Entrepreneurship Midterm

Entrepreneurship

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

According to the text, which of the following is the least important when launching a company? a. Creating a business plan b. Connecting with customers c. Building a network d. Generating buzz

a. Creating a business plan

Which of the following is NOT a truth about entrepreneurship? a. Entrepreneurship is reserved for startups. b. Entrepreneurship can be taught, as it is a method that requires practice. c. Entrepreneurs collaborate more than they compete. d. Entrepreneurship is a life skill.

a. Entrepreneurship is reserved for startups.

During the______, everyone had a fairly equal chance of being an entrepreneur; inventors became more commonplace, producing new products and services alongside the merchants and industrialists. a. First Industrial Revolution (1776-1865) b. Second Industrial Revolution (1865-1920) c. Interwar and Postwar America (1920-1975) d. Knowledge Economy (1975- present)

a. First Industrial Revolution (1776-1865)

. Which of the following is true about effectual entrepreneurs? a. They focus on creating a future rather than predicting it b. They find markets rather than make them, c. They do not accept failure d. They rely on the initiative of stakeholders to fulfill their vision of the future

a. They focus on creating a future rather than predicting it

A temporary organization in search of a scalable business model is known as: a. a startup. b. a corporation. c. an LLC. d. an entrepreneur.

a. a startup.

Contemporary researchers focus on how entrepreneurs________ a. think and act b. develop a desire for achievement c. build a tolerance for uncertainty d. develop an affinity for taking risks

a. think and act

Which Founding Father is considered one of history's greatest entrepreneurs? a. Thomas Jefferson b. Benjamin Franklin c. George Washington d. Alexander Hamilton

b. Benjamin Franklin

______ are people who start several businesses, sometimes at the same time or sometimes one after the other. a. Social entrepreneurs b. Serial entrepreneurs c. High-risk entrepreneurs d. Low-risk entrepreneurs

b. Serial entrepreneurs

The media often cover the meteoric rise of entrepreneurs such as Bill Gates (Microsoft), Steve Jobs (Apple), Mark Zuckerberg (Facebook), Elon Musk (Tesla), and Travis Kalanick (Uber). According to the text, these stories: a. are inspirational but they do little to represent the reality of entrepreneurship. b. are highly relatable. c. have not captured the public imagination. d. are accurate depictions of the reality of entrepreneurship.

b. are highly relatable.

. According to the authors, what is the precursor to action? a. a business process b. the right mindset c. a business plan d. the acquisition of resources

b. the right mindset

Research revealed what percentage of Inc. 500 wrote formal business plans prior to launching their companies? a. More than 90% b. More than 75% c. Less than 50% d. Less than 10%

c. Less than 50%

17. What invention came to symbolize the ingenuity of Colonial America? a. The spinning jenny b. The telegraph c. The lightning rod d. The light bulb

c. The lightning rod

Successful entrepreneurs tend to follow this approach to collaboration: a. They do not collaborate and work in isolation b. They collaborate with potential customers, but not with competitors c. They collaborate with both potential customers and competitors d. They collaborate with competitors, but not with potential customers

c. They collaborate with both potential customers and competitors

Effectuation is the theory that: a. businesses should have a positive impact on people's lives. b. the effects of ideas can be studied over time. c. the future is unpredictable yet controllable. d. emotions can influence decision-making.

c. the future is unpredictable yet controllable.

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. a. Twelfth Amendment b. Declaration of Independence c. Sixteenth Amendment d. US Constitution

d. US Constitution

What factor(s) contributed to the golden age of entrepreneurship? a. improved transportation b. growth in the economy c. increase in population d. all of these

d. all of these

The risk component for entrepreneurs______. a. is unavoidable and entrepreneurship is ideal for extreme risk-takers b. can be reduced with a good business plan c. can be reduced with diversification d. can be managed with the cycle of act-learn-build

d. can be managed with the cycle of act-learn-build

The entrepreneurial method requires consistent practice so that ______ can be continuously developed and applied to future endeavors. a. a strong business plan b. education and application c. business processes d. knowledge and expertise

d. knowledge and expertise

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

entrepreneurship

micro loans

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