Question 1

Corporate entrepreneurship and intrapreneurship are different processes.

Accepted Answer

A) True 
 B)False  False

Question 2

According to the textbook,entrepreneurship has traditionally been viewed as ______.

Accepted Answer

A)  a process of sequential steps
B)  a marketing task
C)  the only way to succeed
D)  a financial failure A

Question 3

Michael is a franchise restaurant owner.Which of the following best describes his franchising costs?

Accepted Answer

A)  a franchise fee to start,a monthly royalty as a percentage of sales,and other operational costs
B)  a royalty to the franchisor,calculated as a percentage of net income plus other operational costs
C)  the same as any other restaurant owner
D)  a franchise fee to start,plus other operational costs A

Question 4

Research revealed what percentage of Inc.500 founders wrote formal business plans prior to launching their companies?

Accepted Answer

A)  more than 90%
B)  more than 75%
C)  less than 50%
D)  less than 10%

Question 5

By definition,a ______ is a systematic way of approaching a task.

Accepted Answer

A)  process
B)  method
C)  straight-line
D)  collaborative

Question 6

Your classmate is planning a new venture.He has spent a lot of time on planning and analysis,taking a managerial approach as he attempts to predict the future.This type of path is typically taken by what type of entrepreneur?

Accepted Answer

A)  social entrepreneur
B)  novice entrepreneur
C)  corporate entrepreneur
D)  family entrepreneur

Question 7

Family-owned businesses account for ______ of new jobs in the U.S.economy.

Accepted Answer

A)  50%
B)  13%
C)  25%
D)  78%

Question 8

Discuss the statement "Entrepreneurship can be taught (it's a method that requires practice.)" Do you agree? Why or why not?

Accepted Answer

The answer of Discuss the statement "Entrepreneurship can be taught...

Question 9

As an entrepreneur,if you have to choose between planning an action and taking an action,you should opt for taking the action.

Accepted Answer

A) True 
 B)False

Question 10

Discuss the Act-Learn-Build model as it relates to risk takers.

Accepted Answer

The answer of Discuss the Act-Learn-Build model as it relates...

Question 11

Bill Gates and Mark Zuckerberg are shining examples of overnight success.

Accepted Answer

A) True 
 B)False

Question 12

Tony is a manager at a company that builds solar panels.In his position,he used the feedback from his team members as the basis of a plan for the company to start installing the solar panels in order to enhance the company's competitive position and profitability.Tony is an example of a(n)______.

Accepted Answer

A)  operational entrepreneur
B)  marketing professional
C)  corporate entrepreneur
D)  strategist

Question 13

The entrepreneurial method requires consistent practice so that ______ can be continuously developed and applied to future endeavors.

Accepted Answer

A)  a strong business plan
B)  education and application
C)  business processes
D)  knowledge and expertise

Question 14

______ are people who start several businesses,whether at the same time or one after the other.

Accepted Answer

A)  Social entrepreneurs
B)  Serial entrepreneurs
C)  High-risk entrepreneurs
D)  Low-risk entrepreneurs

Question 15

As babies,we learned by trial and error.Through traditional education,we think more like ______.

Accepted Answer

A)  franchisees
B)  managers
C)  entrepreneurs
D)  collaborators

Question 16

According to the authors,anything you do that requires deliberate practice helps develop ______,which is/are transferable to entrepreneurship.

Accepted Answer

A)  cognitive skills
B)  empathy
C)  managerial thinking
D)  discipline

Question 17

The process approach to entrepreneurship emphasizes ______.

Accepted Answer

A)  reaction
B)  innovation
C)  fluidity
D)  prediction

Question 18

Successful entrepreneurs have a tendency to collaborate with competitors.

Accepted Answer

A) True 
 B)False

Question 19

High performers use ______ to carry out carefully focused efforts to improve performance.

Accepted Answer

A)  deliberate practice
B)  practical practice
C)  all-day practice
D)  15-minutes-a-day practice

Question 20

Bill is the paternal head of his family as well as the family enterprise.He is concerned about the business and wants to ensure its survival for the long run.You,as a consultant,advise him to focus on ______.

Accepted Answer

A)  selling the company
B)  passing on an entrepreneurial mindset to his family members
C)  writing a detailed business plan
D)  establishing a trust to administer the business

Exam 1: Practicing Entrepreneurship

Corporate entrepreneurship and intrapreneurship are different processes.

According to the textbook,entrepreneurship has traditionally been viewed as ______.

Michael is a franchise restaurant owner.Which of the following best describes his franchising costs?

Research revealed what percentage of Inc.500 founders wrote formal business plans prior to launching their companies?

By definition,a ______ is a systematic way of approaching a task.

Your classmate is planning a new venture.He has spent a lot of time on planning and analysis,taking a managerial approach as he attempts to predict the future.This type of path is typically taken by what type of entrepreneur?

Family-owned businesses account for ______ of new jobs in the U.S.economy.

Discuss the statement "Entrepreneurship can be taught (it's a method that requires practice.)" Do you agree? Why or why not?

As an entrepreneur,if you have to choose between planning an action and taking an action,you should opt for taking the action.

Discuss the Act-Learn-Build model as it relates to risk takers.

Bill Gates and Mark Zuckerberg are shining examples of overnight success.

Tony is a manager at a company that builds solar panels.In his position,he used the feedback from his team members as the basis of a plan for the company to start installing the solar panels in order to enhance the company's competitive position and profitability.Tony is an example of a(n) ______.

The entrepreneurial method requires consistent practice so that ______ can be continuously developed and applied to future endeavors.

______ are people who start several businesses,whether at the same time or one after the other.

As babies,we learned by trial and error.Through traditional education,we think more like ______.

According to the authors,anything you do that requires deliberate practice helps develop ______,which is/are transferable to entrepreneurship.

The process approach to entrepreneurship emphasizes ______.

Successful entrepreneurs have a tendency to collaborate with competitors.

High performers use ______ to carry out carefully focused efforts to improve performance.

Bill is the paternal head of his family as well as the family enterprise.He is concerned about the business and wants to ensure its survival for the long run.You,as a consultant,advise him to focus on ______.