ENTR 321 - Quiz 1

Kuratko talks a great deal about the role of "entrepreneurial cognition" in understanding who entrepreneurs are and the characteristics that are associated with their mind-sets. When we refer to "entrepreneurial cognition", to which three (3) of the following are we referring?

- The mental states of entrepreneurs - The mental processes of entrepreneurs - The mental functions of entrepreneurs

Historically, the accounting framework that has been most commonly adopted in business has been the "bottom-line" framework, which has focused on creating positive profits, returns on investment (ROI), and shareholder value. Recently, the shared value approach has come to adopt a new framework, referred to as the "triple-bottom-line" framework, or TBL. While economic performance was thought previously to be the ultimate metric of business success, environmental performance and social performance have now also been added as critical for creating economic value.

- economic performance - environmental performance - social performance

There's much to be said about the interchangeability of the designations "entrepreneur" and "small-business owner". While both may own and run a business, there are a few objectives that accompany being an entrepreneur that are not necessities for small-business owners. Which of the following is not an objective of entrepreneurs that sets them apart from small business owners?

A focus on effective management

A number of elements often interset to create what we refer to as "entrepreneurial motivation", or an individual's decision to behave entrepreneurially. Which of the following is a factor that has been shown to significantly impact these motivations in individuals?

All of the above

The macro view of entrepreneurship focuses heavily on attributing the success (or failure) of entrepreneurs on what we refer to as an "external locus of control" point of view. Such schools of thought include environmental (i.e., lifestyle factors impact potential entrepreneurs), financial/capital (i.e., funding/capital primarily affect entrepreneurs), and displacement (i.e., political, cultural, or economic institutions launch individuals into entrepreneurship).

Entrepreneurial success depends mostly on outside factors beyond our control.

The micro view of entrepreneurship focuses heavily on attributing the success (or failure) of entrepreneurs on what we refer to as an "internal locus of control" point of view. Such schools of thought include entrepreneurial traits (i.e., entrepreneurs largely exhibit similar characteristics), venture opportunity (i.e., entrepreneurs must have creative market awareness), and strategic formulation (i.e., proper planning processes make for successful ventures).

Entrepreneurial success is largely the result of factors within an individual's control.

We began the semester by discussing a number of common myths about entrepreneurs and entrepreneurship. Which of the following was not a myth debunked by Kuratko in his text?

Entrepreneurs need more than money to succeed

It is often suggested that the United States is a leader in entrepreneurship due to a number of cultural elements found within the country (with an estimated 25 million Americans starting or running new business ventures within the last five years). To which of the following cultural elements do we not commonly attribute the strength and popularity of entrepreneurship in the United States?

Low communality

Social entrepreneurship is a new form of entrepreneurship that exhibits characteristics of nonprofits, government, and businesses all in a single entrepreneurial venture. It is generally agreed that specific boundaries exist as to what this term refers. Since it is generally agreed that social entrepreneurship is driven by social goals and the desire to benefit society, it can be hard to say that some for-profit ventures don't exhibit characteristics of social entrepreneurship. True or False: Since some for-profit organizations also accomplish social goals, the best way to view social entrepreneurship is along a continuum, not as a dichotomy of "for-profit vs. social" ventures.

True

As we've explored, the entrepreneurial experience is riddled with significant struggles that can include dealing with personal stress, assuming significant risks, and managing an inflated (or deflated) ego. Which of the following is not an egocentric characteristic often viewed as a common pitfall for many entrepreneurs?

Viewing their "number of failures" as a badge of honor