Entrep. Inno.

true

Millennials are considered to be the most educated generation, and the most exposed to entrepreneurship education.

true

Most family businesses do not survive the transition from the first to the second generation.

serial entrepreneur

Richard Branson's expansion of Virgin to include railway, music, media, and banking industries is an example of_______

false

Risk cannot be averted by an entrepreneur's activity or attitude.

family enterprise

Robert has a business that he wants to pass down to others in his family to run. Robert has

social entrepreneur

Sam is tired of seeing injustice and mistreatment of children in inner cities and has an innovative idea to help them develop self-esteem. Sam is an example of a

physical infrastructure

Sarah is an accountant with desires to open her own business. She is looking for office space at a reasonable rate along with Internet service. Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, she needs ______. a. cultural and social norms

false

Scientific evidence has proven that a specific set of traits distinguishes entrepreneurs from non-entrepreneurs.

false

Social entrepreneurship encompasses only not-for-profit ventures.

false

Social entrepreneurship is defined as the process of innovating new social media business opportunities.

400 million

According to the 2015/16 Global Entrepreneurship Monitor report, it is estimated that there are ______ entrepreneurs worldwide.

false

According to the authors, entrepreneurship is best taught as a linear process that will lead to a specific destination.

the right mind set

According to the authors, what is the precursor to action

true

A franchise is a type of license purchased by a franchisee from a franchisor to allow them to trade under the name of that business.

U.S. Constitution

A launching pad for creativity and innovation, the ______ provided people with the right to private property, access to a banking system, and protection in the form of patent laws.

startup

A temporary organization in search of a scalable business model is known as

false

According to the 2015/16 GEM report, the percentage of entrepreneurs in the United States has declined to 3%—the lowest on record.

creating a business plan

According to the text, which of the following is the least important when launching a company?

true

An entrepreneur can own his or her own business or work in a corporation with an entrepreneurial spirit.

entrepreneurship education

Anthony wants to start a restaurant but he knows he has a lot to learn about starting a business. Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, he particularly needs ______.

false

B-Corp certification recognizes organizations that achieve five or more years of consistent profitable growth.

false

Bill Gates was an overnight success because it took only three months to become a success.

false

Buying an existing small business is not considered entrepreneurship.

think and act

Contemporary researchers focus on how entrepreneurs

true

Corporate entrepreneurs work within only large organizations whereas entrepreneurs inside can exist in any type of organization, big or small.

false

Corporate entrepreneurship and intrapreneurship are not the same thing.

true

Effectuation is the theory that the future is unpredictable yet controllable.

true

Entrepreneurship is a life skill.

false

Entrepreneurship is a relatively new concept which began in 1880.

false

Entrepreneurship is reserved for startups.

true

Family enterprises are the dominant form of business organization worldwide.

false

Franchising can be a beneficial way for entrepreneurs to get a head start in launching their own businesses as they don't not have to pay the franchisor royalties after buying the franchise.

franchising

ICHOR Restaurant Group was started by Brian Bailey and Tim Hug in 2006 and has since opened three successful restaurant concepts, "Old Carolina BBQ," "Smoke: The Burger Joint," and "Baja West Coast Kitchen" with a dozen corporate-owned locations. They have begun to allow external entrepreneurs to purchase a license to operate their own location(s). Entrepreneurs purchasing such a license are engaging in ______.

established business owner

Individuals who are still active in business for over three and a half years are known as_____

potential entrepreneurs

Individuals who believe they have the capacity and know-how to start a business without being burdened by the fear of failure are known as_______

new business owner

Individuals who have been actively involved in a business for over three months but less than three and a half years are known as______

Nascent entrepreneurs

Individuals who have had their business for less than three months are referred to as ________.

nascent entrepreneurs

Individuals who have set up a business they will own or co-own, which is less than three months old, and has not yet generated wages or salaries for the owners are known as ______.

true

It is estimated that more than 80% of U.S. businesses are family-owned or controlled by a family.

true

Joan has pursued seven money-making ventures over the past ten years ranging from retail storefronts to mobile app development. Joan is a "serial entrepreneur."

entrepreneur inside

Joseph is a sales manager for ETC Corporation. ETC is a manufacturer of high-end kitchen appliances for restaurants. Nicole has been lobbying her manager to allow her to design and sell a consumer grade range of consumer-grade appliances using ETC's design and manufacturing resources. Joseph is a(n)

Necessity-based entrepreneur

Maria lost her job. Unable to find work in her chosen field, she decides to start her own business. What type of entrepreneur is she?

Corporate Entrepreneurship

Marian Croak's idea to use the text messaging system she developed for the television series American Idol in disaster situations is an example of

true

Successful entrepreneurs have a tendency to collaborate with competitors

true

The cycle of act-learn-build encourages entrepreneurs to take small actions in order to learn and build that learning into the next action.

knowledge and expertise

The entrepreneurial method requires consistent practice so that ______ can be continuously developed and applied to future endeavors.

Entrepreneurs inside

The launch of the "inglorious vegetable" at the French Supermarket Intermarché as a way of reducing food waste by selling imperfect vegetables at a 30% discount is an example of_____

social entrepreneurship

The nonprofit "1001 Fountains for Tomorrow", whose goal is to provide safe drinking water for small rural villages in Cambodia, is an example of________

entrepreneurship

This is the discipline that seeks to understand how opportunities are discovered, created, and exploited, by whom, and with what consequences.

global mission

To be certified as a benefit corporation (or B-Corp), an organization is rated on all the following except:

corporate entrepreneur

Tony is a manager a company that builds solar panels. In his position as a manager, Tony used the feedback from his team members to as the basis of a plan for the company to start installing the solar panels, as well, in order to enhance the company's competitive position and profitability. Tony is an example of ______.

true

Unlike necessity-based entrepreneurs, opportunity-based entrepreneurs freely make their own choice to get involved in a business.

Millennials

What generation is considered to be the most exposed to entrepreneurship education

lightning rod

What invention came to symbolize the ingenuity of Colonial America

Intrapreneurship

What is the process of creating new products, ventures, processes, or renewal within large organizations?

less than 30%

What is the survival rate of family businesses transitioning from the first to the second generation?

80-90%

What percentage of US businesses are family-owned or controlled by a family?

large population size

Which of the following is NOT a condition for small and medium businesses to flourish in a country?

entrepreneurship

a discipline that seeks to understand how opportunities are discovered, created, and exploited, by whom, and with what consequences

Serial entrepreneurs

are people who start several businesses, sometimes at the same time or sometimes one after the other

microloans

are small, short-term loans often associated with entrepreneurs in developing countries

social entrepreneur

seek innovative solutions to social and environmental problems

Effectuation

the future is unpredictable yet controllable.