entr exam 1

Which factor below would have the least influence on someone with an external locus of control Choice Fate Luck Leaders

Choice

Which demonstrates an entrepreneurial mindset What we have done in the past is all we can do Believing in handed down ideas: It takes money to make money Doing what everyone else is doing Choosing to be around positive mentors, friends, and family

Choosing to be around positive mentors, friends, and family

All of the following are part of Brian Scudamore's self-directed learning curriculum, except: Getting a high school diploma Going to entrepreneurship conferences Meeting people and asking them a lot of questions Reading books, magazines and articles

Getting a high school diploma

What activity did Keith Kokal do on the job that led him to discover his first business He listened to customers about their problems with their car He rented a garage so he didn't have to fix cars outside He waited until he was 16 and could get a driver's license He was very polite when he sold parts to customers

He listened to customers about their problems with their car

Which of the following statements would be most likely made by a problem solver I ask permission before i take initiative I know that each problem has one correct solution I am always trying to find a better way to do things I take care of only my job

I am always trying to find a better way to do things

Which of the following describes a typical small business Has funding from venture capitalists Is advised by industry experts Is run by experienced managers Identifies problems and pursues uncertain opportunities

Identifies problems and pursues uncertain opportunities

Which of the following best describes synergy for lifelong learning Intrinsic and extrinsic motivation Knowledge and effort Problems and solutions Loans and investments

Knowledge and effort

Which of the following is the best description of an inventor Genius Scientist Business Owner Problem- Solver

Problem- Solver

Rodney Walker said all the following are both entrepreneurial & beneficial to students, except: Don't leave questions unanswered Find shortcuts to complicated avenues Wait until the last minute to accomplish something Take initiative in your life

Wait until the last minute to accomplish something

When searching for knowledge to develop ideas, all the questions below are useful, except What problem am I solving? Why should I ask questions if I already know what to do? What similar solutions are available? Why will people buy my solution?

Why should I ask questions if I already know what to do?

Our environment and the collective mindset of others has very little influence over our choices. true or false

false

All of the following are ways to fund your way into business through bootstrapping, except: Bank loan Personal savings Customers Friends and family

Bank loan

The barrier of lack of experience can be overcome in all the following ways, except: Surrounding yourself with others who want the same things Testing unproven assumptions in the real world Learning by doing Being afraid to try new things.

Being afraid to try new things.

All of the outcomes below are key benefits of pursuing knowledge, except: Continuation of old habits Identified solutions Exposed opportunities Reduction of uncertainity

Continuation of old habits

Which is the most powerful proof of a successful business concept Customers actually buying the product or service Carefully written business plan Large amount of start-up money Owner has an MBA from a prestigious university

Customers actually buying the product or service

What is an illustration of a driver responding rather than reacting to being cut off in traffic 20 sec Blowing the horn Cursing at the other driver Deciding it was an honest mistake Feeling intense rage

Deciding it was an honest mistake

All of the following describe a reaction, except: Bypasses ability to choose Feels automatic Deliberate analysis and reflection Is impulsive

Deliberate analysis and reflection

What problem did Uncle Cleve solve Everyone needed ice Everyone needed coal Everyone needed cotton Everyone needed a repairman

Everyone needed ice

Coming up with a good idea is more important than your abilities as an entrepreneur False True

False

Which of the following characterizes a fixed mindset Resilience and success is possible in the face of obstacles Abilities can be developed through dedication and hard work Learning will pay-off in the form of personal growth Intelligence and talents cannot be changed

Intelligence and talents cannot be changed

Those with an internal locus of control believe they can control what aspect of their lives Their boss' behavior The score of their favorite sports team The weather Their area of focus

