Deck 1: The Global Entrepreneurial Revolution for a Flatter World

Question 1

A European Union action plan to boost entrepreneurship in the region included all the following except:

A) Improving the flow of finance
B) Gearing entrepreneurs for growth and competitiveness
C) Privatizing state-controlled enterprises
D) Creating a more entrepreneurial-friendly regulatory and administrative framework

Answer 1

C

Question 2

Entrepreneurship is a proven force of economic and social ________.

Answer 2

mobility

Question 3

The best entrepreneurship professors are able to determine in advance which of their incoming students will be the most effective entrepreneurs.

Answer 3

False

Question 4

Research in the 1980s and 1990s found that since World War II,small entrepreneurial firms have been responsible for half of all innovation and 95 percent of all radical innovation in the United States.

Question 5

A Flatter World refers to the convergence of technology and world events that are playing a role in bringing about significant changes in traditional value chains.

Question 6

Studies indicate that although smaller firms often generate twice as many innovations per R&D dollar spent as the established multinationals,the large firms still produce more innovations per R&D scientist than entrepreneurial companies.

Question 7

Which of the following is not a characteristic of new venture creation?

A) Fosters job creation
B) Rewards talent and performance
C) Creates economic and social mobility
D) All of the above are characteristics of new venture creation

Question 8

While leading U.S.venture capital firms are interested in establishing relationships and operations in China,the Chinese government continues to resist such overtures.

Question 9

Which of the following was not a company that fostered the formation of a new industry?

A) Google
B) Jiffy Lube
C) Federal Express
D) Skype

Question 10

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

Question 11

A 2010 report by The Guardian Life Small Business Research Institute indicated that women-owned businesses are limited mainly to small service enterprises with few employees.

Question 12

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 still prefer that their children pursue a less risky career.

Question 13

According to the U.S.Small Business Administration's Office of Advocacy,small businesses (those with fewer than 500 employees)represent more than 99 percent of all employers and provide about 75 percent of all new net jobs.

Question 14

The world's first solar-powered motor-an innovation aimed at heading off the world's dangerous dependence on coal-was introduced in 1861.

Question 15

When successful entrepreneurs get involved with non-profits directly by offering strategic assistance (like long-term planning,board and executive recruitment,coaching,and leveraging relationships to identify additional resources and facilitate partnerships),this is referred to as ________ philanthropy.

Question 16

What was the primary concept that entrepreneur Rick Adam applied from his years as a software engineer in order to develop two separate aircrafts-the A-500 and the A-700-while maintaining a time-to-market advantage over more entrenched competitors?

A) Economies of scale
B) Modularity
C) Process mapping
D) Horizontal management structure

Question 17

Innovation + Entrepreneurship = Prosperity and ________.

Question 18

According to the text,which of the following is an important emerging field that is helping large population groups break out of poverty?

A) Philanthropy
B) Mentorship
C) Doctoral programs
D) Microcredit

Question 19

MIT researcher David Birch found that while new and growing smaller firms could be regionally important,they had little effect on the economy as a whole.

Question 20

What do the authors refer to as the 'rocket fuel' of America's entrepreneurial engine?

A) Government entrepreneurship programs
B) Risk capital
C) Entrepreneurship education
D) Innovation

Question 21

While the U.S.investment and capital markets have been an integral part of the entrepreneurial revolution in the U.S. ,it is more important to recognize the long-term ________ of the system.

Question 22

In America,what type of individual is most common source of funding for new buildings,classrooms,athletic facilities,and endowed professorships at universities and colleges?

Question 23

Name three places outside the U.S.where entrepreneurship is emerging as an academic field and as a highly admired life option.

Question 24

Explain why venture capital is a particularly appropriate funding source for industries with long gestation periods.

Question 25

Describe the typical American entrepreneur.

Question 26

What should always be done following an interview with an entrepreneur?