ETP Ch 1
The ability to effectively execute a business idea means developing a ______.
Business model
What feature included in each chapter of the text describes how entrepreneurs collaborate with others to achieve their objectives?
Partnering for success
Which motivating factor is typically secondary to the other motivators behind launching an entrepreneurial firm?
Pursuing financial rewards
Identify the common myth about entrepreneurship in this list.
Entrepreneurs are born, not made
A myth about entrepreneurs is that they are usually ___________.
Gamblers
In terms of the percentage of people choosing an entrepreneurial path, the ______ demographic is an area of concern for growth.
Millenial
The truth is that entrepreneurs are usually ___________.
Moderate risk takers
Entrepreneurial firms are typically ____ innovators.
Proactive
Which of the following is one of the primary reasons that people become entrepreneurs and start their own firms?
To be their own boss
A(n) _____ creates something new.
Inventor
A _______ would be an example of a salary-substitute start-up firm.
50's diner restaurant
Entrepreneurial firms __________.
Bring new products and services to market
A firm's ____ is its plan or recipe for how it creates, delivers, and captures value for its stakeholders.
Business model
Most entrepreneural firms are not _________.
Conservative
____ led to a number of senior entrepreneurs.
Corporate downsizing
Established firms with an orientation toward acting entrepreneurially practice _______.
Corporate entrepreneurship
Which of the following is NOT a primary characteristic of successful entrepreneurs?
Lack of persistence
Over the past nine years, the number of ______-owned businesses has grown at a rate five times faster than the national average.
Women
The millennial demographic of entrepreneurs is _________.
facing obstacles preventing them from acting on their entrepreneurial desires
Women-owned businesses in the United States generated over ____ in revenues in 2016.
$1.6 trillion
What percentage of jobs created in 2014 came from firms with less than 500 employees?
67%
What is not a primary characteristic of a successful entrepreneur?
Ability to obtain funding
Which is not one of the five primary reasons passion is important to start a entrepreneurial firm?
Ability to quit when times are rough
Usually, a(n) _____ prompts an individual to become an entrepreneur.
Triggering event
3M, a company with more than $30 billion in revenues in 2016, encourages its employees to constantly look for business opportunities in terms of future goods and services. What 3M is doing is called _____.
Corporate entrepreneurship
The process of developing new products and technologies that over time make current products and technologies obsolete is called ______.
Creative destruction
Which of the following is not an "employability skill" that is critical to personal success within organizational settings?
Creative obstruction
In a class project, Leah Jones, showed her group her ability to evaluate various potential opportunities to determine if any of them could become viable businesses. The skill that Leah has is________.
Critical thinking
What is the first step of the entrepreneurial process?
Deciding to become an entrepreneur
_____________ is an entrepreneur's ability to fashion a solid idea into a viable business.
Execution intelligence
Women-owned businesses have grown at a rate ______ the national average over the past nine years.
Five times faster than
Suzie is not big on innovation. She opened up a bed and breakfast in the area that she grew up in. She does not have plans for expanding quickly. The type of business Suzie owns can best be described as a _________ firm.
Lifestyle
A bed and breakfast is an example of a(n) ______.
Lifestyle firm
_______ is rarely the primary motivation behind starting an entrepreneurial firm.
Money
The process of creative destruction can include ____.
New pricing
____________ is not a common characteristic of entrepreneurs.
Pessimism
A dry-cleaning business is an example of a(n) ______.
Salary-substitute firm
Studies show that people with parents who were ________ are more likely to become entrepreneurs.
Self-employed
Which one of the following is NOT a common trait and characteristic of an entrepreneur?
Short attention span
Which of the following is an example of a product/customer focus?
Steve Jobs' mission to get computers in as many peoples' hands as possible.
Entrepreneurial intensity is __________.
The position of a firm on the continuum ranging from highly conservative to highly entrepreneurial
Products and technologies that entrepreneurs develop are ________.
Typically better than those they replace