Chap. 1 Intro to Entrepreneurship
What types of risks should entrepreneurs take?
Risks that will expand the market and create new opportunities
The gap between male-owned and female-owned business startups is:
Shrinking
Local grocery stores and hair salons are examples of what type of entrepreneurship?
Small Business
Entrepreneurship is concerned with not only having an idea and starting a business, but which of these things?
All answers are correct
Which of the following factors of production is most relevant to entrepreneurship?
All of the answers are correct
Why is it important for entrepreneurs to be problem solvers?
All of the answers are correct.
Someone who creates a new product to sell and takes on all of the risks and responsibility is known as what?
An entrepreneur
Among various minorities groups, which is responsible for the largest share of entrepreneurs?
Asian
In entrepreneurship, making connections between odd or unusual processes or technologies is a concept known as what?
Associating
What is one aspect of interpersonal skills that is important for entrepreneurs?
Being able to create new ideas
Which of the following is NOT a major habit of successful entrepreneurs?
Being single-minded in their business focus
What is another phrase for an entrepreneur?
Business owner
How does a successful entrepreneur learn more about the 'whys' and 'what ifs?'
By asking questions
How can an entrepreneur know his or her market?
By doing research and talking to potential customers
Around whose work does the Myers-Briggs Type Indicator revolve?
Carl Jung
What type of entrepreneur may be involved with skunk works?
Corporate venturer
Which one of the entrepreneurial skills would fall under marketing and sales?
Creating events
Which one of the following is an example of entrepreneurial creativity?
Developing an innovative marketing plan
What is the type of personality many entrepreneurs possess as measured by the Myers-Briggs Type Indicator?
ESTP
Who is most likely to take care of employee attendance records in a growing firm?
Employee
Those who market their own products, taking on the risks and reaping the rewards, are known as what?
Entrepreneurs
What does the ''E'' stand for in the Myers-Briggs Type Indicator?
Extroversion
A company is expanding fast and has gone from two employees to twenty in six months. What should the founder / owner do?
Give each employee a job role
What is demographics the study of?
Human beings
Why is having passion for your work an important part of being an entrepreneur?
It takes dedication and effort to start a business
Which two Myers-Briggs characteristics focus on how a person structures things?
J and P
What type of entrepreneur is required to invest all profits back into the enterprise?
Non-profit entrepreneur
Indian automobile manufacturer Tata Group was able to craft a new and inexpensive auto, inspired by what experience?
Observing an entire family traveling on one motor scooter
Which type of entrepreneurship focuses on being able to grow with more financial backing?
Scalable startup
Which type of entrepreneur is focused on getting a new business off the ground and then moving on to start a new one?
Serial
Why is multi-tasking a key entrepreneurial skill?
Small businesses may start out as one-person operations.
Which type of entrepreneurship works at making the world a better place by solving crises and problems?
Social
What is the likely culprit of an increase in young entrepreneurs?
Technological advancements
What's the best explanation of entrepreneurship?
The ability and willingness to take a risk to develop a business
What is initiative?
The drive to do whatever is necessary to make a business successful
Which one is TRUE about an entrepreneurship?
There are lots of risks and rewards involved
What happens if the founders or owners of a company meet only the minimum legal requirements as they pertain to their human resource policy?
They have taken the hard HRM view.
Why would a founder / owner take on the role of a mentor?
To train managers personally and save on training costs
All of these demographic groups are seeing a surge in entrepreneurship EXCEPT which?
White males
Which of the following is NOT a role of HR?
acquiring raw materials
