Question 1

A description of the good or service, an assessment of the opportunity, an assessment of the entrepreneur, specification of activities and resources needed to translate the idea into a viable business, and the source(s)  of capital together make up a(n)

Accepted Answer

A)   Business plan.
B)   Control system.
C)   Opportunity analysis.
D)   Business audit.
E)   Organization chart.F) All of the above
G) A) and B)

Question 2

Why would an individual want to become an entrepreneur? Explain.

Accepted Answer

There are several reasons why an individ...

Question 3

According to the entrepreneurial strategy matrix, Lotina most likely runs

Accepted Answer

A)   A business with high start-up costs.
B)   A completely novel services business.
C)   An intrapreneurial team for a product with high R&D costs.
D)   A small shop manufacturing simple and unique handmade products.
E)   A nonprofit.F) C) and D)
G) B) and D)

Question 4

A friend is interested in starting her own clothing line, and everyone has been giving her different information about being an entrepreneur. Since you have been studying about entrepreneurship and new ventures, which of these would you tell her is true?

Accepted Answer

A)   Anyone can start a business.
B)   Entrepreneurs are their own bosses and completely independent.
C)   Money is the most important start-up ingredient.
D)   Successful entrepreneurs take very careful, calculated risks.
E)   All of these are true about entrepreneurs.F) None of the above
G) B) and C)

Question 5

Organizations can never have too many small, entrepreneurial efforts under way.

Accepted Answer

A) True 
 B)False

Question 6

While working at Google, Kelly has created a new venture based solely on her idea and Google's proprietary technology. Kelly can be described as a(n)

Accepted Answer

A)   Intrapreneur.
B)   Independent entrepreneur.
C)   Spin-off.
D)   Venture capitalist.
E)   Outsider.F) B) and C)
G) C) and D)

Question 7

Entrepreneurs differ from inventors in that they

Accepted Answer

A)   Have greater skills in management, business, and networking.
B)   Are more innovative and creative.
C)   Are less innovative and creative.
D)   Have additional marketing and selling skills.
E)   Have limited ability to ensure efficient operations.F) D) and E)
G) C) and D)

Question 8

The entrepreneurial strategy matrix allows one to conceptualize ventures along two dimensions: investment and risk.

Accepted Answer

A) True 
 B)False

Question 9

What is your assessment of your roommate's chance of success as an entrepreneur?

Accepted Answer

A)   She is probably not smart enough to be an entrepreneur.
B)   She will be successful because she understands the entrepreneurial role.
C)   She could never be successful.
D)   She is almost guaranteed success because she is very intelligent and educated.
E)   It is nearly impossible to assess her chances of success since you don't know if she has a good idea or a viable market.F) C) and D)
G) A) and B)

Question 10

A formal planning step that focuses on an entire venture and describes all the elements involved in starting it is known as a(n)

Accepted Answer

A)   Business plan.
B)   Control system.
C)   Opportunity analysis.
D)   IPO.
E)   Organization chart.F) A) and B)
G) A) and C)

Question 11

Success of entrepreneurial ventures is often jeopardized by the death of the founder. Which of the following is an important measure to minimize this problem?

Accepted Answer

A)   Conservative use of funds.
B)   Adequate succession planning.
C)   Thorough recordkeeping.
D)   Decreased delegation.
E)   Going public.F) A) and B)
G) A) and C)

Question 12

A business having fewer than 100 employees, independently owned and operated, not dominant in its field, and not characterized by many innovative practices is a(n)

Accepted Answer

A)   Nonprofit opportunity.
B)   Small business.
C)   Speculative start-up.
D)   Entrepreneurial venture.
E)   Incubator.F) A) and B)
G) All of the above

Question 13

When creating a new business, one should start with

Accepted Answer

A)   An untapped market.
B)   A product.
C)   A great idea.
D)   Good timing.
E)   Social responsibility.F) A) and E)
G) C) and E)

Question 14

Entrepreneurs spot, create, and exploit opportunities.

