Ch1, Chapter 2, Supplement A, CH 15, CH 7, Hm
Family-owned businesses account for ______ of new jobs in the U.S. economy.
78%
______ help entrepreneurs form positive and productive ways of thinking that can benefit performance.
Constructive thought patterns
______ have touched every corner of our lives, affecting every aspect of the way we live.
Entrepreneurs
Which of the following is a truth about entrepreneurship?
Entrepreneurship is not reserved for startups.
According to the authors, entrepreneurship is best taught as a linear process that will lead to a specific destination. T/F
F
B-Corp certification recognizes organizations that achieve five or more years of consistent profitable growth. T/F
F
Bill Gates and Mark Zuckerberg are shining examples of overnight success. T/F
F
Corporate entrepreneurship and intrapreneurship are different processes. T/F
F
Entrepreneurs are traditionally extreme risk-takers. T/F
F
Entrepreneurship is reserved for startups. T/F
F
Franchising can be a beneficial way for entrepreneurs to get a head start in launching their own businesses since they do not have to pay the franchisor royalties after buying the franchise. T/F
F
Paulina bought a small print shop and is very successful, but because she purchased an existing business, she is not considered an entrepreneur. T/F
F
Research has proven that successful entrepreneurs are planners and most insist on having a formal business plan in place before launching a new venture. T/F
F
Scientific evidence has proven that a specific set of traits distinguishes entrepreneurs from non-entrepreneurs. T/F
F
Social entrepreneurship is a term used only to describe not-for-profit ventures. T/F
F
Social entrepreneurship is defined as the process of innovating new social media business opportunities. T/F
F
Successful entrepreneurs are essentially gamblers at heart. T/F
F
______ is among the six main roadblocks that can prevent an entrepreneur from practicing creativity.
Fear
Which of the following statements best reflect a growth mindset?
I can learn anything I want to.
Gina wants to develop an app to match animal shelters to adopters. She has crafted the following statement: "I am developing this app so that more pets will be adopted." What component of the practice of entrepreneurship is she implementing?
Identify your desired impact on the world.
______ is the art of spontaneously creating something without preparation.
Improvisation
Which of the following statements about metacognitive awareness are true?
It can be developed over time through continuous practice
Why has traditional education inhibited our entrepreneurial nature?
It fosters a constant need for measurement and assessment.
Why is the 10-step process not enough for entrepreneurial ventures?
It relies too much on past history to predict the future.
Your professor has asked you to implement the entrepreneurial approach on your final project without much further instruction. What do you do first?
Look at what means you have to start the process.
Which social entrepreneur and Nobel Prize Winner said, "All human beings are entrepreneurs. When we were in the caves, we were all self-employed...finding our food, feeding ourselves"?
Muhammad Yunus
______ are people who start several businesses, whether at the same time or one after the other
Serial entrepreneurs
A franchise is a type of license purchased by a franchisee from a franchisor to allow them to trade under the name of that business. T/F
T
An entrepreneur can own his or her own business or work in a corporation with an entrepreneurial spirit. T/F
T
Approximately 70% of family businesses fail or are sold before the second generation reaches a position to take over. T/F
T
As an entrepreneur, if you have to choose between planning an action and taking an action, you should opt for taking the action. T/F
T
College courses on entrepreneurship are standard parts of the curriculum. T/F
T
Corporate entrepreneurs work within only large organizations whereas entrepreneurs inside can exist in any type of organization, big or small. T/F
T
Entrepreneurship can provide us with skills we can apply to other aspects of our lives. T/F
T
Family-owned businesses account for 65% of total wages in the U.S. economy. T/F
T
Joan has pursued seven money-making ventures over the past 10 years, ranging from retail storefronts to mobile app development. Joan is a "serial entrepreneur." T/F
T
Managerial thinking works best in times of certainty. T/F
T
Successful entrepreneurs have a tendency to collaborate with competitors. T/F
T
The cycle of act-learn-build encourages entrepreneurs to take small actions in order to learn and build that learning into the next action. T/F
T
What method emphasizes moving quickly from the initial plan to reality?
The Entrepreneurship Method
A benefit corporation (or B-Corp) is an organization certified by the nonprofit B Lab to ensure strict standards of social and environmental performance, accountability, and transparency are met. According to the book, which of the following statements is true?
The certification protects a company from lawsuits from stakeholders.
Successful entrepreneurs tend to follow which approach to collaboration?
They collaborate with both potential customers and competitors.
Which of the following is true about effectual entrepreneurs?
They focus on creating a future rather than predicting it.
Robert has a business that he wants to pass down to others in his family to run. Robert has ______.
a family enterprise
Michael is a franchise restaurant owner. Which of the following best describes his franchising costs?
a franchise fee to start, a monthly royalty as a percentage of sales, and other operational costs
Barb is trying to take control of her time by using an online time tracking system that tracks her time spent on tasks and projects. She has heard that if you do something for seven weeks it becomes a habit. The activity in our brain that decides whether a behavior should be repeated and stored is ______.
a habit loop
Entrepreneurs who have engaged in years of deliberate practice tend to have ______.
a higher sense of intuition
According to the textbook, entrepreneurship has traditionally been viewed as ______.
a process of sequential steps
The authors define entrepreneurship as ______.
a way of thinking, acting, and being that combines the ability to find or create
Mindset has been traditionally described as ______.
an established set of attitudes held by someone
When practicing entrepreneurship, starting with means at hand involves ______.
