Question 1

________ is an entrepreneurial alliance between an innovator who has created at least one successful store and wants to grow and a partner who manages a new store of the same type in a new location.

Accepted Answer

A)   Franchising
B)   An initial public offering
C)   Bootlegging
D)   The subscription model
E)   The affiliate modelF) A) and E)
G) A) and D)

Question 2

Organizations with an entrepreneurial orientation are more likely to be successful, particularly for

Accepted Answer

A)   conducting business internationally.
B)   low-reward (low-profit)  businesses.
C)   conducting business domestically.
D)   low-risk businesses.
E)   maintaining the status quo.F) A) and E)
G) B) and D)

Question 3

Karen Stemler, CEO of the parent company of Hamburgers-To-Go, the largest fast food franchise in the world, has approved an expenditure of $1.5 million to develop a software app for remote custom "design" and ordering of burgers. According to the entrepreneurial strategy matrix, Karen's software app venture can be described as

Accepted Answer

A)   low innovation/high risk.
B)   low innovation/low risk.
C)   high innovation/low risk.
D)   high innovation/high risk.
E)   high innovation/no risk.F) B) and C)
G) A) and B)

Question 4

José is opening up a family diner at a busy intersection along an interstate highway. According to the entrepreneurial strategy matrix, José's business can be described as

Accepted Answer

A)   low innovation/high risk.
B)   low innovation/low risk.
C)   high innovation/low risk.
D)   high innovation/high risk.
E)   high innovation/no risk.F) C) and D)
G) None of the above

Question 5

A common myth about entrepreneurship is that "Any entrepreneur with a good idea can ________ to fund his/her business."

Accepted Answer

A)   go public
B)   use a skunkworks
C)   use formal control systems
D)   raise venture capital
E)   start a franchiseF) None of the above
G) B) and C)

Question 6

Informal efforts, as opposed to official job assignments, in which employees work to create new products and processes of their own choosing and initiative refer to

Accepted Answer

A)   spin-offs.
B)   skunkworks.
C)   bootlegging.
D)   horse trading.
E)   sponsorship.F) A) and B)
G) A) and D)

Question 7

Ramon, I believe that you will succeed," said Juan, his mentor. "When an entrepreneur is contemplating a new business, the very first step is to have ________. You are on the right track."

Accepted Answer

A)   a great idea
B)   financial capital
C)   a good location
D)   family support
E)   investorsF) A) and C)
G) B) and D)

Question 8

Identify which is true of entrepreneurial ventures.

Accepted Answer

A)   Companies offering mundane products cannot hope to gain competitive advantage.
B)   For start-ups, failure is an exception rather than the rule.
C)   Successful companies do not always require a cutting-edge technology or an exciting new product.
D)   Acquiring venture capital is essential to the success of all start-up businesses.
E)   The odds of survival of an entrepreneurial venture worsen if it grows to at least 10 or 20 people.F) All of the above
G) C) and E)

Question 9

Entrepreneurs, in part because they are very busy, often fail to use ________, resulting in inadequate margins to support growth.

Accepted Answer

A)   formal control systems
B)   a forward-thinking orientation
C)   an opportunity analysis
D)   venture capital
E)   total quality management systemsF) A) and B)
G) All of the above

Question 10

Adriana is seeking investors for her start-up firm to develop robotic rovers to collect and analyze dust samples from the surface of the planet Mercury. According to the entrepreneurial strategy matrix, Adriana's business can be described as

Accepted Answer

A)   low innovation/high risk.
B)   low innovation/low risk.
C)   high innovation/low risk.
D)   high innovation/high risk.
E)   high innovation/no risk.F) All of the above
G) B) and C)

Question 11

"I am so proud of my former marketing students," said Dr. Sarah Markham. "So many have become successful entrepreneurs because they were able to spot, create, or exploit ________ in a variety of ways."

Accepted Answer

A)   adventures
B)   opportunities
C)   risks
D)   gambles
E)   benchmarking targetsF) None of the above
G) B) and C)

Question 12

________ is/are a key factor that an entrepreneur should have clearly thought out. It will include a competitive advantage that can be defended, with a focus on the customer.

