ENTR Final

In the second decade of the new millennium, the number of businesses in the United States soared to more than 28 million. This number is still growing annually at _____ percent.

2

Which of the following statements about entrepreneurs is true?

Entrepreneurs are doers and thinkers.

Which of the following statements is not true?

Entrepreneurs fare poorly in today's hypercompetitive market.

Which of the following is not a common myth about entrepreneurs?

Entrepreneurs today are considered heroes.

Which of the following is not associated with an entrepreneur seeking feedback?

Entrepreneurs want to belittle their competition.

In the study of contemporary entrepreneurship, which of the following concepts reoccurs?

Entrepreneurship is interdisciplinary.

Which of the following statements is true?

Entrepreneurship is the ability to create and build a vision from practically nothing.

_____ is the most significant force for global development.

Free enterprise

Which of the following statements about social entrepreneurship is not true?

Social entrepreneurship is limited to the world of not-for-profit corporations.

Which of the following is not a twenty-first century trend in entrepreneurship?

There has been an enormous growth of interest in entrepreneurship around the world.

Which of the following is not included in the set of innovative rules that 3M follows, which encourages employees to foster ideas?

Try to eliminate failure.

In an innovative climate, failure is viewed as

a learning experience

Which of the following is an entrepreneurial characteristic?

a strong drive to succeed

Many entrepreneurs of new ventures lack

a unique angle for the venture.

Which of the following are causes of industry and market changes?

advancements in technology

Entrepreneurs are best characterized as

aggressive catalysts for change.

Being an entrepreneur who is presented with "being in the right place at the right time" is associated with which of the following myths?

all entrepreneurs need is luck

Which of the following individuals has the opportunity to lead and "run" with an idea?

champion

Which of the following is not considered in the framework of frameworks approach?

collaborative

Which of the following is not considered one of the six frameworks in the framework of frameworks approach?

collaborative

Characteristics often attributed to the entrepreneur include

commitment, determination, and perseverance.

Managerial problems include

concept of a team approach.

Entrepreneurs always

generate ideas and plan for their implementation.

Which of the following is not a trait of a successful entrepreneur?

having trouble fitting in

Key features in the success of any innovative program include all of the following except

high profitability

Venture classifications include which of the following types of venture?

high-growth ventures

A decision to sell pharmaceuticals that have not been cleared with the Federal Drug Administration is an example of a(n) _____ and _____ decision.

illegal; unethical

Which of the following is not a micro view school of thought?

inherited business school of thought

Entrepreneurial traits include which of the following?

initative

Bureaucrats in an organization must

learn to give way to intrapreneurs.

A decision to sell toys that pass minimum safety standards but can often result in minor accidents to children is an example of a(n) _____ and _____ decision.

legal; unethical

Which of the following terms would not be associated with the right hemisphere of the brain?

linear

The Greek word ethos means

mode of conduct.

The process approach to entrepreneurship seeks to

model the various factors that characterize the entrepreneurial process.

Which of the following activities does not characterize the social entrepreneur?

operating with a low sense of accountability

Which of the following is not one of the phases in the creative process?

preliminary investigation

Three specific phases that a new venture goes through are

prestart-up, start-up, and poststart-up.

In the struggle to achieve security, many people also tend to rely on the theory of _____ thinking to make decisions.

probability

All of the following are important characteristics for establishing an intrapreneurial climate except

punishment of mistakes.

A clear pattern among successful entrepreneurs is

setting goals that are just out of reach.

Which of the following traits is not that of an entrepreneur?

shyness

Which of the following designations is not synonymous with social entrepreneur?

social activist

Researchers believe that design methodology provides _____ learning mechanisms important for converting ideas into form.

specific

Among the advantages for global entrepreneurs of diaspora networks is the

speed with which information flows across borders.

The entrepreneurial ego can cause the entrepreneur to

take characteristics that usually lead to success to the extreme.

Michael Gerber, the author of The E-Myth, explains that the failure of most small businesses is due to owners being more _____ than _____.

technical; entrepreneurial

Generally, entrepreneurial stress is due to

the discrepancy between the entrepreneur's expectations and personality.

The word entrepreneur is derived from the French entreprendre, which is translated as

to undertake

Michael Gerber, the author of The E-Myth, contends that

today's business owners are not true entrepreneurs.

