Deck 1: Entrepreneurship: Evolutionary Development-Revolutionary Impact

Question 1

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

A)If at first you don't succeed, try, try, again.
B)Being 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.

Answer 1

C

Question 2

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

Answer 2

True

Question 3

The statement,"with every new venture launched,new and unintended opportunities often arise," would be associated with:

A)the entrepreneurial principle
B)the opportunity principle
C)the corridor principle
D)the Dilbert principle

Answer 3

C

Question 4

Which of the following is not a common myth about entrepreneurs?

A)Entrepreneurs are academic and social misfits.
B)Entrepreneurs are doers, not thinkers.
C)Entrepreneurs today are considered heroes.
D)All you need is money to be an entrepreneur.

Question 5

During the past ten years,new business incorporations averaged nearly 600,000 per year.

Question 6

Entrepreneurs are born not made.

Question 7

The word entrepreneur is derived from the French entreprendre,which is translated as

A)to apprehend
B)to undertake
C)to compete
D)to enter and dare

Question 8

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

Question 9

Which of the following statements best describes a "gazelle?"

A)a business with at least 20 percent growth every year
B)a business with no sales growth
C)a business that has acquired numerous firms
D)an inventor who turned business person

Question 10

Gazelles are almost always high tech.

Question 11

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

Question 12

The macro view of entrepreneurship presents factors exhibiting a strong

A)internal locus of control
B)external locus of control
C)environmental locus of control
D)contemporary locus of control

Question 13

Entrepreneurs are high risk takers.

Question 14

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 15

Michael Gerber,the author of The E-Myth,explains that the failure of most small businesses is due to:

A)owners being more technical rather than entrepreneurial
B)owners being more managerial rather than technical
C)owners being more entrepreneurial rather than managerial
D)owners being more entrepreneurial rather than technical

Question 16

Entrepreneurs always start their business at a young age.

Question 17

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 18

Entrepreneurs are aggressive catalysts for change within the marketplace.

Question 19

Throughout the years,many myths have arisen about entrepreneurship as a result of?

A)a lack of research about entrepreneurship
B)a lack of interest in the field
C)a total disregard for the truth
D)a destructive attitude by government

Question 20

A "gazelle" is a business establishment with at least 20 percent sales growth every year for five years.

Question 21

The micro view is divided into which three theories?

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

Question 22

List and categorize the schools of entrepreneurial thought.

Question 23

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

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

Question 24

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 25

Provide a comprehensive definition of entrepreneurship.

Question 26

Mountain gap strategies refer to:

A)unique resources
B)unique locations
C)unique resources
D)unique markets

Question 27

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

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

Question 28

Name and describe four of the ten major myths of management.