Accepted Answer

A)   Opportunity
B)   Risk and reward
C)   People
D)   Competition
E)   ContextF) C) and D)
G) A) and D)

Question 13

Suzette's husband told her, "I admire your boldness, but I'm not sure that you should open that business. I've heard that entrepreneurs are ________." Suzette replied, "That's a common myth. In fact, entrepreneurs take very careful, calculated risks and are not afraid to act on those decisions."

Accepted Answer

A)   inventors
B)   gamblers
C)   promoters
D)   planners
E)   investorsF) C) and E)
G) B) and E)

Question 14

Describe the differences between entrepreneurs, inventors, promoters, and managers.

Accepted Answer

Successful entrepreneurs are innovators ...

Question 15

Entrepreneurs start their own firms for all of the following reasons EXCEPT the

Accepted Answer

A)   challenge.
B)   profit potential.
C)   enormous satisfaction.
D)   opportunity to manage other people.
E)   hope that lies ahead.F) A) and E)
G) B) and D)

Question 16

Business incubators, often located in industrial parks or abandoned factories, are

Accepted Answer

A)   protected environments for new, small businesses.
B)   protected environments for established, large businesses.
C)   unprotected environments for established, small businesses.
D)   unprotected environments for new, large businesses.
E)   unprotected environments for commercial businesses.F) C) and D)
G) A) and B)

Question 17

Noah has a new idea to revamp the mail processing at his large company. His boss tells him to go for it and report back on the barriers and efficiencies of his idea, thereby endorsing the ________ approach.

Accepted Answer

A)   job sharing
B)   spinoff
C)   skunkworks
D)   job shadowing
E)   benchmarkingF) B) and D)
G) None of the above

Question 18

An entrepreneur is NOT a manager but engages in additional activities that all managers do.

Accepted Answer

A) True 
 B)False

Question 19

Personalized medicine separates people into different groups, with treatments being tailored to the individual patient based on their predicted response or risk of disease. Personalized medicine is enabled by new diagnostic and monitoring approaches that provide understanding of the molecular basis of disease, particularly genomics. Entrepreneurial opportunities for software and hardware that arise in personalized medicine are made possible by

Accepted Answer

A)   technological discoveries.
B)   lifestyle changes.
C)   demographic changes.
D)   government rule changes.
E)   economic dislocations.F) B) and C)
G) None of the above

Question 20

What is the role of business incubators?

Accepted Answer

A)   They provide new and small businesses with information silos.
B)   They protect consumers from fraud.
C)   They provide enhanced wellness benefits to employees of large businesses.
D)   They provide a protected environment for new and small businesses.
E)   They provide opportunities for exponential growth without competition.F) D) and E)
G) A) and E)

Exam 6: Entrepreneurship

"I am so proud of my former marketing students," said Dr. Sarah Markham. "So many have become successful entrepreneurs because they were able to spot, create, or exploit ________ in a variety of ways."

Correct Answer
verified

Correct Answer
verified

Describe the differences between entrepreneurs, inventors, promoters, and managers.

Correct Answer
verified
Successful entrepreneurs are innovators ...
View Answer

Entrepreneurs, in part because they are very busy, often fail to use ________, resulting in inadequate margins to support growth.

Correct Answer
verified

________ is an entrepreneurial alliance between an innovator who has created at least one successful store and wants to grow and a partner who manages a new store of the same type in a new location.

Correct Answer
verified

Suzette's husband told her, "I admire your boldness, but I'm not sure that you should open that business. I've heard that entrepreneurs are ________." Suzette replied, "That's a common myth. In fact, entrepreneurs take very careful, calculated risks and are not afraid to act on those decisions."

Correct Answer
verified

An entrepreneur is NOT a manager but engages in additional activities that all managers do.

Correct Answer
verified

Informal efforts, as opposed to official job assignments, in which employees work to create new products and processes of their own choosing and initiative refer to

Correct Answer
verified

Organizations with an entrepreneurial orientation are more likely to be successful, particularly for

Correct Answer
verified

What is the role of business incubators?

