Question 1

Which of the following is the correct sequence for the four steps in the entrepreneurial process?

Accepted Answer

A)  Deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, managing the growing entrepreneurial firm 
B)  Developing successful business ideas, deciding to become an entrepreneur, moving from an idea to an entrepreneurial firm, managing and growing the entrepreneurial firm 
C)  Developing successful business ideas, moving from an idea to an entrepreneurial firm, deciding to become an entrepreneur, managing and growing the entrepreneurial firm 
D)  Deciding to become an entrepreneur, moving from an idea to an entrepreneurial firm, developing successful business ideas, managing and growing the entrepreneurial firm 
E)  Managing and growing the entrepreneurial firm, developing successful business ideas, deciding to become an entrepreneur, moving from an idea to an entrepreneurial firm 
A)  Deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, managing the growing entrepreneurial firm 
B)  Developing successful business ideas, deciding to become an entrepreneur, moving from an idea to an entrepreneurial firm, managing and growing the entrepreneurial firm 
C)  Developing successful business ideas, moving from an idea to an entrepreneurial firm, deciding to become an entrepreneur, managing and growing the entrepreneurial firm 
D)  Deciding to become an entrepreneur, moving from an idea to an entrepreneurial firm, developing successful business ideas, managing and growing the entrepreneurial firm 
E)  Managing and growing the entrepreneurial firm, developing successful business ideas, deciding to become an entrepreneur, moving from an idea to an entrepreneurial firm

Question 2

Which of the following statements regarding survival rates of entrepreneurial firms in the United States is correct?

Accepted Answer

A)  As high as 50 percent after four years 
B)  As high as 60 percent after four years 
C)  As high as 70 percent after four years 
D)  As high as 80 percent after four years 
E)  As high as 90 percent after four years 
A)  As high as 50 percent after four years 
B)  As high as 60 percent after four years 
C)  As high as 70 percent after four years 
D)  As high as 80 percent after four years 
E)  As high as 90 percent after four years

Question 3

Cody Rodgers is the founder of a company named Extreme Sports Apparel. The company makes apparel products for extreme sports enthusiasts such as rock climbers, triathletes, skateboarders, and BMX bikers. Cody wants his company to pursue a high level of corporate entrepreneurship. To achieve that goal, Cody's firm should be ________.

Accepted Answer

A)  innovative, risk averse, and take a "wait and see" posture 
B)  taking a "wait and see" posture, innovative, and risk taking 
C)  proactive, not innovative, and risk taking 
D)  taking a "wait and see" posture, not innovative, and risk averse 
E)  proactive, innovative, and risk taking 
A)  innovative, risk averse, and take a "wait and see" posture 
B)  taking a "wait and see" posture, innovative, and risk taking 
C)  proactive, not innovative, and risk taking 
D)  taking a "wait and see" posture, not innovative, and risk averse 
E)  proactive, innovative, and risk taking

Question 4

Unfortunately, statistics show that there is very little interest in entrepreneurship among young people in the United States.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following was not given in the textbook as a reason for the increase in the number of senior entrepreneurs?

Accepted Answer

A)  Seniors tend to be more passionate about new business ideas than middle-aged or younger prospective entrepreneurs. 
B)  Many seniors have extensive business experience and other qualities that equip them for an entrepreneurial career. 
C)  Growing worries among seniors that they need to earn additional income to pay for future health care services and other expenses 
D)  An increasing desire among older workers for more personal fulfillment in their lives 
E)  Corporate downsizing 
A)  Seniors tend to be more passionate about new business ideas than middle-aged or younger prospective entrepreneurs. 
B)  Many seniors have extensive business experience and other qualities that equip them for an entrepreneurial career. 
C)  Growing worries among seniors that they need to earn additional income to pay for future health care services and other expenses 
D)  An increasing desire among older workers for more personal fulfillment in their lives 
E)  Corporate downsizing

Question 6

A firm's ________ is a plan for how it competes, uses its resources, structures its relationships, interfaces with customers, and creates value to sustain itself on the basis of the value it creates.

Accepted Answer

A)  business plan 
B)  business model 
C)  tactical model 
D)  strategic plan 
E)  operations model 
A)  business plan 
B)  business model 
C)  tactical model 
D)  strategic plan 
E)  operations model

Question 7

Which of the following statements is incorrect regarding entrepreneurial activity and age range?

