Quiz 1 : Entrepreneurship

Entrepreneurs are thrill seeking doers and rarely think things through or research before getting started. True False

False

Most entrepreneurial initiatives fail. True False

False

Only people who are weird and or social outcasts are crazy enough and or smart enough to be entrepreneurial. True False

False

People born with the right traits and who find themselves in optimal circumstances will become entrepreneurs and those that don't will be their employees. True False

False

The 1 common trait that all successful entrepreneurs have is that they had access to money prior to and during their new venture creation. True False

False

The 1 common trait that all successful entrepreneurs have is that they were in the right place at the right time. True False

False

Unstructured and chaotic is the norm for entrepreneurs. True False

False

The decision to accept entrepreneurial motivation comes from one's a. Family b. All of the selections are correct c. Goals d. Education

Goals

According to Mark Cuban, most entrepreneurial initiatives fail because of lack of effort. True False

True

Which of the following is not a characteristic of the Entrepreneurial Mindset? a. External Locus of Control b. High Energy Level c. Initiative and Responsibility d. Creativity and Innovativeness

a. External Locus of Control

The statistical analysis of entrepreneurship has 3 classifications of economic development. Which one relies on labor & natural resources? a. Factor-driven b. Efficiency-driven c. Innovation-driven

a. Factor-driven

An entrepreneur that has a portfolio of opportunities in various stages of development? a. Serial Entrepreneur b. Gazelle c. Corporate Entrepreneur d. Social Entrepreneur

a. Serial Entrepreneur

Which of the following is not a risk of entrepreneurship? a. The entrepreneur is required to risk their physical health. b. The entrepreneur is required to risk family and social time. c. The entrepreneur is required to risk equity. d. The entrepreneur is required to risk their career.

a. The entrepreneur is required to risk their physical health.

Entrepreneur is derived from the French entreprendre meaning to: a. Undertake b. Erect c. Engage d. Enter

a. Undertake

Frank Knight defined an entrepreneur as: a. Willing to bear uncertainty by using personal judgment & by using calculated probabilities to minimize uncertain results. b. Supplier of commodities; provider of innovation & progress; seeks opportunities to minimize costs of risk to gain profits c. The sole risk taker that buys at a certain price, sells at an uncertain price for potential gain d. The sole occupation to apply knowledge to the creation of a product for human consumption

a. Willing to bear uncertainty by using personal judgment & by using calculated probabilities to minimize uncertain results.

Which of the following believed that the function of an entrepreneur was to be the supplier of commodities? a. Jean-Baptiste Say b. Alfred Marshall c. Richard Cantillon d. Frank Knight

b. Alfred Marshall

The entrepreneurial motivations of individuals usually relate to which of the following factors? a. The entrepreneur b. All of the options c. The environment d. The venture

b. All of the options

Which of the following is incorrect: a. Small business owners manage their businesses by expecting stable sales, profits, and growth b. Entrepreneurs manage their businesses by expecting stable sales, profits, and growth c. Entrepreneurs focus their efforts on innovation, high profitability and sustainable growth

b. Entrepreneurs manage their businesses by expecting stable sales, profits, and growth

Failure is necessary for all of the following reasons except: a. Failure reinforces the need for risk taking b. Failure restricts your ability to think c. Studying past failure is a good tactic d. Success breeds complacency

b. Failure restricts your ability to think

Focusing on a particular loss to explain why the loss occurred is referred to as: a. The dark side b. Loss orientation c. Failure d. Restoration orientation

b. Loss orientation

Which of the following is not one of the stages of grief? a. Depression b. Mental instability c. Denial d. Anger

b. Mental instability

Which of the following believed that the entrepreneur was the sole risk taker? a. Frank Knight b. Richard Cantillon c. Alfred Marshall d. Jean-Baptiste Say

b. Richard Cantillon

Frank Knight believed all of the following except a. The entrepreneur has a willingness to bear real uncertainty b. The entrepreneur buys at a certain price, and sells at an uncertain price for potential profit c. The entrepreneur is not a risk taker d. The entrepreneur uses personal judgment and control of resources to weigh probabilities of risk and success

b. The entrepreneur buys at a certain price, and sells at an uncertain price for potential profit

