Ch. 11 Introduction to Entrepreneurship

___________ is developing an entrepreneurial product, service, or process is an area that entrepreneurs have tended to focus on quite a bit. a. Organizational Behavior b. Marketing c. Strategy d. Sales

Marketing

What were the circumstances that supported the development of entrepreneurship in the Medieval Period? a. Better living conditions b. An increase in disease c. Growing town and village populations d. Funding from the rich e. Safer trade routes to the east

- Better living conditions - Growing town and village populations - Safer trade routes to the east

What did David Ogilvy believe about advertising? a. Don't be risky b. Story appeal c. Make the truth interesting d. The more you tell the more you sell e. Tell people what they want to hear f. A touch of singularity

- Don't be risky - Story appeal - Make the truth interesting - The more you tell the more you sell - A touch of singularity

What are the types of entrepreneurial activity people engage in? Select all that apply. (Choose all that apply) a. Freelance Work b. "Side" Hustling c. Consulting

- Freelance Work - "Side" Hustling - Consulting

What are the most important financial skills for entrepreneurs? a. Getting a loan from a bank b. Time management c. Bootstrapping d. Spending money and watching "burn rate" e. Ability to use budgeting software

- Getting a loan from a bank - Bootstrapping - Spending money and watching "burn rate"

What were the two most important aspects of Josiah Wedgewood's contributions to entrepreneurial innovations in the 18th century? a. Idea b. Profit c. Scale d. Venture Capital

- Idea - Scale

What are the drawbacks to entrepreneurship? a. Lack of management interest b. Lack of management support c. Lack of management perceiving long-term value d. Lack of management understanding

- Lack of management support - Lack of management perceiving long-term value

What are the most important aspects of entrepreneurship for the 21st century? a. Leveraging low to no cost digital tools b. Playing it safe c. Using other people's capital

- Leveraging low to no cost digital tools - Using other people's capital

What were the main traits of successful merchants in the mercantile period? a. Establishing a business in only one area b. Transferring capital back into the trade business c. Paying "taxes" to governments d. Building monopolies e. Paying a fair wage

- Transferring capital back into the trade business - Paying "taxes" to governments - Building monopolies

Which of the following is not a human relation skill for entrepreneurial success? a. Empathy b. Courage c. Adaptability d. Decision Making e. Listening

Adaptability

Which of the following is a reason for managers to consider hiring entrepreneurs carefully? a. Leveraging technology for innovation b. Managing the speed of change c. Acquiring a competitive advantage d. Adapting to the impact of black swans e. All of the above

All of the above

Who do you believe can be an entrepreneur? a. Wealthy people with a lot of money b. Smart people with a lot of ideas c. Educated people with a lot of degrees d. Extroverted people with a lot to say e. People with a lot of connections (a large personal network) f. All of the above

All of the above

Merchants during this period engaged in which of the following? a. The buying and selling of goods and then transferring the capital from those purchases back into the business of trade. b. The building of ships (exploration), hiring people (craftsman and artisan at scale). c. Paying "taxes" (giving payments to government in exchange for favorable policies). d. Building pre-modern monopolies (stifling competition and keeping wages low). e. All of the above.

All of the above.

Steve Jobs and Bill Gates were the two most important innovators in the post-World War II 20th century. What were their innovations? a. Apple Computers b. Blackberry c. Sega Genesis d. Windows OS

Apple Computers

What system was created during medieval time that spread across Europe to the benefit of the dominant majority engaged in entrepreneurial activity? a. Mercantilism b. Economics c. Banking d. Finances

Banking

Why is innovation important for managers to address with entrepreneurial thinking? a. Because managers are in a post-modern economy b. Because innovation causes technology to change quickly c. Because a little entrepreneurship can provide value at scale to organizations d. Because Google was founded in 1997

Because a little entrepreneurship can provide value at scale to organizations

Which of the following is not an important business skill for entrepreneurial success? a. Management b. Sales c. Marketing d. Conflict resolution

Conflict resolution

What is the ability to confront agony, intimidation, pain, danger, or uncertainty without ceasing from your original goal? a. Empathy b. Listening c. Decision Making d. Courage

Courage

Which statement below is not attributed to the definition of entrepreneurship? a. An owner or manager of a business enterprise who makes money through risk and initiative. b. Entrepreneurs act as managers and oversee the launch and growth of an enterprise. c. Entrepreneurship is just a theory and not often applied in the business world. d. Entrepreneurship is the process by which either an individual or a team identifies a business opportunity and acquires and deploys the necessary resources required for its exploitation.

