Deck 1: Understanding Entrepreneurship

Question 1

Entrepreneurial ventures are responsible for job creation that is disproportionate to the net total new jobs created in the U.S. over the past 25 years.

Answer 1

True

Question 2

The late 1990s brought the "dot com" bubble and the rush of the ____ community to position itself for what appeared to be a new way of doing business. ​

A)venture capital
B)technology
C)knowledge
D)educational
E)global

Answer 2

A

Question 3

The vital issue for entrepreneurs is not avoiding failure but minimizing the cost of a possible failure.

Answer 3

True

Question 4

The term entrepreneur has been in popular use for more than 100 years.

Question 5

Entrepreneurial ventures and small businesses are related, but they are not the same in most respects.

Question 6

Entrepreneurship is a form of creative destruction.

Question 7

As entrepreneurial firms achieve noticeable levels of success and a new industry grows, it generally becomes more ____ as a result of so many firms competing for position.

A)stable
B)unstable
C)consolidated
D)fragmented
E)None of these choices

Question 8

Entrepreneurship provides many benefits to society, chiefly ____, new industry formation, and ____.

A)new technologies / new markets
B)economic growth / job creation
C)job creation / diversity
D)economic growth / new technologies
E)globalization / new markets

Question 9

"Digital Anonymity" means. ​

A)Indiscriminate sharing of personal information on social networks
B)NSA leaks
C)Use of Snapchat servers
D)An online experience that can be deleted and secure
E)None of these choices.

Question 10

New trends in entrepreneurship are. ​

A)Digital anonymity
B)Domestic manufacturing
C)Big data
D)the lean startup movement
E)All of these are correct.

Question 11

The ____ has been called the Decade of Entrepreneurship. ​

A)1950s
B)1960s
C)1970s
D)1980s
E)1990s

Question 12

Economic turmoil has a plus side because it produces opportunities for entrepreneurs who are comfortable with environmental factors outside their control.

Question 13

An example of new industry formation, Apple's iPhone, introduced on January 9, 2007, spurred the development of this new industry:

A)The smart phone improvement industry
B)The mobile app industry
C)The pay-as-you-go-cell phone industry
D)The development of scratch-proof screens industry
E)The Android industry

Question 14

The entrepreneurial mindset cannot be found within large corporations or socially responsible nonprofit organizations.

Question 15

Price water house Coopers is optimistic that: ​

A)social marketing is trending upward
B)social mingling has taken root
C)manufacturing in the U.S. may be on the rise
D)Blogging by entrepreneurs is taking off
E)None of these choices

Question 16

Entrepreneurship can be found in some form in every country, race, age group, and (increasingly)in women as often as in men.

Question 17

During the Decade of entrepreneurship, the work of Paul Romer identified this as a critical element of a growth model that responds to market incentives. .

A)Capital
B)Labor
C)Technological change
D)Incentives
E)None of these choices

Question 18

The time prior to a firm's birth is called the fuzzy front end.

Question 19

Entrepreneurial ventures are not responsible for significant job creation.

Question 20

____ entrepreneurship is characteristic of small lifestyle businesses. ​

A)Replicative
B)Innovative
C)Local
D)Fragmented
E)None of these choices

Question 21

Paul Romer asserted that technological change happens when am entrepreneur identifies:

A)New customer segments
B)New customer needs
C)Existing customer needs that have not been satisfied
D)New ways of manufacturing and distributing products and services
E)None of these choices

Question 22

The Small Business Administration (SBA)defines a small business as one with fewer than ____ employees.

A)250
B)385
C)500
D)600
E)700

Question 23

The 1970s saw the beginning of three significant trends that would forever change the face of business: macroeconomic turmoil, ____, and the technological revolution.

A)the Vietnam War
B)agricultural disasters
C)international competition
D)recession
E)None of these choices

Question 24

Firms that are most likely to survive over the long term are those that display superior levels of reliability and accountability in performance, ____, and structure.

