Deck 1: Entrepreneurship Evolutionary Development--Revolutionary Impact

Question 1

Entrepreneurs are born, not made.

Answer 1

False

Question 2

New and smaller firms obtain more patents per sale than do larger firms.

Answer 2

True

Question 3

A "gazelle" is a business establishment with at least 5 percent sales growth every year for 25 years.

Answer 3

False

Question 4

The financial/capital entrepreneurial school of thought focuses on the potential profit of the business idea.

Question 5

Recognition and discussion of entrepreneurship date back to the eighteenth-century British economist Robert Ronstadt.

Question 6

Large firms, as opposed to entrepreneurs, are the aggressive catalyst for change in the world of business.

Question 7

Characteristics of entrepreneurs can neither be taught nor learned.

Question 8

The word entrepreneur is derived from the Spanish word entreprendre, meaning "to undertake."

Question 9

There is no single definition of an entrepreneur.

Question 10

The dynamic states approach is a more of a process-oriented view that incorporates an array of the group, the environment, and the organization.

Question 11

The macro view of entrepreneurship includes external processes that are sometimes beyond the control of the entrepreneur.

Question 12

New and smaller firms are responsible for 95 percent of all radical innovations.

Question 13

During the past 10 years, new business start-ups averaged more than 400,000 per year.

Question 14

Entrepreneurs are not extreme risk takers.

Question 15

Great chef strategies focus on unique people.

Question 16

According to Robert C. Ronstadt, entrepreneurship is the process of creating incremental wealth.

Question 17

Employees embrace fear and change as a way to succeed, while entrepreneurs only take calculated risks.

Question 18

Entrepreneurs must fit the "profile."

Question 19

Gazelles do not always get venture capital funding.

Question 20

Amazon was one of the first unicorns, breaking above $1 billion as a private company.

Question 21

Gazelles produce half the innovations per employee that larger firms typically do.

Question 22

The terms entrepreneur and small-business owner are never used interchangeably.

Question 23

The strategic formulation school of thought emphasizes the planning process in successful venture development.

Question 24

Women and minority entrepreneurs face the same obstacles as other entrepreneurs.

Question 25

Entrepreneurs are the major source of innovation and job creation in the economy.

Question 26

Political, cultural, and economic displacement are all part of the displacement school of entrepreneurial thought.

Question 27

Entrepreneurs always start their business at a young age.

Question 28

Entrepreneurs are often methodical people who plan their moves very carefully.

Question 29

A startup that surpasses the $1 billion level is known as a unicorn.

Question 30

Prepared entrepreneurs who are in the right place at the right time often appear to be lucky.

Question 31

Entrepreneurs are doers, not thinkers.

Question 32

Entrepreneurs are typically well-organized, not shoot from the hip gunslingers.

Question 33

Entrepreneurship involves an interdisciplinary approach.

Question 34

In the environmental school of thought, legal issues surrounding the natural environment are primary.

Question 35

Entrepreneurs are often known as calculated risk takers, as opposed to "gamblers."

Question 36

Three characteristics of an entrepreneur are personal initiative, management skills, and a desire for autonomy.

Question 37

The corridor principle states that entrepreneurs often get stuck on one idea.

Question 38

The displacement school of thought focuses on the negative side of group phenomena.

Question 39

Entrepreneurs are aggressive catalysts for change within the marketplace.

Question 40

Entrepreneurship is more than the mere creation of a business.

Question 41

Which of the following is not considered one of the six frameworks in the framework of frameworks approach?

A)integrative
B)collaborative
C)process
D)life cycle

Question 42

Most entrepreneurs should be categorized as

A)inventors.
B)innovators.
C)lucky.
D)wealthy.

Question 43

In the second decade of the new millennium, the number of businesses in the United States soared to more than 28 million. This number is still growing annually at _____ percent.

A)15
B)2
C)50
D)6

Question 44

Entrepreneurs themselves perceive the concept of risk in which of the following ways?

A)calculated risk taking
B)gambling risk
C)distorted risk taking
D)social risk

Question 45

Entrepreneurs are accurately described as

A)gamblers.
B)risk takers.
C)calculated risk takers.
D)risk averse.

Question 46

Which of the following statements is not true?

A)Luck happens when preparation meets opportunity.
B)Entrepreneurs fare poorly in today's hypercompetitive market.
C)Failure due to lack of proper financing often is an indicator of other problems.
D)It takes more than just money to be a successful entrepreneur.

Question 47

Entrepreneurship has become synonymous or closely linked with

A)failure.
B)socialism and monopolies.
C)multimillion-dollar enterprises.
D)free enterprise and capitalism.

Question 48

Which of the following is not a form of displacement in the displacement school of thought?

A)political
B)racial
C)economical
D)cultural

Question 49

The macro view of entrepreneurship presents factors exhibiting a strong _____ locus of control.

A)internal
B)external
C)environmental
D)contemporary

Question 50

Entrepreneurs are the major source of innovation and growth in any economy.
a.True
b.False
Indicate the answer choice that best completes the statement or answers the question.

Question 51

The micro view is divided into which of the following three theories?

A)entrepreneurial, financial, and displacement
B)venture opportunity, entrepreneurial, and strategic
C)strategic, environmental, and opportunity
D)environmental, financial, and displacement

Question 52

Which of the following traits is not that of an entrepreneur?

A)drive
B)shyness
C)willingness to take risks
D)human relations skills

Question 53

Entrepreneurs are best characterized as

A)aggressive catalysts for change.
B)good managers.
C)hard to get along with.
D)not fitting in to an ordinary workplace.

