Chapter 01: Quiz

During Phase _____ of the entrepreneurial process, entrepreneurs do preliminary research to understand any issues they may face in the areas of intellectual property, regulation, or in product development in the case of a technology solution. a. 5 b. 3 c. 4 d. 2 e. 1

1

Entrepreneurship is a form of ''creative destruction.'' a. True b. False

False

Zambia and India are examples of _____ economies. a. innovation-driven b. factor-driven c. quality-driven d. production-driven e. efficiency-driven

factor-driven

Entrepreneurship is simply starting a business. a. True b. False

false

Industries last forever. a. True b. False

false

The entrepreneurial process is typically a linear process. a. True b. False

false

James would like to open a computer repair shop in his hometown. He is currently in Phase 2 of the entrepreneurial process. This means that James is a. considering the design of his business. b. focusing on validating the hypotheses he has made about the customer, the solution, and his proposed business model. c. doing preliminary research to understand the industry. d. creating a plan for his business's execution. e. developing hypotheses from his research.

focusing on validating the hypotheses he has made about the customer, the solution, and his proposed business model.

Of the 29.6 million small businesses in the United States, 80 percent a. have no employees. b. are started by females. c. are started by people in the 35- to 44-year-old age group. d. are lifestyle businesses. e. are started by males.

have no employees

The people and companies that engage in a category of business activity are known as a(n) a. gazelle. b. company. c. startup. d. economy. e. industry.

industry

The 1970s saw the beginnings of three significant trends that would forever change the face of business: macroeconomic turmoil, the technological revolution, and a. agricultural disasters. b. the green revolution. c. international competition. d. diversification. e. mechanization.

international competition

The new millennium ushered in what many refer to as the _____ economy. a. knowledge b. technology c. dot com d. lean e. entrepreneur

knowledge

In the context of new industry formation, Apple's iPhone, introduced on January 9, 2007, spurred the development of the _____ industry. a. mobile app b. touch screen c. Android d. smartphone improvement e. prepaid phone

mobile app

Entrepreneurial ventures and small businesses are related, but they are not the same in most respects. a. True b. False

true

The successful execution of the entrepreneurial process results in a. competitive rivalry. b. an increase in labor supply. c. capital investment. d. intellectual property creation. e. a new venture

A new venture

Technological change happens when an entrepreneur identifies... A. All of these are correct. B. existing customer needs that have not been satisfied. C. new customer segments that appear to be emerging. D. new ways of manufacturing and distributing products and services. E. new customer needs.

A. All of these are correct

Which of the following is NOT one of the stages of the generic life cycle of an industry? a. Disruption b. New life c. Decline d. Emerging e. Adapting

ADAPTING

Which of the following is arguably the most important platform technology today? a. Virtual reality b. Digital anonymity c. Artificial intelligence d. Big data e. Genomics

ARTIFICIAL INTELIGENCE

More than perhaps anything else, the 1990s were characterized as the _____ Age. a. Recession b. Competitiveness c. Commercial d. Globalization e. Information

Information

The annual Global Entrepreneurship Monitor divides countries into three groups based on where the country stands in terms of growth. In the 2016/2017 report, these three categories were _____, _____, and _____ economies. a. innovation-driven; inertia-driven; input-driven b. factor-driven; inertia-driven; and innovation-driven c. innovation-driven; efficiency-driven; and factor-driven d. efficiency-driven; factor-driven; and inertia-driven e. inertia-driven; efficiency-driven; and innovation-driven

Innovation-driven; efficiency-driven; and factor-driven

In general, high-impact entrepreneurial ventures have which of the following three primary characteristics? a. Value-creating, traditional, and growth-oriented b. Free-thinking, value-creating, and growth-oriented c. Traditional, free-thinking, and growth-oriented d. Innovative, free-thinking, and value-creating e. Innovative, value-creating, and growth-oriented

Innovative, value-creating, and growth-oriented

The introduction in 1971 of the _____ microprocessor started a technology revolution. a. Microtel b. Java c. Intel d. Microsoft e. Sun

Intel

In terms of business trends, the 1960s were characterized by a. international competition. b. fewer benefits. c. job security. d. deregulation. e. anti-diversification

Job security

"Mom-and-pops" are also known as _____ businesses. a. technical b. growth-minded c. scalable d. serial e. lifestyle

Lifestyle

Entrepreneurial ventures are responsible for job creation that is disproportionate to the net total new jobs created in the United States over the past 25 years. True or False?

True

Entrepreneurship can be found in some form in every country, in every age group, and (increasingly) in women as often as in men. a. True b. False

True