2500 entrepreneurship smartbook chp 1 questions
Which of the following is true of the McMullen-Shepherd model? The result of Stage 2 is an individual's realization that an opportunity exists for someone. It states that there are seven different stages of entrepreneurial action. In stage 1, an individual determines if an entrepreneurial opportunity is present for him or her. It describes how knowledge and motivation impress upon the stages of entrepreneurial action.
It describes how knowledge and motivation impress upon the stages of entrepreneurial action.
Which of the following is increasingly required as a venture becomes established and starts growing? Tolerance of mediocrity Micromanagement Managerial experience and skills Increased power distance
Managerial experience and skills
How do suppliers form an important component in an entrepreneur's professional-support network? (Check all that apply.) They provide good information on the nature of trends in the industry. They ensure the adequate availability of required materials. They provide advice that is often more honest than that received from other sources. They represent the source of revenue to a new venture.
They provide good information on the nature of trends in the industry. They ensure the adequate availability of required materials.
Situations in which new goods, services, raw materials, and organizing methods can be introduced and sold at greater than their cost of production are known as
Entrepreneurial opportunities
The term _____ refers to entrepreneurs making do by applying combinations of the resources at hand to new problems and opportunities. causal bricolage effectuation perceived desirability
bricolage
A process that starts with a desired outcome and focuses on the means to generate that outcome is known as a(n) _____ process. effectuation data causal bricolage
causal
Questions that are designed to increase entrepreneurs' understanding of the nature of the environment are known as _____ questions. strategic comprehension connection reflection
comprehension
The motivational factors that influence individuals to pursue entrepreneurial outcomes are known as
entrepreneurial intentions
Individuals who give psychological support to an entrepreneur are considered to be the entrepreneur's
moral support network
Tasks that are designed to stimulate entrepreneurs to think about their understanding and feelings as they progress through the entrepreneurial process are called _____ tasks. strategic comprehension reflection connection
reflection
Individuals whose example an entrepreneur can aspire to and copy are known as
role models
Individuals who help an entrepreneur in business activities are considered the entrepreneur's
professional-support network
Identify a feature of entrepreneurship. An entrepreneurial opportunity never stems from introducing an existing technological product. Entrepreneurial intentions normally do not influence entrepreneurial outcomes. Entrepreneurial action is normally carried out in seven different phases. An entrepreneurship opportunity will always represent something new.
An entrepreneurship opportunity will always represent something new.
How is a reflection task most likely to affect entrepreneurs? By prompting them to create their own feedback to provide the opportunity to change By stimulating them to think about which strategies are appropriate for solving a problem By stimulating them to tap into their knowledge and experience without overgeneralizing By prompting them to think about the what, why, and how of their approach to a situation
By prompting them to create their own feedback to provide the opportunity to change
How can entrepreneurs enhance personal affiliations as a part of a professional-support network? (Check all that apply.) By playing favorites By sharing hobbies By micromanaging every aspect of the supply chain By participating in sporting events
By sharing hobbies By participating in sporting events
Action through the creation of new products/processes and/or the entry into new markets, which may occur through a newly created organization or within an established organization, is
Entrepreneurial action
Which of the following is true of the impact of age on entrepreneurs? Entrepreneurial experience and age are not good predictors of success. Entrepreneurial careers are quite popular later in life after one's children have the left the home. All entrepreneurs initiate their entrepreneurial careers between the ages of 18 and 25. Generally, male entrepreneurs tend to start their first significant venture in their early teens.
Entrepreneurial careers are quite popular later in life after one's children have the left the home.
Identify a true statement about the impact of work history on entrepreneurship. Managerial experience is the most vital skill required when starting a new business venture. Previous start-up experience is not a good predictor of starting subsequent businesses. Experience in the areas of finance and product development is important while starting a new venture. Work history plays no role in the growth and eventual success of a new venture.
Experience in the areas of finance and product development is important while starting a new venture.
How does previous startup experience impact entrepreneurs in their ventures? (Check all that apply.) It gives them benchmarks for judging the relevance of information. It decreases perceived feasibility of new entry opportunities. It provides them with expertise in running independent businesses. It decreases their metacognitive awareness and cognitive adaptability.
It gives them benchmarks for judging the relevance of information. It provides them with expertise in running independent businesses.
Which of the following are true of professional-support networks? (Check all that apply.) Suppliers are an integral aspect of an entrepreneur's professional-support network. Clients or buyers are not considered a part of an entrepreneur's professional-support network. Spouses and friends are the most critical aspect of a professional-support network. Entrepreneurs develop such networks by creating a network of business associates.
Suppliers are an integral aspect of an entrepreneur's professional-support network. Entrepreneurs develop such networks by creating a network of business associates.
