Chapter 1
a. True
A "gazelle" is a business establishment with at least 20 percent sales growth every year for five years. a. True b. False
a. true
During the past ten years, new business incorporations averaged nearly 600,000 per year. a. True b. False
b. False
Entrepreneurs always start their business at a young age. a. True b. False
c. unemployment
Entrepreneurs and gazelles have been credited with making disproportionate contributions to all but which of the following? a. economic renewal b. innovation c. unemployment d. job creation
a. True
Entrepreneurs are aggressive catalysts for change within the marketplace. a. True b. False
b. False
Entrepreneurs are born not made. a. True b. False
b. False
Entrepreneurs are high risk takers. a. True b. False
b. False
Gazelles are almost always high tech. a. True b. False
b. owners being more technical rather than entrepreneurial
Michael Gerber, the author of The E-Myth, explains that the failure of most small businesses is due to a. owners being more managerial rather than technical b. owners being more technical rather than entrepreneurial c. owners being more entrepreneurial rather than technical d. owners being more entrepreneurial rather than managerial
c. unique markets
Mountain gap strategies refer to: a. unique products b. unique resources c. unique markets d. unique locations
a. With every new venture launched, new and unintended opportunities arise.
The "corridor principle" is best described by which of the following statements? a. With every new venture launched, new and unintended opportunities arise. b. If at first you don't succeed, try, try, again. c. Being in the right place at the right time. d. Luck happens when preparation meets opportunity.
b. False
The "corridor principle" states that entrepreneurs often get stuck on one idea. a. True b. False
c. economic, cultural, and political
The displacement school of thought can be divided into which three groups? a. cultural, environmental, and financial b. environmental, financial, and economic c. economic, cultural, and political d. political, cultural, environmental
c. environmental, financial, and displacement
The macro view can be broken down into which three areas? a. financial/capital, strategic, and opportunity b. displacement, trait, and financial c. environmental, financial, and displacement d. entrepreneurial trait, opportunity, and strategic
a. True
The macro view of entrepreneurship includes external processes that are sometimes beyond the control of the entrepreneur. a. True b. False
d. external locus of control.
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.
b. venture opportunity theory, entrepreneurial, strategic
The micro view is divided into which three theories? a. entrepreneurial, financial, displacement b. venture opportunity theory, entrepreneurial, strategic c. environmental, financial, and displacement d. strategic, environmental, and opportunity
c. model the various factors that characterize the entrepreneurial process.
The process approach to entrepreneurship seeks to a. explain intrapreneurship. b. explain the process of obtaining patents. c. model the various factors that characterize the entrepreneurial process. d. explain the process of obtaining venture capital.
a. the corridor principle
The statement, "with every new venture launched, new and unintended opportunities often arise," would be associated with: a. the corridor principle b. the opportunity principle c. the Dilbert principle d. the entrepreneurial principle
d. to undertake
The word entrepreneur is derived from the French entreprendre, which is translated as a. to compete b. to apprehend c. to enter and dare d. to undertake
b. False
The word entrepreneur is derived from the Spanish word entreprendre, meaning "to undertake." a. True b. False
d. a lack of research about entrepreneurship
Throughout the years, many myths have arisen about entrepreneurship as a result of? a. a destructive attitude by government b. a lack of interest in the field c. a total disregard for the truth d. a lack of research about entrepreneurship
b. Entrepreneurs today are considered heroes.
Which of the following is not a common myth about entrepreneurs? a. Entrepreneurs are academic and social misfits. b. Entrepreneurs today are considered heroes. c. Entrepreneurs are doers, not thinkers. d. All you need is money to be an entrepreneur.
a. a business with at least 20 percent growth every year
Which of the following statements best describes a "gazelle?" a. a business with at least 20 percent growth every year b. a business with no sales growth c. an inventor who turned business person d. a business that has acquired numerous firms
c. Entrepreneurship is the ability to create and build a vision from practically nothing.
Which of the following statements is true? a. Entrepreneurship is simply obtaining financing and starting a business. b. Entrepreneurship has nothing to do with creating incremental wealth. c. Entrepreneurship is the ability to create and build a vision from practically nothing. d. Entrepreneurship is pure luck.