Accepted Answer

A)  The highest percent of business owners fall in the 30-39 age range. 
B)  The lowest percent of business owners fall in the 60+ age rage. 
C)  The majority of business founders have no prior work experience. 
D)  The majority of individuals who start companies are in their thirties and forties. 
E)  Entrepreneurial activity is fairly evenly spread out over age ranges. 
A)  The highest percent of business owners fall in the 30-39 age range. 
B)  The lowest percent of business owners fall in the 60+ age rage. 
C)  The majority of business founders have no prior work experience. 
D)  The majority of individuals who start companies are in their thirties and forties. 
E)  Entrepreneurial activity is fairly evenly spread out over age ranges.

Question 8

As new products that are better than the existing generation of products are introduced, sales normally increase because the new products provide consumers increased value or worth. This process, which is called ________, stimulates economic activity, which is a good thing for the economy.

Accepted Answer

A)  creative destruction 
B)  repetitive destruction 
C)  iterative replacement 
D)  inventive replacement 
E)  iterative destruction 
A)  creative destruction 
B)  repetitive destruction 
C)  iterative replacement 
D)  inventive replacement 
E)  iterative destruction

Question 9

An event that prompts an individual to become an entrepreneur, such as losing a job, inheriting money, or accommodating a certain lifestyle, is referred to as a(n) ________.

Accepted Answer

A)  prompting event 
B)  entrepreneurial prompt 
C)  initiating event 
D)  triggering event 
E)  kick-off event 
A)  prompting event 
B)  entrepreneurial prompt 
C)  initiating event 
D)  triggering event 
E)  kick-off event

Question 10

Identify and discuss the three primary reasons that entrepreneurial behavior has a strong impact on the United States economy.

Accepted Answer

The two reasons that entrepreneurial beh

Question 11

According to the textbook, the four characteristics of successful entrepreneurs are ________.

Accepted Answer

A)  passion for the business, on the cutting edge of technological change, very charismatic, and tenacity despite failure 
B)  young and energetic, passion for the business, product/customer focus, and seeks recognition 
C)  passion for the business, tenacity despite failure, product/customer focus, and execution intelligence 
D)  on the cutting edge of technological change, forward thinking, tenacity despite failure, and product/customer focus 
E)  passion for the business, seeks recognition, young and energetic, and execution intelligence 
A)  passion for the business, on the cutting edge of technological change, very charismatic, and tenacity despite failure 
B)  young and energetic, passion for the business, product/customer focus, and seeks recognition 
C)  passion for the business, tenacity despite failure, product/customer focus, and execution intelligence 
D)  on the cutting edge of technological change, forward thinking, tenacity despite failure, and product/customer focus 
E)  passion for the business, seeks recognition, young and energetic, and execution intelligence

Question 12

Montana Sky Trails leads multiday outdoor adventure trips for private groups and corporate clients to various locations across Montana. The company was started by Justin Smith, an individual that gave up a prestigious job in banking because Montana Sky Trails better accommodates his personal lifestyle. Montana Sky Trails is an example of a(n) ________ firm.

Accepted Answer

A)  entrepreneurial 
B)  salary-substitute 
C)  standard-of-living 
D)  statutory 
E)  lifestyle 
A)  entrepreneurial 
B)  salary-substitute 
C)  standard-of-living 
D)  statutory 
E)  lifestyle

Question 13

Identify the three types of startup firms, and discuss how they differ. Provide examples of each type of firm.

Accepted Answer

The three types of startup firms are: sa

Question 14

According to reliable statistics, 9 out of 10 businesses fail in their first few years of existence.

Accepted Answer

A) True 
 B)False

Question 15

In terms of the "types" of startup firms, entrepreneurial firms bring new products and services to market.

Accepted Answer

A) True 
 B)False

Question 16

Entrepreneurs are motivated primarily by money.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is an accurate characterization of interest in entrepreneurship?

Accepted Answer

A)  There is minimal interest in entrepreneurship across the world. 
B)  There is minimal interest in entrepreneurship in North America and Europe, but significant interest in Asia and Australia. 
C)  There is significant interest in entrepreneurship in North America and Europe, but minimal interest in Asia and Australia. 
D)  While interest in entrepreneurship was once high, it is waning in popularity across the world. 
E)  There is tremendous interest in entrepreneurship across the world. 
A)  There is minimal interest in entrepreneurship across the world. 
B)  There is minimal interest in entrepreneurship in North America and Europe, but significant interest in Asia and Australia. 
C)  There is significant interest in entrepreneurship in North America and Europe, but minimal interest in Asia and Australia. 
D)  While interest in entrepreneurship was once high, it is waning in popularity across the world. 
E)  There is tremendous interest in entrepreneurship across the world.