What are the major factors that lead to an entrepreneur understanding the nature of his or her environment? (Check all that apply.) The nature of a particular situation Recognition of his or her family's feelings Recognition that an issue is present The experience of a previous situation
The nature of a particular situation Recognition that an issue is present
When are entrepreneurial actions considered most sustainable? (Check all that apply.) When they contribute to the development of a society When they are solely concerned with providing products of the highest quality When they focus on preserving the environment When they primarily generate wealth for entrepreneurs
When they contribute to the development of a society When they focus on preserving the environment
A characteristic of the entrepreneurial process is that _____. high entrepreneurial self-efficacy reduces effort and thus performance a suitable predictor of entrepreneurial success is prior start-up experience perceived desirability has no impact on entrepreneurial success successful entrepreneurs are more likely to use causal processes than effectuation processes
a suitable predictor of entrepreneurial success is prior start-up experience
An accurate statement about role models is that _____. they normally do not influence entrepreneurs in their career paths role models typically do not serve in a supportive capacity successful entrepreneurs are the only people who should be used as role models an entrepreneur's support system or role model is possibly most crucial in the start-up phase
an entrepreneur's support system or role model is possibly most crucial in the start-up phase
Jimmy seeks to start a company that manufactures mobile phone accessories. He does not have a lot of capital, so he uses the materials that he has available at home to start designing phone covers. He sticks simple pictures, drawings, and illustrations onto phone covers and acquires sufficient capital by selling them. He uses this method to launch his business operations. In this example, Jimmy has compensated for his lack of resources by using the method of _____. perceived desirability effectuation franchising bricolage
bricolage
describes the extent to which entrepreneurs are dynamic, flexible, self-regulating, and engaged in the process of generating multiple decision frameworks focused on sensing and processing changes in their environments and then acting on them.
cognitive adaptability
Tasks that are designed to stimulate entrepreneurs to think about a current situation in terms of similarities to and differences from situations previously faced and solved are known as _____ tasks. comprehension connection reflection strategic
connection
An accurate statement about the impact of education on entrepreneurship is that _____. general education normally has no value to budding entrepreneurs education has a positive impact on an entrepreneur's ability to identify a potential opportunity entrepreneurs need to possess postgraduate degrees in order to succeed in their ventures education will determine whether an entrepreneur will create a new business to exploit an opportunity
education has a positive impact on an entrepreneur's ability to identify a potential opportunity
A process that starts with what one has (who they are, what they know, and whom they know) and selects among possible outcomes is known as a(n)
effectuation process
Strategic tasks are most likely to _____. enable entrepreneurs to think of the details of a particular method required to resolve a situation stimulate entrepreneurs to think about their understanding and feelings prompt entrepreneurs to generate their own feedback prompt an entrepreneur to tap into his or her knowledge and experience without overgeneralizing
enable entrepreneurs to think of the details of a particular method required to resolve a situation
A true statement about entrepreneurial action is that _____. entrepreneurs need to evaluate the amount of uncertainty of a potential opportunity knowledge is the only factor that affects entrepreneurial action an entrepreneur's prior knowledge has no influence on perceiving uncertainty motivation is the only factor that influences entrepreneurial action
entrepreneurs need to evaluate the amount of uncertainty of a potential opportunity
True or false: Entrepreneurial action is not often intentional. True False
false
True or false: General education has no influence on an entrepreneur's ability to resolve problems.
false
True or false: Most entrepreneurs express that their coworkers are their biggest supporters.
false its their spouse
A true statement about self-efficacy is that _____. individuals who feel that they possess the ability to perform tend to do well self-efficacy normally has no effect on a person's choice of action people with high self-efficacy think and behave similarly when compared with people with low self-efficacy high self-efficacy reduces effort and thus performance
individuals who feel that they possess the ability to perform tend to do well
A feature of cognitive adaptability is that _____. entrepreneurs can only increase their cognitive adaptability by performing strategic tasks it is typically represented in an entrepreneur's basic cognitive awareness it is mirrored in an entrepreneur's metacognitive awareness entrepreneurs who are low in cognitive adaptability are very creative
it is mirrored in an entrepreneur's metacognitive awareness
The conviction that one can successfully execute the entrepreneurial process is known as entrepreneurial
self efficacy
Tasks that are designed to stimulate entrepreneurs to think about which methods are appropriate for solving a problem (and why) or pursuing an opportunity are known as _____ tasks. strategic comprehension connection reflection
strategic
An entrepreneurial challenge often lies in making creative mental leaps based on _____ similarities. relative basic superficial structural
structural
Entrepreneurship that is focused on preserving nature, life support, and community in the pursuit of perceived opportunities to bring future products, processes, and services into existence for gain where gain is broadly construed to include economic and noneconomic benefits to individuals, the economy, and society is known as
sustainable entrepreneurship
An accurate statement about connection tasks is that _____. they are designed to stimulate entrepreneurs to think about their understanding and feelings they motivate entrepreneurs to delve into their knowledge reserves without overgeneralizing they prompt entrepreneurs to think about the what, why, and how of their approach to a situation they are designed to stimulate entrepreneurs to think about which strategies are appropriate for solving a problem
they motivate entrepreneurs to delve into their knowledge reserves without overgeneralizing