Deck 1: Practicing Entrepreneurship

Question 1

A temporary organization in search of a scalable business model is known as a(n)______.

A)startup
B)corporation
C)LLC
D)entrepreneur

Answer 1

A

Question 2

______ are people who start several businesses,whether at the same time or one after the other.

A)Social entrepreneurs
B)Serial entrepreneurs
C)High-risk entrepreneurs
D)Low-risk entrepreneurs

Answer 2

B

Question 3

Which of the following is a truth about entrepreneurship?

A)Entrepreneurship is not reserved for startups.
B)Entrepreneurship cannot be taught.
C)Entrepreneurs compete more than they collaborate.
D)Entrepreneurs have a special set of personality traits.

Answer 3

A

Question 4

The nonprofit "1001 Fountains for Tomorrow," whose goal is to provide safe drinking water for small rural villages in Cambodia,is an example of ______.

A)corporate entrepreneurship
B)entrepreneurs inside
C)social entrepreneurship
D)serial entrepreneurship

Question 5

According to the authors,what is the precursor to entrepreneurial action?

A)a business process
B)the right mindset
C)an understanding that failure is probable
D)the acquisition of resources

Question 6

Joseph is a sales manager for ETC Corporation,a manufacturer of high-end kitchen appliances for restaurants.Nicole has been lobbying him to allow her to design and sell a range of consumer-grade appliances using ETC's design and manufacturing resources.Nicole is a(n)______.

A)corporate entrepreneur
B)franchisee
C)entrepreneur inside
D)social entrepreneur

Question 7

The media often cover the meteoric rise of entrepreneurs such as Bill Gates (Microsoft)and Travis Kalanick (Uber).According to the text,these stories ______.

A)are inspirational,but do little to represent the reality of entrepreneurship
B)are highly relatable
C)have not captured the public imagination
D)are accurate depictions of the reality of entrepreneurship

Question 8

Sam is tired of seeing injustice and mistreatment of children in inner cities and has an innovative idea to help them develop self-esteem.Sam is an example of a ______ entrepreneur.

A)social
B)corporate
C)nascent
D)benefit

Question 9

According to the text,why would some organizations not be enthusiastic about employees acting entrepreneurially inside a company?

A)fear that workers will recruit other employees to prioritize their entrepreneurial efforts over their essential job duties
B)fear that trade secrets will be accidentally released to the public
C)fear that they will leave the company and start their own business
D)fear that they will not seek approval from senior managers before starting work on their entrepreneurial initiatives

Question 10

Research revealed what percentage of Inc.500 founders wrote formal business plans prior to launching their companies?

A)more than 90%
B)more than 75%
C)less than 50%
D)less than 10%

Question 11

Richard Branson's expansion of his Virgin Group to include railway,music,media,and banking industries is an example of ______ entrepreneurship.

A)global
B)nascent
C)social
D)serial

Question 12

The entrepreneurial method requires consistent practice so that ______ can be continuously developed and applied to future endeavors.

A)a strong business plan
B)education and application
C)business processes
D)knowledge and expertise

Question 13

A benefit corporation (or B-Corp)is an organization certified by the nonprofit B Lab to ensure strict standards of social and environmental performance,accountability,and transparency are met.According to the book,which of the following statements is true?

A)Large nonprofits are leaders in this movement.
B)To host a telethon to raise money,an organization must be a B-Corp.
C)The certification protects a company from lawsuits from stakeholders.
D)All of the answers are correct.

Question 14

What is the process of creating new products,ventures,processes,or renewal within large organizations?

A)entrepreneurs inside
B)tech entrepreneurship
C)social entrepreneurship
D)intrapreneurship

Question 15

Robert has a business that he wants to pass down to others in his family to run.Robert has ______.

A)an entrepreneurship
B)a family enterprise
C)a role as an entrepreneur inside
D)interest in a benefit corporation

Question 16

______ have touched every corner of our lives,affecting every aspect of the way we live.

A)Lifestyles
B)Corporations
C)Entrepreneurs
D)Managers

Question 17

The authors define entrepreneurship as ______.

A)a way of thinking,acting,and being that combines the ability to find or create new opportunities with the courage to act on them
B)starting a small business by finding investors and launching a product
C)developing a new market by creating a product that does not currently exist
D)a mindset that compels people to start multiple ventures throughout a lifetime

Question 18

Which of the following is true about effectual entrepreneurs?

A)They focus on creating a future rather than predicting it.
B)They find markets rather than make them.
C)They do not accept failure.
D)They focus on a single reliable stakeholder.

Question 19

Successful entrepreneurs tend to follow which approach to collaboration?

A)They do not collaborate and work in isolation.
B)They collaborate with potential customers,but not with competitors.
C)They collaborate with both potential customers and competitors.
D)They collaborate with competitors,but not with potential customers.

Question 20

Tony is a manager at a company that builds solar panels.In his position,he used the feedback from his team members as the basis of a plan for the company to start installing the solar panels in order to enhance the company's competitive position and profitability.Tony is an example of a(n)______.

A)operational entrepreneur
B)marketing professional
C)corporate entrepreneur
D)strategist

Question 21

As babies,we learned by trial and error.Through traditional education,we think more like ______.