Accepted Answer

A) True 
 B)False

Question 15

A franchisor is an innovator who has created at least one successful store and seeks partners to operate the same concept in other local markets.

Accepted Answer

A) True 
 B)False

Question 16

Howard Berke started Konarka Technologies to create solar cells in response to rising oil prices, which is an example of what category of possibilities when spotting opportunities?

Accepted Answer

A)   Economic dislocations.
B)   Demographic changes.
C)   Lifestyle and taste changes.
D)   Calamities.
E)   Government initiatives and rule changes.F) B) and C)
G) B) and E)

Question 17

According to the entrepreneurial strategy matrix, Sharida's scenario 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)   There was no risk in this scenario.F) B) and D)
G) A) and B)

Question 18

The reason for nearly all financial failures of entrepreneurial ventures is the lack of adequate start-up capital.

Accepted Answer

A) True 
 B)False

Question 19

Protected environments for new, small businesses are known as business incubators.

Accepted Answer

A) True 
 B)False

Question 20

Social capital is a competitive advantage in the form of relationships with other people and the image other people have of you.

Accepted Answer

A) True 
 B)False

Exam 7: Entrepreneurship

While working at Google, Kelly has created a new venture based solely on her idea and Google's proprietary technology. Kelly can be described as a(n)

Correct AnswerverifiedShow Answer

Entrepreneurs differ from inventors in that they

Correct AnswerverifiedShow Answer

The reason for nearly all financial failures of entrepreneurial ventures is the lack of adequate start-up capital.

Correct AnswerverifiedShow Answer

According to the entrepreneurial strategy matrix, Sharida's scenario can be described as

Correct AnswerverifiedShow Answer

A friend is interested in starting her own clothing line, and everyone has been giving her different information about being an entrepreneur. Since you have been studying about entrepreneurship and new ventures, which of these would you tell her is true?

Correct AnswerverifiedShow Answer

The entrepreneurial strategy matrix allows one to conceptualize ventures along two dimensions: investment and risk.

Correct AnswerverifiedShow Answer

Social capital is a competitive advantage in the form of relationships with other people and the image other people have of you.

Correct AnswerverifiedShow Answer

What is your assessment of your roommate's chance of success as an entrepreneur?

Correct AnswerverifiedShow Answer

A description of the good or service, an assessment of the opportunity, an assessment of the entrepreneur, specification of activities and resources needed to translate the idea into a viable business, and the source(s) of capital together make up a(n)

Correct AnswerverifiedShow Answer

Howard Berke started Konarka Technologies to create solar cells in response to rising oil prices, which is an example of what category of possibilities when spotting opportunities?

Correct AnswerverifiedShow Answer

Success of entrepreneurial ventures is often jeopardized by the death of the founder. Which of the following is an important measure to minimize this problem?

Correct AnswerverifiedShow Answer

A franchisor is an innovator who has created at least one successful store and seeks partners to operate the same concept in other local markets.

Correct AnswerverifiedShow Answer

Entrepreneurs spot, create, and exploit opportunities.

Correct AnswerverifiedShow Answer

When creating a new business, one should start with

Correct AnswerverifiedShow Answer

A formal planning step that focuses on an entire venture and describes all the elements involved in starting it is known as a(n)

Correct AnswerverifiedShow Answer

Organizations can never have too many small, entrepreneurial efforts under way.

Correct AnswerverifiedShow Answer

Why would an individual want to become an entrepreneur? Explain.

Correct AnswerAnswered by ExamLex AIThere are several reasons why an individ...View AnswerShow Answer

According to the entrepreneurial strategy matrix, Lotina most likely runs

Correct AnswerverifiedShow Answer

A business having fewer than 100 employees, independently owned and operated, not dominant in its field, and not characterized by many innovative practices is a(n)

Correct AnswerverifiedShow Answer

Protected environments for new, small businesses are known as business incubators.

Correct AnswerverifiedShow Answer

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