Their area of focus

Inexperience can be an advantage for entrepreneurs True False

True

Which of the following most accurately represents a vision? A blueprint A destination A reaction A road map

a destination

A vision can provide all of the following except: Challenge Distraction Focus Purpose

distraction

"Proof of concept" refers to the ability to convince others of a good idea true false

false

Entrepreneurs tend to be high stakes gamblers who are willing to bet everything on their ideas True false

false

Entrepreneurship often discourage students form pursuing a formal education True False

false

Most new businesses require bank financing or venture capital investors true false

false

Starting a business should only be attempted by those who are unemployed or not in school True False

false

The view that formal education is a one-time experience is an example of which mindset Entrepreneurial Growth Fixed Strategic

fixed

A reaction is often experienced as an impulse rather than a conscious choice. true or false

true

By creating a vision we are exercising our power to choose False True

true

Fear is an "internal barrier" that stops many would be entrepreneurs from acting on idea True False

true

Informal learning often becomes a lifelong process for an entrepreneur True False

true

Knowledge is..... A life-long process Hard to access A one-time event Not readily available

A life-long process

Problem solving is all of the following except: Essential to entrepreneur ability to recognize opportunities A skill that can be exercised and developed A skill a person either has or doesn't have Opportunities in disguise

A skill a person either has or doesn't have

Which of the following statements is true of extrinsic motivation Being driven by a paycheck, grades, threat of punishment Being driven by an internal locus of control Being driven by interest in and enjoyment of work itself Being motivated by one's ability to make a difference

Being driven by a paycheck, grades, threat of punishment

Which describes exercising the power of choice, rather than the power of circumstances Being proactive and taking responsibility for our lives Blaming others for our reactions Effortlessly continuing old habits Seeing ourselves as victims

Being proactive and taking responsibility for our lives

Most businesses create success through all of the following, except.. Introducing a breakthrough technology Offering reliable solutions Offering simple solutions Solving everyday problems

Introducing a breakthrough technology

What type of advantage did Uncle Cleve have over others in his community? Financial Intellectual Political Mindset

Mindset

What is the definition of bootstrapping Pursuing opportunity with a bank loan or outside investment Giving someone the boot from a job Pursuing an opportunity with little or no money Working hard with the hope of eventually succeeding

Pursuing opportunity with little or no money

Which is not a fatal assumption that can put a business at risk Entrepreneurs are gamblers who place big bets Creating a solution for oneself Expecting bushiness ownership will be easy Seeing things from customer's point of view (outside in)

Seeing things from customer's point of view (outside in)

Which is the most effective way to make time in your busy schedule to work on your business Drop out of school Quit your job Set priorities and invest your spare time wisely Distract yourself with TV, games and social networking

Set priorities and invest your spare time wisely

A "ready, fire, aim" approach has which of the following characteristics Tests ideas in the real world, then reflects on next steps Prioritizes lots of research before deciding what to do Crafts vision & mission statements to set direction Writes a complete and thorough plan before acting

Tests ideas in the real world, then reflects on next steps

Which of the following is most important to succeed in business A get rich scheme A new idea An idea so good it has no competition The entrepreneurial ability to implement an opportunity

The entrepreneurial ability to implement an opportunity

Which of the following is true about barriers to entry They are all in your mind They are too great to be overcome They may be challenged with knowledge and effort They are welcome to new ideas and strategies

They may be challenged with knowledge and effort

Uncle Cleve chose to focus his time on __________________________________. Gaining the approval of others Things he could not change Things he could change His own needs

Things he could change

What is the greatest lesson Uncle Cleve left behind that ultimately determines our life outcome A lack of money The choices we make Fate Our personal beliefs

the choices we make

Knowledge alone is the engine that drives an entrepreneur true false

true

Rather than planning, entrepreneurs often find new opportunities once in business True False

true

Those with an external locus of control believe that outside factors will determine their lives. true or false

true

Too much planning can blind us to unforeseen opportunities True False

true

From within one's environment, all of the factors below can influence an individual except... Abusive or traumatizing people Willingness to try Collective mindset Cultural norms

willingness to try

All of the following are possible barriers to entry, except: A high quality product that beats competitors Government regulations and specialized permits Intellectual property or trade secrets Lack of access to money and equipment

A high quality product that beats competitors