Entrepreneurship is just a theory and not often applied in the business world.

T/F: Entrepreneurship and entrepreneurial tendencies have been evident in a variety of economic systems around the world since the beginning of the 20th century.

False

Entrepreneurship is important for industry managers to understand for many organizational reasons. Which one is not among the four reasons to consider? a. Innovation b. Change c. Improvement d. Change Management

Improvement

The ___________ entailed the mass production and scaling of products, services, and processes, based on the principles of production control and supply chain development. a. Industrial Revolution b. Mercantile Period c. Colonialism Era d. Medieval Period

Industrial Revolution

Many times, ___________ in a market sector comes from a new business perspective being applied to an old market problem. a. Innovation b. Change c. Black Swans d. Change Management

Innovation

___________ is a case of management inside of major organizations attempting to harness the innovative power of entrepreneurship. a. Entrepreneurship b. Enterprise c. Intrapreneurship d. Capitalism

Intrapreneurship

What concept did Christopher Columbus promise the Queen of Spain in support of his three ships for exploration that her investment would fall at first, but within a few years the return of her investment would continually rise over time? a. S-Curve b. J-Curve c. L-Curve d. X-Curve

J-Curve

There are other business activities individuals engage in that are sometimes confused with entrepreneurship, in that they can often lead to the appearance of entrepreneurial activity. Which of these is not one of the activities listed in the text? a. Side Hustling b. Consultant c. Freelancers d. Mentor

Mentor

The class that developed during the period between the 15th Century and 18 Century, thought of themselves as ___________? a. Shopkeepers b. Importers c. Vendors d. Merchants

Merchants

The idea developed during medieval times of paying people in ___________ rather than pure barter for a service rendered. a. Bread b. Commodities c. Gold d. Money

Money

What was Christopher Columbus's big idea? a. Opening trade routes to the East b. Getting capital from the Crown of Spain c. Building ships for traveling d. Finding America

Opening trade routes to the East

What business did Josiah Wedgewood scale? a. Pottery b. Baking c. Candlestick making d. Furniture

Pottery

Merchants and mercantilism developed speculative markets based on attempting to influence buyer behavior through attractive pricing of commodities, handmade goods, and luxury items, leading to the development of what modern speculative activity? a. Stock Market b. Commodities Market c. Trader's Market d. Importer's Market

Stock Market

According to the text, what are two financial skills that every entrepreneur must possess? a. The ability to determine how to raise money and when to spend money. b. The ability to determine how to raise money and when to buy supplies. c. When to spend money and ability not to raise money. d. None of the above.

The ability to determine how to raise money and when to spend money.

What is entrepreneurship? a. The ability to take risks with other people's money b. The ability to execute on an idea successfully c. The ability to scale an idea into a revenue-generating business over time d. The ability to develop another person's idea and make money from it

The ability to scale an idea into a revenue-generating business over time

During the medieval time, the variety of goods and services began to develop an entrepreneurship system that included all of the following except? a. Idea of holding money in escrow. b. Lending money out at interest (usury) for the development of ideas. c. Going away from pure barter systems. d. The beginnings of free trade.

The beginnings of free trade.

In an attempt to influence buyer behaviour, the Dutch mercantilists used speculative activity. This eventually led to the creation of: a. Stricter taxes b. The stock market c. Monopolies d. Trade deals

The stock market

What was the main reason for Chinese junk ships to go around the Indian Ocean? a. To have a "show of force" to other nations b. To find a trade route to the West c. To address rampant market speculation d. To compete with Christopher Columbus

To have a "show of force" to other nations

T/F: During the period between the 9th Century and 14th Century, the concept that buying a hand-crafted product from an experienced local craftsman would benefit both the craftsman and the community became dominant.

True

Moore's law states that the number of transistors in a dense integrated circuit (i.e. a computer chip) will double after how many years? a. Two years b. Four years c. Five years d. Ten years

Two years

What was the name of the model that allowed for growth, scalability, and monopolistic control of an idea, service, or process, that was followed by future entrepreneurs? a. Newton Model b. Bacon model c. Watt Model d. Wedgewood Model

Wedgewood Model