ENT 3003 Chapter 1

The ____ microprocessor affected the technological revolution of the 1970s. a. Apple b. Microsoft c. Java d. Intel e. Sun

INTEL

____ entrepreneurship is characteristic of small lifestyle businesses. a. Replicative b. Innovative c. Local d. Fragmented e. None of these choices

Replicative

Women now comprise ____ of all entrepreneurial activity globally. a. one-quarter b. one-third c. one-half d. the majority e. the highest levels

1/3

The ____ has been called the Decade of Entrepreneurship. a. 1950s b. 1960s c. 1970s d. 1980s e. 1990s

1980s

The term entrepreneur has been popular in the United States since the ____. a. 1920s b. 1940s c. 1960s d. 1980s e. 1990s

1980s

The Small Business Administration (SBA) defines a small business as one with fewer than ____ employees. a. 250 b. 385 c. 600 d. 700 e. 500

500

More than ____ percent of Salesforce.com's employees are involved in philanthropy. a. 63 b. 89 c. 90 d. 75 e. 85

85

Today, ____ is growing faster than any modern economy. a. the United States b. Pakistan c. India d. China e. Japan

China

Responding to this entrepreneurial drive, big business in the 1980s found it necessary to downsize and reverse the trend of ____ it had promulgated for so long. a. innovation b. restructurings c. diversification d. internationalizing e. None of these choices

Diversification

Entrepreneurial ventures are not responsible for significant job creation.

False

The entrepreneurial mindset cannot be found within large corporations or socially responsible nonprofit organizations

False

The term entrepreneur has been in popular use for more than 100 years.

False

As entrepreneurial firms achieve noticeable levels of success and a new industry grows, it generally becomes more ____ as a result of so many firms competing for position. a. stable b. unstable c. consolidated d. fragmented e. None of these choices

Fragmented

Entrepreneurs are taking advantage of several subtrends within the ____ sector, including eco-iconic marketing. a. international b. technology c. green power d. educational e. women's

Green Power

More than perhaps anything else, the 1990s were characterized as the ____. a. Commercial Age b. Information Age c. Competitiveness Age d. Knowledge Age e. Internet Age

Information age

Denmark, Israel, United Arab Emirates, and the United States have ____ economies a. production-driven b. factor-driven c. efficiency-driven d. innovation-driven e. entrepreneurial

Innovation-driven

Toward the end of the 1980s, researchers observed that young entrepreneurial ventures were ____ much earlier than expected and at a much smaller size a. internationalizing b. diversifying c. creating jobs d. restructuring e. failing

Internationalizing

The new millennium ushered in what many refer to as the ____. a. technology economy b. information economy c. knowledge economy d. Internet economy e. dot com economy

Knowledge age

Twitter has been the leader in facilitating a new trend known as ____. a. social marketing b. social mingling c. mass networking d. mass mingling e. None of these choices

Mass mingling

The ____ school of thought proposes an integrated input/output model to describe the entrepreneurial process. a. Morris, Lewis, and Sexton b. Ronstadt c. Gartner d. Rogers e. None of these choices

Morris, Lewis, Sexton

____ was not alone in asserting that the United States was rapidly and by necessity becoming an entrepreneurial economy. a. Steve Jobs b. Peter Drucker c. Mike Boyer d. Marc Weinstein e. Sam Goody

Pete Druker

____ is the mechanism that drives an individual to become a nascent entrepreneur because all other opportunities for income appear to be absent or unsatisfactory. a. Pull b. Risk c. Success d. Push e. Money

Push

Economic turmoil has a plus side because it produces opportunities for entrepreneurs who are comfortable with environmental factors outside their control.

True

Entrepreneurial ventures and small businesses are related, but they are not the same in most respects.

True

Entrepreneurial ventures are responsible for job creation that is disproportionate to the net total new jobs created in the U.S. over the past 25 years.

True

Entrepreneurship can be found in some form in every country, race, age group, and (increasingly) in women as often as in men.

True

Entrepreneurship is a form of creative destruction.

True

The time prior to a firm's birth is called the fuzzy front end.

True

The vital issue for entrepreneurs is not avoiding failure but minimizing the cost of a possible failure.

True

The late 1990s brought the "dot com" bubble and the rush of the ____ community to position itself for what appeared to be a new way of doing business. a. venture capital b. technology c. knowledge d. educational e. global

Venture Capital

Early economists recognized that ____ is the primary force behind rising standards of living and that ____ innovation would determine the success of many nations in the future. a. technology / technological b. labor / growth c. manufacturing / distribution d. industry formation / job e. economic growth / invention

a. technology / technological

Entrepreneurship provides many benefits to society, chiefly ____, new industry formation, and ____. a. new technologies / new markets b. economic growth / job creation c. job creation / diversity d. economic growth / new technologies e. globalization / new markets

economic growth/ job creaton

Gartner's conceptual framework for the new venture creation process focuses on three major categories of variables: the individual entrepreneur and what he or she brings to the process; the ____; and the ____. a. market / technology b. input / output c. environment / organization d. career / environment e. technology / industry

environment/organization

The process of new venture formation is characterized by ____ stage(s) and ____ transition(s) or decision points. a. one / two b. three / five c. two / three d. four / three e. five / two

four/three

Entrepreneurs typically have a vision of where they want their businesses to go, and generally that vision is on a regional, national, or (more often) ____ level. a. state b. global c. country d. local e. None of these choices

global

Technological change has facilitated ____ and a new form of creative destruction by moving ____ out of the Unites States to countries where labor costs are substantially less. a. innovation / platform technologies b. globalization / lower-skilled jobs c. input models / resources d. fluid groups / higher-skilled jobs e. None of these choices

globalization/lower-skilled jobs

The 1970s saw the beginning of three significant trends that would forever change the face of business: macroeconomic turmoil, ____, and the technological revolution. a. the Vietnam War b. agricultural disasters c. international competition d. recession e. None of these choices

international competition

New industries are born when technological change produces a/an ____ opportunity that an enterprising entrepreneur seizes. a. investment b. novel c. crucial d. successful e. efficient

novel

The Small Business Administration Office of Advocacy reports that ____ of new businesses survive at least five years. a. one-half b. one-third c. three-quarters d. two-thirds e. None of these choices

one-half

Firms that are most likely to survive over the long term are those that display superior levels of reliability and accountability in performance, ____, and structure. a. resources b. age c. operations d. processes e. controls

processes