The North American Free Trade Agreement (NAFTA) has developed

trade barrier reductions

Gazelles have been responsible for

55 percent of innovations

Which of the following researchers believes that the social mission, not wealth creation, is the most important criterion?

J. Gregory Dees

Which of the following economists wrote about entrepreneurship and its impact on economic development?

Joseph Schumpeter

When referring to "luck" and an entrepreneur, which of the following statements is an appropriate adage?

Luck happens when preparation meets opportunity.

Which of the following statements is false?

Management skills are not important characteristics for entrepreneurs to possess.

Which of the following statements is true with regard to creativity?

People's process will remain the same, but their approach will change.

Which of the following economists first associated the "risk-bearing" activity in the economy with the entrepreneur?

Richard Cantillion

Which of the following is not an aspect of the "dark side" of entrepreneurship?

bouts of euphoria

In the _____ sense, ethics provides the basic rules or parameters for conducting any activity in an "acceptable manner."

broadest

Examples of social enterprise obligations to the environment include all of the following except

construction of energy

Independence, autonomy, and _____ are the major driving forces behind lifestyle ventures.

control

The statement, "With every new venture launched, new and unintended opportunities often arise," would be associated with the _____ principle.

corridor

One study suggested four basic legitimation strategies available to new ventures: conformance, selection, manipulation, and

creation.

Emerging opportunities in the international arena are being fueled by a(n) _____ in trade barriers and _____ trading blocs.

decrease; the emergence of trading blocs

Which of the following is not one of the chief characteristics of an entrepreneur?

desire for control of people

The second step in planning a strategy of entrepreneurship for the enterprise is

developing and encouraging innovation.

"There is no replacement for passion," is a statement associated with which of the following?

doing what you love

The displacement school of thought can be divided into which of the following three groups?

economic, cultural, and political

Which of the following characteristics is often attributed to entrepreneurs?

egotism

Which of the following mental habits inhibits creativity and innovation?

either/or thinking, stereotyping

Which of the following will help to foster an innovative climate?

encourage action from employees

The major thrust of corporate entrepreneurship is to

encourage innovation.

Collective entrepreneurship, as a concept, refers to

entrepreneurial thinking that is diffused throughout the company.

The macro view can be broken down into which of the following three areas?

entrepreneurial trait, opportunity, and strategic

In the evolutionary process of economic growth, _____ plays the crucial and indispensable role of providing the "social glue" that binds together both high-tech and "Main Street" activities.

entrepreneurship

The idea experience phase of creativity is also referred to as the

eureka factor.

The macro view of entrepreneurship presents factors exhibiting a strong _____ locus of control.

external

Which of the following types of risks incorporates fluctuating exchange rates?

financial risks

All of the following are methods for going international except

foreign reclamation.

With which of the following concepts is entrepreneurship considered synonymous?

free enterpirse

Most entrepreneurs should be categorized as

innovators

Internal venture capital that is set aside for special entrepreneurial projects is termed

intracapital

Sustaining corporate entrepreneurship requires

keeping the corporate vision strong.

Which of the following are keys to understanding opportunity and its development for entrepreneurs?

logical processes and creativity

Which of the following characteristics is most important to an entrepreneur?

management skills

Customers and customer demand patterns relate to which of the following sources of the market feasibility analysis?

market data

Mountain gap strategies refer to unique

markets

The North American Free Trade Agreement (NAFTA) offers strong protection for

patents and copyrights.

Which of the following evaluation methods enables an entrepreneur to judge a business's potential?

profile analysis

Benefit corporations concern themselves with

purpose, accountability, and transparency.

Which of the following is not a form of displacement in the displacement school of thought?

racial

Sales growth is a critical factor in the _____ phase.

start-up

Robert C. Ronstadt put together a summary definition of entrepreneur that included which of the following key phrases?

the dynamic process of creating incremental wealth

The decision to behave entrepreneurially is the result of the interaction of

the individual's personal entrepreneurial mind-set and an opportunity.

Entrepreneurs will always be

the major source of job creation and innovation in any economy.

Entrepreneurs and gazelles have been credited with making disproportionate contributions to all but which of the following?

unemployment

Which of the following does not apply to the strategic formulation school of thought?

unique places

The micro view is divided into which of the following three theories?

venture opportunity, entrepreneurial, and strategic

Key elements in plans to create a sustainable future are likely to include eliminating the concept of

waste.

It takes ____, not _____, to innovate successfully.

work; genius