MGT 241 Midterm Ch. 2
"Ethos" means morality.
False
Successful entrepreneurs fear failure the same way all people do.
False
Which of the following is a true statement about team building?
The entrepreneur needs a competent team to implement an idea.
Problems can arise when people believe that laws represent morality.
True
A __________ is a statement of ethical practices or guidelines to which an enterprise adheres.
code of ethics
Entrepreneurs with a drive to achieve want to
compete.
One could correlate with a high energy level.
creativity
When outcomes meet or exceed expectations, _____________________ is positively reinforced.
entrepreneurial behavior
One trait not common in entrepreneurs is:
entrepreneurs need structure
Which of the following is not characteristic of the "dark side" of entrepreneurship?
knowing when to take a vacation
Which of the following is not a common characteristic of entrepreneurs?
lack of motivational drive
The Greek word ethos means
mode of conduct.
In the Monroy-Folger Model of Risk Typology, profit-seeking activity is associated with:
strong desire to maximize profit
Which of the following is not a source of stress?
success in business
The entrepreneurial ego can cause the entrepreneur to
take characteristics that usually lead to success to the extreme.
The decision to behave entrepreneurially is the result of the interaction of:
the individual's personal entrepreneurial mind-set and an opportunity
A clear pattern among successful entrepreneurs is
their focus on opportunity rather than resources.
With persistent problem solving, entrepreneurs
think anything is possible.
Which is not a trait of a successful entrepreneur?
trouble fitting in
Characteristics often attributed to the entrepreneur include:
Commitment, determination, and perseverance
Which of the following statements is false?
Entrepreneurs are born with the skills necessary to manage a business.
A loss orientation toward grief recovery in dealing with failure can sometimes lessen negative emotional reactions.
False
According to the Model of Entrepreneurship Motivation, the entrepreneur's expectations are not compared with the actual or perceived outcomes of the firm.
False
Commitment, determination, and perseverance are the only characteristics one needs to become a successful entrepreneur.
False
The "dark side" of entrepreneurship refers to the stress that entrepreneur's experience.
False
Which of the following statements is false?
Management skills are not important characteristics for entrepreneurs to possess.
What characteristic(s) that propel entrepreneurs into success can be exhibited to the "extreme"?
Overbearing need for control
Which of the following is a false statement about entrepreneurs?
They do not use failure as a tool for learning.
A code of conduct is a statement of ethical practices or guidelines to which an enterprise adheres.
True
A good trait for an entrepreneur is to be a calculated risk taker.
True
An entrepreneur can never be certain what actual ethical consequences a decision will have.
True
Areas of risk to the entrepreneur include
career, family, psychic.
With psychic risk you fear
failure.
Which of the following is not a trait of successful entrepreneurs?
frustration
In starting or buying a new business, the higher the rewards, the
greater the risk.
Entrepreneurial stress can be caused by having a type A personality which can be defined as
having a chronic sense of time urgency
When entrepreneurs believe that their accomplishments and setbacks are within their own control and influence, they are exhibiting
internal locus of control.
Team building
involves including qualified people in the venture.
Every person has the and to pursue a career as an entrepreneur
potential; free choice
Which of the following may be the greatest risk to the well-being of the entrepreneur?
psychic risk
Generally, entrepreneurial stress is due to
the discrepancy between the entrepreneur's expectations and the ability to meet demands.
For entrepreneurs, vision describes
where the entrepreneur wants to go.
Entrepreneurs always know that they as individuals must remain less important than the venture.
False
Entrepreneurs are pessimists who see the cup half empty, rather than half full.
False
Entrepreneurs do not need foresight.
False
Entrepreneurs need not be concerned with establishing strategy for ethical responsibility because they are guided by what established firms do.
False
Ethics represents a set of principles prescribing a behavioral code that does not include moral duty and obligations.
False
Immersion in business can be cured by limiting work to an eight hour day.
False
Institutionalization is a deliberate step to incorporate the ethical objectives of society with the economic objectives of the venture.
False
Non-role acts are those acts against a firm in which the person fails to perform his or her managerial role.
False
Selfishness and a need for power are two characteristics common in entrepreneurs.
False
The metacognitive model of entrepreneurship fails to consider entrepreneurial motivation.
False
Today's entrepreneurs are faced with few ethical decisions because the legal system imposes greater penalties on wrongdoers.
False
Creativity was once regarded as an exclusively inherited trait.
True
Each and every person has the potential and free choice to pursue a career as an entrepreneur.
True
Entrepreneurial cognition is, in part, about understanding how entrepreneurs use simplifying mental models to make assessments, judgments, and decisions about opportunities.
True
Entrepreneurs are fiercely independent but understand the need for a strong entrepreneurial team.
True
Entrepreneurs are often unrealistically optimistic
True
Entrepreneurs like to remain alert to competition, customers, and government regulations, but this continual scanning of the environment can lead to a negative sense of distrust.
True
Entrepreneurs typically have enough confidence to believe that they can make a difference in the final outcome of their ventures.
True
Entrepreneurs usually have an internal locus of control.
True
Ethics provides the basic rules or parameters for conducting any activity in an "acceptable" manner.
True
Firms need to be public about their ethical values and expectations.
True
Inexperience and incompetent management are the main reasons for failure.
True
Morals and law are not synonymous but may be viewed as two circles that are partially superimposed upon each other.
True
Most successful entrepreneurs have failed at one time or another.
True
One of the most important reasons firms want to adhere to a high moral code is that doing so protects free markets and is good business.
True
Role distortion deals with morally questionable acts that are committed "for the firm."
True
Some of the most common entrepreneurial goals are independence, wealth, and work satisfaction.
True
Stress on the entrepreneur can be caused both internally and by other people.
True
The Greek thinker, Chilon, felt that a merchant does better to take a loss than to make a dishonest profit.
True
The entrepreneur is driven by a strong desire for control over their venture.
True
The generation of the twenty-first century may become known as generation E because it is becoming the most entrepreneurial generation since the Industrial Revolution.
True
The need to achieve can be a source of stress for entrepreneurs.
True
There are many risks in entrepreneurship.
True
There is a certain psychic risk involved with entrepreneurship.
True
The "dark side" of entrepreneurship refers to
a destructive force within the energetic drive of entrepreneurs.
Entrepreneurs
are driven by intense commitment and perseverance.
Entrepreneurial persistence is related to
avoiding counterinfluences to entrepreneurship
Which of the following is an aspect of the "dark side" of entrepreneurship?
both a and b (a need for control and a sense of distrust)
Stress can be dealt with by:
both a and b. (success in business and immersion in business)
What kind of thinking can lead to unethical behavior in a business context?
bottom line
In the _____ sense, ethics provides the basic rules or parameters for conducting any activity in an "acceptable manner."
broadest
Which of the following is not associated with an entrepreneur seeking feedback?
entrepreneurs want to belittle their competition
One factor not found in high achievers is
failure to listen to feedback.
Which of the following is not a way to combat stress?
ignoring coping mechanisms
A decision to sell pharmaceuticals that have not been cleared with the Federal Drug Administration is an example of a(n)
illegal and unethical decision.
If an entrepreneur believes in himself/herself and that their accomplishments and setbacks are within their own control, they possess a (n) .
internal locus of control
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)
legal and unethical decision.