A)resources
B)age
C)operations
D)processes
E)controls

Question 25

In general, high-impact entrepreneurial ventures have three primary characteristics. They are:

A)Innovative
B)Free-thinking
C)Value-creating
D)Growth-oriented
E)A, C, and D only

Question 26

More than perhaps anything else, the 1990s were characterized as the ____.

A)Commercial Age
B)Information Age
C)Competitiveness Age
D)Knowledge Age
E)Internet Age

Question 27

Early economists recognized that ____ is the primary force behind rising standards of living and that ____ innovation would determine the success of many nations in the future.

A)technology / technological
B)labor / growth
C)manufacturing / distribution
D)industry formation / job
E)economic growth / invention

Question 28

The term entrepreneur has been popular in the United States since the ____.

A)1920s
B)1940s
C)1960s
D)1980s
E)1990s

Question 29

The annual Global Entrepreneurship Monitor divides countries into three groups based on where the country stands in terms of growth. In 2013, these three categories were: ​

A)Innovation-driven economies
B)Efficiency-driven economics
C)Inertia-driven economies
D)Factor-driven economies
E)A, b and d only

Question 30

The Small Business Administration reports that about half of all new businesses will survive this many years or more:

A)1
B)2
C)5
D)10
E)15

Question 31

The new millennium ushered in what many refer to as the ____.

A)technology economy
B)information economy
C)knowledge economy
D)Internet economy
E)dot com economy

Question 32

Responding to this entrepreneurial drive, big business in the 1980s found it necessary to downsize and reverse the trend of ____ it had promulgated for so long.

A)innovation
B)restructurings
C)diversification
D)internationalizing
E)None of these choices

Question 33

Data from the U.S. Census Bureau from 1998 to 2011 demonstrates that the _____ of the business is more important for job creation than the size of the business.

A)Savvy
B)Age
C)Expertise
D)All of these choices are correct.
E)None of these choices

Question 34

Zambia and Nigeria have ____ economies.

A)production-driven ​
B)factor-driven
C)efficiency-driven
D)innovation-driven
E)entrepreneurial

Question 35

____ is the mechanism that drives an individual to become a nascent entrepreneur because all other opportunities for income appear to be absent or unsatisfactory.

A)Pull
B)Risk
C)Success
D)Push
E)Money

Question 36

The ____ microprocessor affected the technological revolution of the 1970s. ​

A)Apple
B)Microsoft
C)Java
D)Intel
E)Sun

Question 37

____ was not alone in asserting that the United States was rapidly and by necessity becoming an entrepreneurial economy.

A)Steve Jobs
B)Peter Drucker
C)Mike Boyer
D)Marc Weinstein
E)Sam Goody

Question 38

New industries are born when technological change produces a/an ____ opportunity that an enterprising entrepreneur seizes.

A)investment
B)novel
C)crucial
D)successful
E)efficient

Question 39

Toward the end of the 1980s, researchers observed that young entrepreneurial ventures were ____ much earlier than expected and at a much smaller size.

A)internationalizing
B)diversifying
C)creating jobs
D)restructuring
E)failing

Question 40

Entrepreneurs typically have a vision of where they want their businesses to go, and generally that vision is on a regional, national, or (more often)____ level.

A)state
B)global
C)country
D)local
E)None of these choices

Question 41

Briefly explain how economic growth comes about.

Question 42

Explain in what ways entrepreneurship is more than simply starting a business.

Question 43

Briefly discuss the three primary characteristics of entrepreneurial ventures.

Question 44

What is the lean startup movement?

Question 45

Why must risk be considered when considering an entrepreneurial adventure?

Question 46

Briefly discuss why so many more firms are created than an industry can support.

Question 47

Discuss/describe the knowledge economy of the 2000s. ​

Question 48

Name the trends relevant to entrepreneurs as of 2012. Now, what four new trends are emerging?

Question 49

Briefly describe what entrepreneurship is.

Question 50

Briefly discuss the significant changes in entrepreneurship from the 1960s to the 1990s.