Question 54

Which of the following is not a micro view school of thought?

A)entrepreneurial trait school of thought
B)venture opportunity school of thought
C)strategic formulation school of thought
D)inherited business school of thought

Question 55

Which of the following is not a twenty-first century trend in entrepreneurship?

A)Venture capital has declined, and angel financing is scarce throughout the world.
B)There has been an enormous growth of interest in entrepreneurship around the world.
C)Entrepreneurial education has slowed as a topic of study.
D)Corporate entrepreneurship has had unprecedented popularity among the new generation of entrepreneurs.

Question 56

Which of the following economists wrote about entrepreneurship and its impact on economic development?

A)Richard Dailey
B)Joseph Schumpeter
C)Paul Samuelson
D)Robert McConnell

Question 57

The entrepreneurial spirit is unique to the modern age.

Question 58

Entrepreneurs and gazelles have been credited with making disproportionate contributions to all but which of the following?

A)innovation
B)job creation
C)economic renewal
D)unemployment

Question 59

Michael Gerber, the author of The E-Myth, explains that the failure of most small businesses is due to owners being more _____ than _____.

A)technical; entrepreneurial
B)managerial; technical
C)entrepreneurial; managerial
D)entrepreneurial; technical

Question 60

Water well strategies refer to unique

A)resources.
B)products.
C)markets.
D)people.

Question 61

Michael Gerber, the author of The E-Myth, contends that

A)the entire field of study in entrepreneurship is a myth.
B)there is no such thing as entrepreneurship.
C)today's business owners are not true entrepreneurs.
D)everybody in business is an entrepreneur.

Question 62

Which of the following statements about entrepreneurs is true?

A)Entrepreneurs are doers and thinkers.
B)All you need to be an entrepreneur is money.
C)Ignorance is bliss for an entrepreneur.
D)Inheriting a business is the best way to become an entrepreneur.

Question 63

Which of the following is not considered in the framework of frameworks approach?

A)integrative
B)collaborative
C)process
D)life cycle

Question 64

Which of the following economists first associated the "risk-bearing" activity in the economy with the entrepreneur?

A)Peter F.Drucker
B)Robert C.Ronstadt
C)Jean Baptiste Say
D)Richard Cantillon

Question 65

The dynamic states model depicts ventures as being

A)dependent on their environment for survival.
B)independent of their environment.
C)dependent on their managerial talent.
D)independent of their managerial talent.

Question 66

The displacement school of thought can be divided into which of the following three groups?

A)political, cultural, and environmental
B)cultural, environmental, and financial
C)environmental, financial, and economic
D)economic, cultural, and political

Question 67

The corridor principle is best described by which of the following statements?

A)If at first you don't succeed, try, try, again.
B)Be in the right place at the right time.
C)With every new venture launched, new and unintended opportunities arise.
D)Luck happens when preparation meets opportunity.

Question 68

Robert C. Ronstadt put together a summary definition of entrepreneur that included which of the following key phrases?

A)the acceptance of risk of failure
B)the dynamic process of creating incremental wealth
C)the advantage of economic endowments
D)the phenomenon of leadership

Question 69

Which of the following does not apply to the strategic formulation school of thought?

A)unique people
B)unique places
C)unique markets
D)unique products

Question 70

_____ is the most significant force for global development.

A)Individuality
B)Capitalism
C)Voodoo economics
D)Free enterprise

Question 71

When referring to "luck" and an entrepreneur, which of the following statements is an appropriate adage?

A)Always wait for luck to happen.
B)Luck happens when preparation meets opportunity.
C)Luck happens to everyone.
D)Luck is the key to entrepreneurship.

Question 72

The process approach to entrepreneurship seeks to

A)explain the process of obtaining patents.
B)model the various factors that characterize the entrepreneurial process.
C)explain intrapreneurship.
D)explain the process of obtaining venture capital.

Question 73

With which of the following concepts is entrepreneurship considered synonymous?

A)free enterprise
B)socialism
C)multimillion-dollar enterprises
D)partnership

Question 74

Entrepreneurs always

A)start their business at a young age.
B)quit school and devote themselves to being an entrepreneur.
C)use credit cards to start their own businesses.
D)generate ideas and plan for their implementation.

Question 75

Which of the following is not one of the chief characteristics of an entrepreneur?

A)personal initiative
B)ability to consolidate resources
C)risk taking
D)desire for control of people

Question 76

In the study of contemporary entrepreneurship, which of the following concepts reoccurs?

A)No one understands the field.
B)Folklore dominates the studies.
C)There is no theoretical base.
D)Entrepreneurship is interdisciplinary.

Question 77

Which of the following statements is true?

A)Entrepreneurship is the ability to create and build a vision from practically nothing.
B)Entrepreneurship is pure luck.
C)Entrepreneurship is simply obtaining financing and starting a business.
D)Entrepreneurship has nothing to do with creating incremental wealth.

Question 78

The macro view can be broken down into which of the following three areas?

A)environmental, financial/capital, and displacement
B)entrepreneurial trait, opportunity, and strategic
C)displacement, trait, and financial
D)entrepreneurial trait, financial/capital, and displacement

Question 79

Mountain gap strategies refer to unique

A)resources.
B)locations.
C)people.
D)markets.

Question 80

The study of entrepreneurship is

A)based on the field of management.
B)based on the field of accounting.
C)based on the field of sociology.
D)interdisciplinary.