Jean Baptiste Say defined an entrepreneur as: a. Not being a risk taker, but willing to bear uncertainty; uses personal judgment & control to weight probability of risk vs. success; believes success comes from luck b. The sole occupation to apply knowledge to the creation of a product for human consumption c. The sole risk taker that buys at a certain price, sells at an uncertain price for potential gain d. Supplier of commodities; provider of innovation & progress; seeks opportunities to minimize costs of risk to gain profits

b. The sole occupation to apply knowledge to the creation of a product for human consumption

The causal process is when entrepreneurs: a. The ability to recognize & analyze new product, methods and markets b. Are means-driven, risk averse using a circular process c. Act in a rational manner with planned risk taking; start with a desired outcome and use a linear process d. Have the ability to effectively & appropriately change decision policies

c. Act in a rational manner with planned risk taking; start with a desired outcome and use a linear process

Which of the following is not a reason for exceptional entrepreneurial activity in the United States? a. U.S. leadership in entrepreneurship education at both the undergraduate and graduate level b. A national culture that supports risk taking and seeking opportunities c. America's willingness to exploit third world nations and anyone else weaker than us. d. A high percentage of individuals with professional, technological or business degrees who are likely to become entrepreneurs

c. America's willingness to exploit third world nations and anyone else weaker than us.

Entrepreneurs themselves perceive the concept of risk in which of the following ways? a. Gambling risk b. Distorted risk taking c. Calculated risk taking d. Social risk

c. Calculated risk taking

The statistical analysis of entrepreneurship has 3 classifications of economic development. Which one relies on industrialization & economies of scale? a. Factor-driven b. Innovation-driven c. Efficiency-driven

c. Efficiency-driven

Which of the following are not a step in the venture creation process? a. Emergence of the opportunity b. Emergence of the venture c. Emergence of the idea d. Emergence of the entrepreneur

c. Emergence of the idea

Which of the following is not a characteristic of a Fixed Mindset? a. I can't change my intelligence. b. I can't change my talents. c. I can develop my qualities through dedication and effort. d. There is nothing I can do about what's happening or going to happen.

c. I can develop my qualities through dedication and effort.

The statistical analysis of entrepreneurship has 3 classifications of economic development. Which one relies on knowledge an innovation driven by an expanding service sector need? a. Factor-driven b. Efficiency-driven c. Innovation-driven

c. Innovation-driven

Which of the following is not a characteristic of an entrepreneurial environment? a. Appropriate reward system. b. Failure allowed. c. Short term outlook.

c. Short term outlook.

Which of the following is not a characteristic of small business owners? a. There is medium to low risk in the business b. There is rarely innovation in the business c. Wealth creation is rapid d. Business replaces traditional wages

c. Wealth creation is rapid

With psychic risk entrepreneurs ______________ a. fear losing money b. fear losing their sanity c. fear failure and thus over compensate for it or succumb to negative thoughts and feelings. d. fear adapting

c. fear failure and thus over compensate for it or succumb to negative thoughts and feelings.

You are nervously anticipating the first quiz in your entrepreneurship class and are waiting outside of the classroom for the class scheduled before yours to exit. As the students begin to leave, you see a student crying and being comforted by another as they walk out. An overwhelming feeling of doom comes over you as take your seat. The metacognitive process that you just experienced is called _________. a. judging b. associating facts with outcomes c. framing d. freaking yourself out

c. framing

Gazelle start-up businesses in the past decade have approached nearly ______ per year. a. 150,000 b. 500,000 c. 650,000 d. 600,000

d. 600,000

Entrepreneurial motivation requires persistence. Which of the following is not a way that one stays persistent? a. Desire for Independence b. Desire for self-fulfillment c. Desire for creative control d. Desire to take from society

d. Desire to take from society

Based on the latest GEM study, the United States outranks the rest of the world in what? a. Gross national product b. Manufacturing c. Debt d. Important entrepreneurial support.

d. Important entrepreneurial support.

Prior to 1700, business ventures of any magnitude were funded by all of the following except: a. The Church b. The Monarchy c. The Ruling Class d. Private investors

d. Private investors

Richard Cantillon defined an entrepreneur as: a. Not being a risk taker, but willing to bear uncertainty; uses personal judgment & control to weight probability of risk vs. success; believes success comes from luck b. Supplier of commodities; provider of innovation & progress; seeks opportunities to minimize costs of risk to gain profits c. The sole occupation to apply knowledge to the creation of a product for human consumption d. The sole risk taker that buys at a certain price, sells at an uncertain price for potential gain

d. The sole risk taker that buys at a certain price, sells at an uncertain price for potential gain