Entrepreneurship

What are examples of entrepreneurship education that are driving growth? (Select all that apply.)

-Students are connecting with business ideas. -More colleges are teaching entrepreneurship through classes and clinics.

Social entrepreneurs only start nonprofits.

False

Which of the following best describes an entrepreneurial mindset?

desiring to take business risk for growth

What element(s) of potential success are crucial beyond simply having an entrepreneurial mindset?

funding and education

What is institutional venture capital?

group of people pooling money to invest in ventures

Uber, Lyft, and DoorDash are examples of which type of economy?

shared economy

What type of training can one receive from business organizations? (Select all that apply.)

-business coaches/counselors -business launch training -business mentoring

Which of the following is one advantage of a PEST analysis over a SWOT analysis?

A PEST analysis includes consideration of political and economic factors.

How is a serial entrepreneur different than a social entrepreneur?

A serial entrepreneur is someone who starts multiple entrepreneurial ventures, while a social entrepreneur is someone who focuses on solving a problem.

A business plan does not need an executive summary since the other analysis and information are very detailed.

False

Bartering is a type of business plan.

False

Because of the stress of starting a business, entrepreneurs tend to have shorter life expectancies.

False

Business launches should occur before the target market is identified

False

Entrepreneurs launch only for-profit ventures.

False

Freelancing is the same as consulting.

False

When a venture grows, less money is typically needed as early funding will yield greater profitability returns.

False

Which of the following is an example of an entrepreneur?

Innovator

What are the correct steps of the entrepreneurial journey?

Inspiration, Preparation, Assessment, Exploring Resources, Business Plan, Navigation, Launch

Which answer least describes the entrepreneurial aspect of Starbucks?

Its founder wanted to establish an American coffee empire.

US Census data can help aspiring entrepreneurs know if they need to provide products and services to their markets in multiple languages.

TRUE

A competitive analysis provides information about how competitors market their products and services.

True

Which places may not be appropriate for a trial run of a new venture?

VC/PE events

Which of the following is an example of a lifestyle venture?

Wander Girls

Which factor does not influence entrepreneurial activity?

bank funding

Which is not a contributing factor to the desire to become an entrepreneur?

certainty of employment and income

How can you adapt your venture to track reactions and make improvements? (Select all that apply.)

change the price change the sales pitch change the packaging

Which type of analysis uses a grid to compare the all the vendors that provide the same product or service in an area?

competitive analysis

Which of the following is not an example of a social-environmental entrepreneurial problem?

concern for government funding

What is not a reason, according to FreshBooks' second annual Self Employment Report, that there will be an increase in US employees leaving traditional work in favor of self-employment?

control over office attire

All of the following except ________ describe entrepreneurs.

corporate sponsors

Which of the following is not a reason for the downward slide in the number of employees working for self-employed businesses?

desire over control of one's career

Which of the following is data that an entrepreneur can derive from demographics research?

ethnicity

Which is not a factor that makes a location one of the 50 Best Places in America for Starting a Business?

federal government funding

In 1998, The U.S. Department of Justice and twenty state attorney generals sued Microsoft. They accused Microsoft of illegally protecting the monopoly it had on its operating system and attempting to prevent competition to its browser, Internet Explorer. Microsoft lost the case. What was eliminated as a result?

kill zone

Which of the following combinations creates the greatest entrepreneurial opportunity?

low supply, high demand

Which is the most pragmatic way to plan a venture?

pursuing an existing franchise license

What is the most important aspect of the preparation step?

research and gathering knowledge

Which of the following is a reason to avoid considering tax incentives as a permanent pillar of a value proposition or business model?

short duration

In order to determine if it is the right time to start a new business, aspiring entrepreneurs must consider the existence of which of the following criteria?

significant market demand, significant market size, and significant resources

Which of the following is a way that you can put your strengths to work?

thinking about achievements you have accomplished

Which of the following is an example of due diligence performed by an entrepreneur?

understanding the process of starting and funding the venture

Which of the following are not examples of the gig economy?

working as in-house catering at a restaurant

What are the most pertinent considerations one should make before joining the gig economy? (Select all that apply.)

-Analyze the financial implication. -Make sure you are goal oriented.

Which countries take the lead in entrepreneurial activity? (Select all that apply.)

-Luxembourg -India

What are the commonalities between an angel investor and a venture capitalist? (Select all that apply.)

-They both have an interest in helping other entrepreneurs in their startups. -They both have funding and a focus on lending money.

Which of the following are ways that you can fund your business? (Select all that apply.)

-borrow money from savings -take a loan from a bank

What systems discourage people from coming forward with entrepreneurial ideas? (Select all that apply.)

-bureaucratic prevention of access to information -corruption within an economy

According to David Pridham of Dominion Harbor Group, intellectual property accounted for _____ percent of the total gross domestic product (GDP) in the United States in 2020.

38.2

During World War II, the U.S. military used plastics in weapons and motor vehicles. Following the war, plastics manufacturers began to produce products that consumers could use in their homes. This is most closely related to which step in Schumpeter's progression for finding new business opportunities?

Develop a new market for an existing product.

Immigrants are half as likely to start a business as native-born Americans

False

In considering entrepreneurial opportunities, feasibility means that the new product or service can be produced.

False

In order for entrepreneurial innovation to be successful, it must maintain the social and economic status quo.

False

Information gained from a SWOT analysis can be used in a PEST analysis.

False

Innovators make something new or see a problem that other people have not noticed.

False

Most theorists believe there is only one definition of entrepreneurial success, which is to make money.

False

Outside of the United States, there are few entrepreneurial ventures.

False

The number of self-employed persons has been dropping since 2016.

False

The number of women-owned businesses increased two times faster than the national average between 2000 and 2020.

False

The text advises entrepreneurs to perform a SWOT analysis before doing a three circles analysis or a competitive analysis grid.

False

A soft launch is the same as a soft open

True

An example of the design thinking process is how DoSomething.org came about.

True

An opportunity-identifying perspective determines how a problem can be translated into a new opportunity to create a new venture.

True

Entrepreneurs who focus both on beta testing and market research for their products are more likely to succeed.

True

Late-stage entrepreneurial failures rates are similar to those of early-stage startups, often due to never achieving traction or growing too quickly.

True

Most entrepreneurial opportunities come from recognizing a problem and trying to solve it.

True

PRIZM data can show entrepreneurs specific lifestyle traits of a population within a certain zip code. Group of answer choices

True

Primary sources include published research from questionnaires.

True

The Burt's Bees product line grew from an idea for a lifestyle entrepreneurial venture into a major company.

True

Which of the following are venture types that allow an entrepreneur to pursue their mission or vision?

a nonprofit social enterprise for the environment

Which of the following is an example of a gig economy worker?

a woman who researches and writes an article for a magazine

Why is the United States a country that "grows" successful entrepreneurs?

because there are few prescribed conformity traditions

Patel is conducting research in his target market to see if the product he designed delivers different benefits than those of his nearest competitor. He is most likely trying to determine whether his product has a _____.

competitive advantage

According to David Pridham of Dominion Harbor Group, the growth in this type of worker has contributed to the excellent conditions for startups and small businesses in the current decade.

freelance

Which of the following describes the process by which entrepreneurs evaluate product ideas, strategies, and marketing trends?

opportunity screening