Deck 1: Understanding Entrepreneurship

Question 1

Industries last forever.

Answer 1

False

Question 2

A(n) _____ is a digital replica of a human or real-world entity.

A) anonymous process
B) virtual being
C) digital twin
D) immersive experience
E) quantum computer

Answer 2

C

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 period of time prior to a firm's launch and startup is called the fuzzy front end.

Question 5

Early economists recognized that _____ is the primary force behind rising standards of living and that innovations in this would determine the success of nations in the future.

A) technology
B) labor
C) manufacturing
D) industry formation
E) economic growth

Question 6

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

A) stable
B) unstable
C) consolidated
D) fragmented
E) uniform

Question 7

All of the following have been identified as key technology trends that will be the foundation for the next generation of entrepreneurial businesses EXCEPT

A) foreign manufacturing .
B) augmented reality.
C) synthetic biology.
D) artificial intelligence.
E) virtual reality.

Question 8

The entrepreneurial process is typically a linear process.

Question 9

Which of the following is arguably the most important platform technology today?

A) D igital anonymity
B) Virtual reality
C) B ig data
D) Genomics
E) Artificial intelligence

Question 10

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

Question 11

Entrepreneurship is simply starting a business.

Question 12

Entrepreneurship is a form of ''creative destruction.''

Question 13

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

Question 14

The word entrepreneur came into popular use in the United States during the 1990s.

Question 15

Chief among the benefits to society that the entrepreneurial process brings are

A) new technologies, new market discovery, and diversity.
B) economic growth, new industry formation, and job creation.
C) job creation, new market discovery, and diversity.
D) economic growth, globalization, and new technologies.
E) globalization, job creation, and new industry formation.

Question 16

In the context of new industry formation, Apple's iPhone, introduced on January 9, 2007, spurred the development of the _____ industry.

A) smartphone improvement
B) mobile app
C) prepaid phone
D) touch screen
E) Android

Question 17

The successful execution of the entrepreneurial process results in

A) c apital investment.
B) competitive rivalry.
C) a new venture.
D) an increase in labor supply.
E) intellectual property creation.

Question 18

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

Question 19

The late 1990s brought the "_____" bubble and the rush of the venture capital community to position itself for what appeared to be a new way of doing business.

A) dot com
B) social network
C) blog publicity
D) digital market
E) social media

Question 20

The _____ is known as the Decade of Entrepreneurship.

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

Question 21

The annual Global Entrepreneurship Monitor divides countries into three groups based on where the country stands in terms of growth. In the 2016/2017 report, these three categories were _____, _____, and _____ economies.

A) innovation-driven; inertia-driven; input-driven
B) efficiency-driven; factor-driven; and inertia-driven
C) inertia-driven; efficiency-driven; and innovation-driven
D) factor-driven; inertia-driven; and innovation-driven
E) innovation-driven; efficiency-driven; and factor-driven

Question 22

Which of the following is NOT one of the stages of the generic life cycle of an industry?

A) Emerging
B) Disruption
C) New life
D) Adapting
E) Growing

Question 23

Technological change happens when an entrepreneur identifies

A) n ew customer segments that appear to be emerging.
B) n ew customer needs.
C) e xisting customer needs that have not been satisfied.
D) n ew ways of manufacturing and distributing products and services.
E) All  of these are correct.

Question 24

During Phase _____ of the entrepreneurial process, entrepreneurs do preliminary research to understand any issues they may face in the areas of intellectual property, regulation, or in product development in the case of a technology solution.

A) 1
B) 2
C) 3
D) 4
E) 5

Question 25

"Mom-and-pops" are also known as _____ businesses.

A) growth-minded
B) lifestyle
C) technical
D) scalable
E) serial

Question 26

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

A) Commercial
B) Information
C) Competitiveness
D) Globalization
E) Recession

Question 27

The Small Business Administration reports that about half of all new businesses will survive _____ year(s) or more.

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

Question 28

In terms of business trends, the 1960s were characterized by

A) international competition.
B) fewer benefits.
C) anti-diversification.
D) job security.
E) deregulation.

Question 29

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

A) technology
B) entrepreneur
C) knowledge
D) lean
E) dot com

Question 30

In general, high-impact entrepreneurial ventures have which of the following three primary characteristics?

A) I nnovative, free-thinking, and value-creating
B) Traditional, free-thinking, and growth-oriented
C) V alue-creating, traditional, and growth-oriented
D) Free-thinking, value-creating, and growth-oriented
E) Innovative, value-creating, and growth-oriented

Question 31

Of the 29.6 million small businesses in the United States, 80 percent

A) are started by males.
B) have no employees.
C) are started by females.
D) are lifestyle businesses.
E) are started by people in the 35- to 44-year-old age group.

Question 32

Zambia and India are examples of _____ economies.

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

Question 33

The vast majority of net new jobs created by the small business sector are created by

A) lifestyle businesses.
B) "mom-and-pops."
C) gazelles.
D) nascent entrepreneurs.
E) skunks.

Question 34

The 1970s saw the beginnings of three significant trends that would forever change the face of business: macroeconomic turmoil, the technology revolution, and

A) the  green revolution.
B) agricultural disasters.
C) international competition.
D) diversification.
E) mechanization.

Question 35

In _____ economies, businesses are normally created out of necessity and so these countries tend to have very high entrepreneurial activity rates relative to other types of economies.

A) inertia-driven
B) factor-driven
C) innovation-driven
D) efficiency-driven
E) quality-driven

Question 36

The introduction in 1971 of the _____ microprocessor started a technology revolution.

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

Question 37

Which of the following countries is an example of an efficiency-driven economy?

A) Egypt
B) Iran
C) The Russian Federation
D) Canada
E) Estonia

Question 38

The people and companies that engage in a category of business activity are known as a(n)

A) industry.
B) gazelle.
C) economy.
D) startup.
E) company.

Question 39

James would like to open a computer repair shop in his hometown. He is currently in Phase 2 of the entrepreneurial process. This means that James is

A) creating a plan for his business's execution.
B) considering the design of his business.
C) doing preliminary research to understand the industry.
D) focusing on validating the hypotheses he has made about the customer, the solution, and his proposed business model.
E) developing hypotheses from his research.

Question 40

The U.S. Small Business Administration defines a small business as one with fewer than _____ employees.

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

Question 41

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

Question 42

Briefly describe entrepreneurship.

Question 43

Why should the effects of risk be considered when starting an entrepreneurial adventure?

Question 44

Describe current entrepreneurial trends.

Question 45

Briefly explain the generic life cycle of an industry.

Question 46

Discuss the knowledge economy of the 2000s.

Question 47

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

Question 48

Explain how entrepreneurs spur economic growth.

Question 49

Briefly discuss the three primary characteristics of high-impact entrepreneurial ventures.

Question 50

What are some reasons why new businesses fail?