analyzing who you are
The media often cover the meteoric rise of entrepreneurs such as Bill Gates (Microsoft) and Travis Kalanick (Uber). According to the text, these stories ______.
are inspirational, but do little to represent the reality of entrepreneurship
According to the authors, a student should take action and practice entrepreneurship ______.
at every opportunity
Arya wants to produce a financial report that shows the amounts the company owes, what it owns, including the shareholders' stake at a particular date in time. She wants to produce a/an ______.
balance sheet
Karter is very busy and wants to produce a financial report that details the inflows and outflows of cash for his company over the last month. He is interested in producing a/an ______.
cash flow statement
According to the authors, anything you do that requires deliberate practice helps develop ______, which is/are transferable to entrepreneurship.
cognitive skills
Rafael is struggling with next steps for his startup. He asks his friends for feedback on his idea. What part of the entrepreneurship method is he using?
collaboration
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) ______.
corporate entrepreneur
Chef Jiro has used ______ to master the art of making sushi.
deliberate practice
High performers use ______ to carry out carefully focused efforts to improve performance.
deliberate practice
Joseph is a sales manager for ETC Corporation, a manufacturer of high-end kitchen appliances for restaurants. Nicole has been lobbying him to allow her to design and sell a range of consumer-grade appliances using ETC's design and manufacturing resources. Nicole is a(n) ______.
entrepreneur inside
Your professor gives you a project with little direction or planning. This is an example of ______.
entrepreneurial thinking
What is the discipline that seeks to understand how opportunities are discovered, created, and exploited, by whom, and with what consequences?
entrepreneurship
According to the text, why would some organizations not be enthusiastic about employees acting entrepreneurially inside a company?
fear that they will leave the company and start their own business
ICHOR Restaurant Group was started by Brian Bailey and Tim Hug in 2006 and has since opened three successful restaurant concepts--Old Carolina BBQ, Smoke: The Burger Joint, and Baja West Coast Kitchen--with a dozen corporate-owned locations. They have begun to allow external entrepreneurs to purchase a license to operate their own location(s). Entrepreneurs purchasing such a license are engaging in ______.
franchising
When Karen is frustrated, she perseveres until she resolves the issue that is causing her frustration. This shows that Karen has a ______
growth mindset
The text describes two different types of mindsets. They are ______.
growth mindset and fixed mindset
Sven somehow always remains calm when facing difficulties. He prides himself on the ability to rely on his coping abilities. This is evidence that Sven ______.
has high self-efficacy
To be certified as a benefit corporation (or B-Corp), an organization is rated on which of the following?
how its employees are treated
Vivienne wants to produce a report that measures her financial performance on a monthly basis. She wants to see sales- and expense-related activities that result in profit or loss over a period of time. She is interested in producing which of the following statements?
income statement
What is the process of creating new products, ventures, processes, or renewal within large organizations?
intrapreneurship
The entrepreneurial method requires consistent practice so that ______ can be continuously developed and applied to future endeavors.
knowledge and expertise
When studying medical students and the way in which they learn clinical skills, researchers found the students who used deliberate practice were ______.
learning how to learn
What is the survival rate of family businesses transitioning from the first to the second generation?
less than 30%
Research revealed what percentage of Inc. 500 founders wrote formal business plans prior to launching their companies?
less than 50%
As babies, we learned by trial and error. Through traditional education, we think more like ______.
managers
By definition, a ______ is a systematic way of approaching a task.
method
The fatty white tissue created in your brain through focused repeated activity is ______.
myelin
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?
novice entrepreneur
What is the backlog?
orders that have been received but not delivered to the customer
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 ______.
passing on an entrepreneurial mindset to his family members
People with a fixed mindset _____
perceive their talents and abilities as set traits
According to the text, what is the key to entrepreneurship?
practice
What was violinist Nathan Milstein concerned about with deliberate practice?
practicing less than his competition
In the Entrepreneurship Method, ______ requires thinking about and analyzing existing information.
prediction
The process approach to entrepreneurship emphasizes ______.
prediction
Approaching entrepreneurship as a ______ caters to its unpredictable and uncertain nature.
process
Self-observation is a process of ______.
raising awareness of how, when, and why we behave the way we do in certain circumstances
Operating expenses include which of the following?
sales, general, and administrative expenses
Social entrepreneurs ______.
seek innovative solutions to social and environmental problems
Brenda is very critical of her own actions; if something goes wrong, she assesses why it went wrong and how she can avoid making the same mistake in the future. This is an example of __
self-correcting feedback
In the context of entrepreneurship, ______ is a process whereby people can influence and control their own behavior, actions, and thinking to achieve self-direction and self-motivation.
self-leadership
Richard Branson's expansion of his Virgin Group to include railway, music, media, and banking industries is an example of ______ entrepreneurship.
serial
Sam is tired of seeing injustice and mistreatment of children in inner cities and has an innovative idea to help them develop self-esteem. Sam is an example of a ______ entrepreneur.
social
The nonprofit "1001 Fountains for Tomorrow," whose goal is to provide safe drinking water for small rural villages in Cambodia, is an example of ______.
social entrepreneurship
A temporary organization in search of a scalable business model is known as a(n) ______.
startup
Entrepreneurial self-efficacy is ______.
the belief that entrepreneurs have in their ability to begin new ventures
Effectuation is the idea that ______.
the future is unpredictable yet controllable
After months of sharing his fitness venture with his high school football team and receiving feedback, Jarod decided to start promoting it on Facebook. This illustrates what concept?
the practice of entrepreneurship
According to the authors, what is the precursor to entrepreneurial action?
the right mindset