Question 18

The number one reason that people become entrepreneurs is to pursue financial rewards.

Accepted Answer

A) True 
 B)False

Question 19

Established firms with an entrepreneurial emphasis are proactive, innovative, and risk-taking.

Accepted Answer

A) True 
 B)False

Question 20

Joseph Schumpeter argued that entrepreneurs develop new products and technologies that over time make current products and technologies obsolete, and this process, which he called creative destruction, is good because it stimulates economic activity.

Accepted Answer

A) True 
 B)False

Which of the following is the correct sequence for the four steps in the entrepreneurial process?

Which of the following statements regarding survival rates of entrepreneurial firms in the United States is correct?

Unfortunately, statistics show that there is very little interest in entrepreneurship among young people in the United States.

Which of the following was not given in the textbook as a reason for the increase in the number of senior entrepreneurs?

A firm's ________ is a plan for how it competes, uses its resources, structures its relationships, interfaces with customers, and creates value to sustain itself on the basis of the value it creates.

Which of the following statements is incorrect regarding entrepreneurial activity and age range?

As new products that are better than the existing generation of products are introduced, sales normally increase because the new products provide consumers increased value or worth. This process, which is called ________, stimulates economic activity, which is a good thing for the economy.

An event that prompts an individual to become an entrepreneur, such as losing a job, inheriting money, or accommodating a certain lifestyle, is referred to as a(n) ________.

Identify and discuss the three primary reasons that entrepreneurial behavior has a strong impact on the United States economy.

According to the textbook, the four characteristics of successful entrepreneurs are ________.

Identify the three types of startup firms, and discuss how they differ. Provide examples of each type of firm.

According to reliable statistics, 9 out of 10 businesses fail in their first few years of existence.

In terms of the "types" of startup firms, entrepreneurial firms bring new products and services to market.

Entrepreneurs are motivated primarily by money.

Which of the following is an accurate characterization of interest in entrepreneurship?

The number one reason that people become entrepreneurs is to pursue financial rewards.

Established firms with an entrepreneurial emphasis are proactive, innovative, and risk-taking.

Joseph Schumpeter argued that entrepreneurs develop new products and technologies that over time make current products and technologies obsolete, and this process, which he called creative destruction, is good because it stimulates economic activity.

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Developing an Effective Business Model

Industry and Competitor Analysis

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Venture's Financial Strength and Viability

Building a New-Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters

Exam 1: Introduction to Entrepreneurship

Which of the following is the correct sequence for the four steps in the entrepreneurial process?

Which of the following statements regarding survival rates of entrepreneurial firms in the United States is correct?

Unfortunately, statistics show that there is very little interest in entrepreneurship among young people in the United States.

Which of the following was not given in the textbook as a reason for the increase in the number of senior entrepreneurs?

A firm's ________ is a plan for how it competes, uses its resources, structures its relationships, interfaces with customers, and creates value to sustain itself on the basis of the value it creates.

Which of the following statements is incorrect regarding entrepreneurial activity and age range?

As new products that are better than the existing generation of products are introduced, sales normally increase because the new products provide consumers increased value or worth. This process, which is called ________, stimulates economic activity, which is a good thing for the economy.

An event that prompts an individual to become an entrepreneur, such as losing a job, inheriting money, or accommodating a certain lifestyle, is referred to as a(n) ________.

Identify and discuss the three primary reasons that entrepreneurial behavior has a strong impact on the United States economy.

According to the textbook, the four characteristics of successful entrepreneurs are ________.

Identify the three types of startup firms, and discuss how they differ. Provide examples of each type of firm.

According to reliable statistics, 9 out of 10 businesses fail in their first few years of existence.

In terms of the "types" of startup firms, entrepreneurial firms bring new products and services to market.

Entrepreneurs are motivated primarily by money.

Which of the following is an accurate characterization of interest in entrepreneurship?

The number one reason that people become entrepreneurs is to pursue financial rewards.

Established firms with an entrepreneurial emphasis are proactive, innovative, and risk-taking.

Joseph Schumpeter argued that entrepreneurs develop new products and technologies that over time make current products and technologies obsolete, and this process, which he called creative destruction, is good because it stimulates economic activity.

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Developing an Effective Business Model

Industry and Competitor Analysis

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Venture's Financial Strength and Viability

Building a New-Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters