Chapter 1 - Entrepreneurship: Evolutionary Development: Revolutionary Impact

Entrepreneurship is a dynamic process of a. vision, change, and creation. b. sincerity, ruthlessness, and aggression c. persistence, passion, and empathy. d. morality, grace, and compassion

a. vision, change, and creation.

Researchers Kuratko and Morris coined this phrase to describe the tenacity needed to be an entrepreneurial leader. a. "smoke on the water" b. "fire in a bottle" c. "poetry in motion" d. "time in a bottle"

b. "fire in a bottle"

Which of one the following characteristics best describes a small business? a. Engage in innovative practices b. Independently owned and operated c. Usually seek immediate profits d. Usually seek aggressive growth

b. Independently owned and operated

According to the chapter content, what is the significance of entrepreneurship in the twenty-first century? a. It plays a minor role compared to the Industrial Revolution of the twentieth century. b. It is crucial for economic growth, job creation, innovation, and the formation of new industries. c. It primarily focuses on environmental and social concerns rather than economic growth. d. It has become irrelevant due to the impact of the COVID-19 pandemic.

b. It is crucial for economic growth, job creation, innovation, and the formation of new industries.

According to Robert C. Ronstadt, entrepreneurship is the process of creating a needed product or service. What is essential for that product or service? a. It must be unique. b. It must be infused with value. c. It must be new. d. It must be innovative.

b. It must be infused with value.

Which statement best describes recent research on corporate entrepreneurship? a. The global entrepreneurial movement is decreasing. b. The need for an entrepreneurial mindset among employees has gained acceptance. c. Entrepreneurial education is on the decline. d. There is a new generation of entrepreneurs who want to solve global problems.

b. The need for an entrepreneurial mindset among employees has gained acceptance.

Which of the following statements best describes the "corridor principle"? a. Luck happens when preparation meets opportunity. b. With every new venture launched, new and unintended opportunities arise. c. Being in the right place at the right time. d. If at first you don't succeed, try, try, again.

b. With every new venture launched, new and unintended opportunities arise.

Which of the following best describes a "unicorn" in venture terminology? a. a venture achieving $10 billion valuation b. a venture with a $1 billion market value c. a venture with a $1 million market value d. a venture achieving $100,000 market valuation

b. a venture with a $1 billion market value

Herve Da Costa left the United States and the corporate world as he felt that, despite his experience, his ethnicity was seen before his talents. This is an example of the ________. a. micro view of entrepreneurship b. displacement school of thought c. environmental school of thought d. financial/capital school of thought

b. displacement school of thought

Entrepreneurs from underrepresented groups may benefit from a strong _______ as they need to realize that an array of factors beyond their control contribute to their venture's success or failure. a. better widget strategy b. external locus of control c. great chef strategy d. internal locus of control

b. external locus of control

When Herve Da Costa opened his own business, he was able to build an organization based on his unique skills and talents. In this situation, he was taking advantage of which of the unique elements of strategic formulation? a. unique people b. unique markets c. unique resources d. unique products

b. unique markets

Which of the following accurately describes an entrepreneur? a. They do not engage in many new or innovative practices. b. They are not dominant in their fields. c. Their principal objectives are innovation, profitability, and growth. d. They manage their businesses by expecting stable sales, profits, and growth.

c. Their principal objectives are innovation, profitability, and growth.

Which of the following statements best describes a "gazelle"? a. an inventor turned businessperson b. a business that has acquired numerous firms c. a business with at least 20 percent growth every year d. a business with no sales growth

c. a business with at least 20 percent growth every year

Throughout the years, many myths have arisen about entrepreneurship as a result of a. a lack of interest in the field. b. a total disregard for the truth. c. a lack of research about entrepreneurship. d. a destructive attitude by government.

c. a lack of research about entrepreneurship.

If a working mother decides to become an entrepreneur to have more independence and focus on having a higher quality of life, she would represent ________. a. niche entrepreneurs b. nascent entrepreneurs c. artisan entrepreneurs d. home-based entrepreneurs

c. artisan entrepreneurs

After Kai started their business, they decided to commit to hiring members from underrepresented groups. Although this was not why Kai got into business, this new and unintended outcome of launching their business became part of the company's mission. This is an example of the ________. a. framework of frameworks b. displacement school of thought c. corridor principle d. environmental school of thought

c. corridor principle

Which of the following process approach to entrepreneurship incorporates an array of individual, organizational, and environmental elements in determining a venture's ability to survive? a. framework of frameworks approach b. integrative approach c. dynamic states model d. growth approach

c. dynamic states model

When considering the entrepreneurial process, which of the following statements characterizes the entrepreneurial mindset? a. Try to be the smartest on my team. b. Mistakes must be avoided. c. Avoiding risks is security. d. Mistakes help me learn.

d. Mistakes help me learn.

Which of the following best describes the role of entrepreneurs in opportunity recognition? a. They have a heightened intuition that allows them to predict future trends. b. They rely solely on luck and chance to stumble upon opportunities. c. They depend on external sources to provide them with ready-made business ideas. d. They use systematic analysis and evaluation to identify potential opportunities.

d. They use systematic analysis and evaluation to identify potential opportunities.

This trajectory of entrepreneurship increasingly expects students to build experience portfolios throughout their studies in entrepreneurship. a. Trajectory 1: Why teach entrepreneurship: a clear purpose. b. Trajectory 4: Organizing entrepreneurship: the structure. c. Trajectory 2: What is taught in entrepreneurship: the content. d. Trajectory 3: How is entrepreneurship taught: the delivery mechanism.

d. Trajectory 3: How is entrepreneurship taught: the delivery mechanism.

The displacement school of thought can be divided into which three groups? a. political, cultural, environmental b. cultural, environmental, and financial c. environmental, financial, and economic d. economic, cultural, and political

d. economic, cultural, and political

The macro view of entrepreneurship presents factors exhibiting a strong a. contemporary locus of control. b. internal locus of control. c. environmental locus of control. d. external locus of control.

d. external locus of control.

This major theme in entrepreneurial research focuses on a new generation of entrepreneurs who seek innovative solutions to world problems. a. corporate entrepreneurship b. venture financing c. entrepreneurial cognition d. social entrepreneurship

d. social entrepreneurship

The word entrepreneur is derived from the French entreprendre, which is translated as a. to compete. b. to enter and dare. c. to apprehend. d. to undertake.

d. to undertake.

According to the BNP Paribas Entrepreneur Report, this group of entrepreneurs is under the age of 35 and defines their success in terms of the positive social impact generated by their business. a. Millenialpreneurs b. Ultrapreneurs c. Serialpreneurs d. Boomerpreneurs

a. Millenialpreneurs

Which of the following would NOT be considered one of the six major future trajectories of the entrepreneurship discipline from researchers Donald F. Kuratko and Michael H. Morris? a. Selecting Entrepreneurship Students—The Audience b. How Entrepreneurship Is Taught—The Delivery Mechanism c. Organizing Entrepreneurship—The Structure d. Why Teach Entrepreneurship—A Clear Purpose

a. Selecting Entrepreneurship Students—The Audience

Entrepreneurs and gazelles have been credited with making disproportionate contributions to which of the following? a. innovation b. mindfulness c. compassion d. global warming

a. innovation