Entrepreneurship
What are examples of entrepreneurship education that are driving growth? (Select all that apply.)
-Students are connecting with business ideas. -More colleges are teaching entrepreneurship through classes and clinics.
Social entrepreneurs only start nonprofits.
False
Which of the following best describes an entrepreneurial mindset?
desiring to take business risk for growth
What element(s) of potential success are crucial beyond simply having an entrepreneurial mindset?
funding and education
What is institutional venture capital?
group of people pooling money to invest in ventures
Uber, Lyft, and DoorDash are examples of which type of economy?
shared economy
What type of training can one receive from business organizations? (Select all that apply.)
-business coaches/counselors -business launch training -business mentoring
Which of the following is one advantage of a PEST analysis over a SWOT analysis?
A PEST analysis includes consideration of political and economic factors.
How is a serial entrepreneur different than a social entrepreneur?
A serial entrepreneur is someone who starts multiple entrepreneurial ventures, while a social entrepreneur is someone who focuses on solving a problem.
A business plan does not need an executive summary since the other analysis and information are very detailed.
False
Bartering is a type of business plan.
False
Because of the stress of starting a business, entrepreneurs tend to have shorter life expectancies.
False
Business launches should occur before the target market is identified
False
Entrepreneurs launch only for-profit ventures.
False
Freelancing is the same as consulting.
False
When a venture grows, less money is typically needed as early funding will yield greater profitability returns.
False
Which of the following is an example of an entrepreneur?
Innovator
What are the correct steps of the entrepreneurial journey?
Inspiration, Preparation, Assessment, Exploring Resources, Business Plan, Navigation, Launch
Which answer least describes the entrepreneurial aspect of Starbucks?
Its founder wanted to establish an American coffee empire.
US Census data can help aspiring entrepreneurs know if they need to provide products and services to their markets in multiple languages.
TRUE
A competitive analysis provides information about how competitors market their products and services.
True
Which places may not be appropriate for a trial run of a new venture?
VC/PE events
Which of the following is an example of a lifestyle venture?
Wander Girls
Which factor does not influence entrepreneurial activity?
bank funding
Which is not a contributing factor to the desire to become an entrepreneur?
certainty of employment and income
How can you adapt your venture to track reactions and make improvements? (Select all that apply.)
change the price change the sales pitch change the packaging
Which type of analysis uses a grid to compare the all the vendors that provide the same product or service in an area?
competitive analysis
Which of the following is not an example of a social-environmental entrepreneurial problem?
concern for government funding
What is not a reason, according to FreshBooks' second annual Self Employment Report, that there will be an increase in US employees leaving traditional work in favor of self-employment?
control over office attire
All of the following except ________ describe entrepreneurs.
corporate sponsors
Which of the following is not a reason for the downward slide in the number of employees working for self-employed businesses?
desire over control of one's career
Which of the following is data that an entrepreneur can derive from demographics research?
ethnicity
Which is not a factor that makes a location one of the 50 Best Places in America for Starting a Business?
federal government funding
In 1998, The U.S. Department of Justice and twenty state attorney generals sued Microsoft. They accused Microsoft of illegally protecting the monopoly it had on its operating system and attempting to prevent competition to its browser, Internet Explorer. Microsoft lost the case. What was eliminated as a result?
kill zone
Which of the following combinations creates the greatest entrepreneurial opportunity?
low supply, high demand
Which is the most pragmatic way to plan a venture?
pursuing an existing franchise license
What is the most important aspect of the preparation step?
research and gathering knowledge
Which of the following is a reason to avoid considering tax incentives as a permanent pillar of a value proposition or business model?
short duration
In order to determine if it is the right time to start a new business, aspiring entrepreneurs must consider the existence of which of the following criteria?
significant market demand, significant market size, and significant resources
Which of the following is a way that you can put your strengths to work?
thinking about achievements you have accomplished
Which of the following is an example of due diligence performed by an entrepreneur?
understanding the process of starting and funding the venture
Which of the following are not examples of the gig economy?
working as in-house catering at a restaurant
What are the most pertinent considerations one should make before joining the gig economy? (Select all that apply.)
-Analyze the financial implication. -Make sure you are goal oriented.
Which countries take the lead in entrepreneurial activity? (Select all that apply.)
-Luxembourg -India
What are the commonalities between an angel investor and a venture capitalist? (Select all that apply.)
-They both have an interest in helping other entrepreneurs in their startups. -They both have funding and a focus on lending money.
Which of the following are ways that you can fund your business? (Select all that apply.)
-borrow money from savings -take a loan from a bank
What systems discourage people from coming forward with entrepreneurial ideas? (Select all that apply.)
-bureaucratic prevention of access to information -corruption within an economy
According to David Pridham of Dominion Harbor Group, intellectual property accounted for _____ percent of the total gross domestic product (GDP) in the United States in 2020.
38.2
During World War II, the U.S. military used plastics in weapons and motor vehicles. Following the war, plastics manufacturers began to produce products that consumers could use in their homes. This is most closely related to which step in Schumpeter's progression for finding new business opportunities?
Develop a new market for an existing product.
Immigrants are half as likely to start a business as native-born Americans
False
In considering entrepreneurial opportunities, feasibility means that the new product or service can be produced.
False
In order for entrepreneurial innovation to be successful, it must maintain the social and economic status quo.
False
Information gained from a SWOT analysis can be used in a PEST analysis.
False
Innovators make something new or see a problem that other people have not noticed.
False
Most theorists believe there is only one definition of entrepreneurial success, which is to make money.
False
Outside of the United States, there are few entrepreneurial ventures.
False
The number of self-employed persons has been dropping since 2016.
False
The number of women-owned businesses increased two times faster than the national average between 2000 and 2020.
False
The text advises entrepreneurs to perform a SWOT analysis before doing a three circles analysis or a competitive analysis grid.
False
A soft launch is the same as a soft open
True
An example of the design thinking process is how DoSomething.org came about.
True
An opportunity-identifying perspective determines how a problem can be translated into a new opportunity to create a new venture.
True
Entrepreneurs who focus both on beta testing and market research for their products are more likely to succeed.
True
Late-stage entrepreneurial failures rates are similar to those of early-stage startups, often due to never achieving traction or growing too quickly.
True
Most entrepreneurial opportunities come from recognizing a problem and trying to solve it.
True
PRIZM data can show entrepreneurs specific lifestyle traits of a population within a certain zip code. Group of answer choices
True
Primary sources include published research from questionnaires.
True
The Burt's Bees product line grew from an idea for a lifestyle entrepreneurial venture into a major company.
True
Which of the following are venture types that allow an entrepreneur to pursue their mission or vision?
a nonprofit social enterprise for the environment
Which of the following is an example of a gig economy worker?
a woman who researches and writes an article for a magazine
Why is the United States a country that "grows" successful entrepreneurs?
because there are few prescribed conformity traditions
Patel is conducting research in his target market to see if the product he designed delivers different benefits than those of his nearest competitor. He is most likely trying to determine whether his product has a _____.
competitive advantage
According to David Pridham of Dominion Harbor Group, the growth in this type of worker has contributed to the excellent conditions for startups and small businesses in the current decade.
freelance
Which of the following describes the process by which entrepreneurs evaluate product ideas, strategies, and marketing trends?
opportunity screening