Correct Answer
verified

José is opening up a family diner at a busy intersection along an interstate highway. According to the entrepreneurial strategy matrix, José's business can be described as

Correct Answer
verified

________ is/are a key factor that an entrepreneur should have clearly thought out. It will include a competitive advantage that can be defended, with a focus on the customer.

Correct Answer
verified

Entrepreneurs start their own firms for all of the following reasons EXCEPT the

Correct Answer
verified

Correct Answer
verified

Ramon, I believe that you will succeed," said Juan, his mentor. "When an entrepreneur is contemplating a new business, the very first step is to have ________. You are on the right track."

Correct Answer
verified

Identify which is true of entrepreneurial ventures.

Correct Answer
verified

Adriana is seeking investors for her start-up firm to develop robotic rovers to collect and analyze dust samples from the surface of the planet Mercury. According to the entrepreneurial strategy matrix, Adriana's business can be described as

Correct Answer
verified

A common myth about entrepreneurship is that "Any entrepreneur with a good idea can ________ to fund his/her business."

Correct Answer
verified

Noah has a new idea to revamp the mail processing at his large company. His boss tells him to go for it and report back on the barriers and efficiencies of his idea, thereby endorsing the ________ approach.

Correct Answer
verified

Business incubators, often located in industrial parks or abandoned factories, are

Correct Answer
verified

Exam 6: Entrepreneurship

"I am so proud of my former marketing students," said Dr. Sarah Markham. "So many have become successful entrepreneurs because they were able to spot, create, or exploit ________ in a variety of ways."

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Describe the differences between entrepreneurs, inventors, promoters, and managers.

Correct AnswerverifiedSuccessful entrepreneurs are innovators ...View AnswerShow Answer

Entrepreneurs, in part because they are very busy, often fail to use ________, resulting in inadequate margins to support growth.

Correct AnswerverifiedShow Answer

________ is an entrepreneurial alliance between an innovator who has created at least one successful store and wants to grow and a partner who manages a new store of the same type in a new location.

Correct AnswerverifiedShow Answer

Suzette's husband told her, "I admire your boldness, but I'm not sure that you should open that business. I've heard that entrepreneurs are ________." Suzette replied, "That's a common myth. In fact, entrepreneurs take very careful, calculated risks and are not afraid to act on those decisions."

Correct AnswerverifiedShow Answer

An entrepreneur is NOT a manager but engages in additional activities that all managers do.

Correct AnswerverifiedShow Answer

Informal efforts, as opposed to official job assignments, in which employees work to create new products and processes of their own choosing and initiative refer to

Correct AnswerverifiedShow Answer

Organizations with an entrepreneurial orientation are more likely to be successful, particularly for

Correct AnswerverifiedShow Answer

What is the role of business incubators?

Correct AnswerverifiedShow Answer

José is opening up a family diner at a busy intersection along an interstate highway. According to the entrepreneurial strategy matrix, José's business can be described as

Correct AnswerverifiedShow Answer

________ is/are a key factor that an entrepreneur should have clearly thought out. It will include a competitive advantage that can be defended, with a focus on the customer.

Correct AnswerverifiedShow Answer

Entrepreneurs start their own firms for all of the following reasons EXCEPT the

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Ramon, I believe that you will succeed," said Juan, his mentor. "When an entrepreneur is contemplating a new business, the very first step is to have ________. You are on the right track."

Correct AnswerverifiedShow Answer

Identify which is true of entrepreneurial ventures.

Correct AnswerverifiedShow Answer

Adriana is seeking investors for her start-up firm to develop robotic rovers to collect and analyze dust samples from the surface of the planet Mercury. According to the entrepreneurial strategy matrix, Adriana's business can be described as

Correct AnswerverifiedShow Answer

A common myth about entrepreneurship is that "Any entrepreneur with a good idea can ________ to fund his/her business."

Correct AnswerverifiedShow Answer

Noah has a new idea to revamp the mail processing at his large company. His boss tells him to go for it and report back on the barriers and efficiencies of his idea, thereby endorsing the ________ approach.

Correct AnswerverifiedShow Answer

Business incubators, often located in industrial parks or abandoned factories, are

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Successful entrepreneurs are innovators ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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