Deck 2: Preparing for the Entrepreneurial Journey

Question 1

In general, venture capitalists say that they will take a ____ and a large market opportunity in a fast-growing area over a great idea any day

A)big risk
B)strong business plan
C)passionate entrepreneur
D)strong leader
E)great team

Answer 1

E

Question 2

Peter Drucker asserted, "The entrepreneurial mystique, it's not magic, it's not mysterious, and it has nothing to do with the genes. It is ____."

A)having enough money
B)a great idea
C)a great network
D)discipline
E)the need for independence

Answer 2

D

Question 3

The chances of success for a new business startup are determined primarily by the size of the initial financial investment.

Answer 3

False

Question 4

____ comprise over fifty percent of all small businesses in the United States. ​

A)Startups
B)Home-based businesses
C)Nonprofit businesses
D)Serial entrepreneurs ​
E)Corporate entrepreneurs

Question 5

The most important element for success is abundant start-up capital.

Question 6

Research has enabled us to identify the characteristics of the typical entrepreneur. .

Question 7

Most of the great businesses that have been successful for at least 50 years (companies such as Walt Disney, Sony, and Merck)did not start with a/an:

A)lot of money
B)need for independence
C)great idea
D)great team
E)original idea

Question 8

An entrepreneur who owns a minority or majority stake in several ventures is called a ____ entrepreneur.

A)portfolio ​
B)traditional
C)serial
D)nonprofit
E)None of these choices

Question 9

All of entrepreneurship can be reduced to:

A)wealth
B)independence
C)growth
D)people
E)partnership

Question 10

In an entrepreneurial endeavor, risk is correlated with reward; that is, the greater the risk taken, the greater the reward expected. ​

Question 11

Research has determined that effective and efficient business planning correlates with business success.

Question 12

The goal of most entrepreneurs is to reduce the level of ____ in any venture. ​

A)investment
B)independence
C)planning
D)risk
E)resources

Question 13

Entrepreneurship is a personal journey that begins in the mind of the nascent entrepreneur.

Question 14

Entrepreneurship is for those under 30, not for older persons. ​

Question 15

What's more important than start-up capital is: ​

A)size of the team
B)size of the market
C)amount of startup capital
D)the amount of all resources
E)desire for independence

Question 16

Today many enterprising people are turning to nonprofit ventures to realize their entrepreneurial dreams.

Question 17

The Kauffman Index of Entrepreneurial Activity from 1996-2011 found that men and women in the ____ age bracket were responsible for more than 20% of all the entrepreneurial activity in the United States.

A)25-45
B)25-55
C)18-43
D)55-64
E)65-98

Question 18

In the United States, ____ entrepreneurship is most prevalent. ​

A)opportunity-driven
B)efficiency-driven
C)factor-driven
D)necessity-driven
E)passion-driven

Question 19

One of the biggest problems that scientists and engineers face when they decide to consider entrepreneurship is the expectation that there should be formulas and straightforward "right or wrong" answers. ​

Question 20

Home-based businesses do not qualify as "entrepreneurship." ​

Question 21

A very helpful exchange of information and resources can be gained from groups or organizations who form a:

A)network
B)mentor
C)self-starter
D)leader
E)All of these choices

Question 22

Robert Chambers used the ____ organizational structure as a vehicle to help low-income people make better purchasing decisions when it came to cars.

A)new venture
B)socially responsible
C)startup
D)corporate
E)nonprofit

Question 23

When all is said and done, business is about: ​

A)Critical skills
B)Research
C)relationships ​
D)Management skills
E)All of these choices ​

Question 24

Which of the following is not a barrier to becoming self-employed? ​

A)Lack of confidence
B)Financial needs
C)Family issues
D)Time constraints ​
E)Lack of training

Question 25

Entrepreneurs rely on their ____ for objective advice because they are not biased by a prior history with the entrepreneur.

A)strong ties
B)weak ties
C)work ties
D)partners
E)mentors

Question 26

An entrepreneur's ____ are the foundation for the business and are always reflected in the business and in the way customers are treated. ​

A)ideas
B)networks
C)core values ​
D)resources
E)relationships

Question 27

____ is a critical part of the everyday life of an entrepreneur and is a skill that must be developed and exercised carefully. ​

A)Making effective decisions
B)Paying attention to details ​
C)Comparing potential outcomes ​
D)Critical thinking
E)Being a micromanager ​

Question 28

Entrepreneurial-like ventures inside large companies may be formed using:

A)Opportunistic models
B)Enabler models
C)Advocate models
D)Producer models
E)All of these choices.

Question 29

As relevant in corporate entrepreneurships as in independent ones are:

A)Recognizing opportunities
B)Conducting feasibility analyses
C)Developing execution plans
D)All of these choices
E)None of these choices

Question 30

One of the best ways to discover an opportunity is to study a/an ____ in depth. ​

A)company
B)product
C)industry ​
D)leader
E)None of these choices

Question 31

____ is the exchange of information and resources among individuals, groups, or organizations whose common goals are to mutually benefit and create value for the members.

A)Business planning
B)Marketing
C)Mentoring
D)Networking
E)None of these choices

Question 32

Because entrepreneurs operate in a world of uncertainty, they need to learn to:

A)Analyze a situation
B)Extract the important information
C)Ignore the superfluous information
D)Compare potential outcomes
E)All of these choices

Question 33

Entrepreneurial leaders have a distinct advantage over ____ leaders because they see themselves as part of a team. ​

A)heroic
B)charismatic
C)visionary ​
D)both "heroic" and "charismatic"
E)both "charismatic" and "visionary"

Question 34

An entrepreneur who starts one business and then moves on to start another is classified as a ____ entrepreneur.

A)portfolio ​
B)traditional
C)serial
D)nonprofit
E)None of these choices

Question 35

Essential to creating an opportunity in a complex world, entrepreneurs must embrace: ​

A)Networking
B)Research
C)Uncertainty
D)Decision-making
E)strategic alliances / acquisition

Question 36

The ____ in a professional network are the entrepreneur's acquaintances and business contacts.

A)strong ties ​
B)weak ties
C)work ties
D)partners
E)mentors

Question 37

____ serve as gateways to other networks, exerting influence between groups or networks rather than within groups. ​

A)Network brokers
B)Angel investors
C)Gateways
D)Opinion leaders
E)All of these choices

Question 38

____ facilitates a new venture's identity and legitimacy as well as creates a competitive advantage that is difficult to replicate. ​

A)Networking ​
B)Decision making ​
C)Storytelling ​
D)Critical thinking
E)Micromanaging

Question 39

An entrepreneur may form a nonprofit venture for achieving goals associated with:

A)Education
B)Religion
C)Charitable
D)Any or all of these choices.
E)None of these choices.

Question 40

A/An ____ is a group of companies that are engaged in similar or related activities. ​

A)network
B)industry
C)foreign market
D)both "network" and "industry"
E)None of these choices

Question 41

What are the steps to increasing success as an entrepreneur?

Question 42

Discuss the importance of making effective decisions. ​

Question 43

Discuss the home-based entrepreneur. ​

Question 44

What are some sources of business knowledge for entrepreneurs? Which is the most important?

Question 45

How can an entrepreneur efficiently build a large, but meaningful network? ​

Question 46

Why have myths developed about entrepreneurs?

Question 47

What is required for an entrepreneurial mindset to succeed inside a large corporation?

Question 48

In what ways do entrepreneurial leaders have an advantage over heroic leaders?

Question 49

Why should someone who is considering starting a business be concerned about her or his health?

Question 50

Discuss some of the challenges in following the entrepreneur career path.