resources and facilitate partnerships,it is referred to as _____ philanthropy.

Question 34

_____ showed the highest rate of increase of any minority group in owning businesses according to the U.S.Census Bureau in 2007.

Question 35

Which of the following is true of new venture creation?

A) It is process oriented and not result oriented.
B) It gives importance to one's nationality.
C) It creates economic and social mobility.
D) It reduces competitiveness.