A)franchisees
B)managers
C)entrepreneurs
D)collaborators

Question 22

What method emphasizes moving quickly from the initial plan to reality?

A)The Process Method
B)The Franchise Method
C)The Entrepreneurship Method
D)The Startup Method

Question 23

Your professor has asked you to implement the entrepreneurial approach on your final project without much further instruction.What do you do first?

A)Look at what means you have to start the process.
B)Ask your classmates for ideas.
C)Ask your professor for help.
D)Make the project a priority,even if it means skipping class.

Question 24

Which social entrepreneur and Nobel Prize Winner said,"All human beings are entrepreneurs.When we were in the caves,we were all self-employed…finding our food,feeding ourselves"?

A)Gandhi
B)Elon Musk
C)Muhammad Yunus
D)Al Gore

Question 25

Why is the 10-step process not enough for entrepreneurial ventures?

A)It relies too much on past history to predict the future.
B)It only works for small businesses.
C)It's too fluid.
D)It's too complex.

Question 26

According to the textbook,entrepreneurship has traditionally been viewed as ______.

A)a process of sequential steps
B)a marketing task
C)the only way to succeed
D)a financial failure

Question 27

Michael is a franchise restaurant owner.Which of the following best describes his franchising costs?

A)a franchise fee to start,a monthly royalty as a percentage of sales,and other operational costs
B)a royalty to the franchisor,calculated as a percentage of net income plus other operational costs
C)the same as any other restaurant owner
D)a franchise fee to start,plus other operational costs

Question 28

Your professor gives you a project with little direction or planning.This is an example of ______.

A)managerial thinking
B)entrepreneurial thinking
C)the effectuation theory
D)the entrepreneur inside

Question 29

The process approach to entrepreneurship emphasizes ______.

A)reaction
B)innovation
C)fluidity
D)prediction

Question 30

Why has traditional education inhibited our entrepreneurial nature?

A)It fosters a constant need for measurement and assessment.
B)It introduces uncertainty in learning new tasks.
C)It reinforces trial and error to continue as we learn.
D)Honing skills only helps us as managers.

Question 31

ICHOR Restaurant Group was started by Brian Bailey and Tim Hug in 2006 and has since opened three successful restaurant concepts--Old Carolina BBQ,Smoke: The Burger Joint,and Baja West Coast Kitchen--with a dozen corporate-owned locations.They have begun to allow external entrepreneurs to purchase a license to operate their own location(s).Entrepreneurs purchasing such a license are engaging in ______.

A)corporate entrepreneurship
B)franchising
C)entrepreneurship inside
D)social entrepreneurship

Question 32

To be certified as a benefit corporation (or B-Corp),an organization is rated on which of the following?

A)how its employees are treated
B)how multicultural its board and employees are
C)minimum profitability
D)stakeholder commitment

Question 33

Bill is the paternal head of his family as well as the family enterprise.He is concerned about the business and wants to ensure its survival for the long run.You,as a consultant,advise him to focus on ______.

A)selling the company
B)passing on an entrepreneurial mindset to his family members
C)writing a detailed business plan
D)establishing a trust to administer the business

Question 34

Social entrepreneurs ______.

A)must rely on fundraising to keep their company economically stable
B)can only be found in the nonprofit sector
C)must choose between making either a social or an economic impact
D)seek innovative solutions to social and environmental problems

Question 35

By definition,a ______ is a systematic way of approaching a task.

A)process
B)method
C)straight-line
D)collaborative

Question 36

Family-owned businesses account for ______ of new jobs in the U.S.economy.

A)50%
B)13%
C)25%
D)78%

Question 37

Your classmate is planning a new venture.He has spent a lot of time on planning and analysis,taking a managerial approach as he attempts to predict the future.This type of path is typically taken by what type of entrepreneur?

A)social entrepreneur
B)novice entrepreneur
C)corporate entrepreneur
D)family entrepreneur

Question 38

Approaching entrepreneurship as a ______ caters to its unpredictable and uncertain nature.

A)management challenge
B)startup
C)process
D)method

Question 39

Rafael is struggling with next steps for his startup.He asks his friends for feedback on his idea.What part of the entrepreneurship method is he using?

A)collaboration
B)phases of learning
C)planning
D)creating

Question 40

What is the survival rate of family businesses transitioning from the first to the second generation?

A)less than 30%
B)40%
C)50%
D)more than 75%

Question 41

When studying medical students and the way in which they learn clinical skills,researchers found the students who used deliberate practice were ______.

A)learning how to learn
B)too focused to really improve their skills
C)missing some key "big picture" aspects of their training
D)becoming more knowledgeable but less proficient

Question 42

After months of sharing his fitness venture with his high school football team and receiving feedback,Jarod decided to start promoting it on Facebook.This illustrates what concept?

A)serial entrepreneurship
B)the practice of entrepreneurship
C)franchising
D)managerial thinking

Question 43

The fatty white tissue created in your brain through focused repeated activity is ______.

A)cerebrum
B)myelin
C)neuron
D)sheath

Question 44

College courses on entrepreneurship are standard parts of the curriculum.

Question 45

According to the authors,a student should take action and practice entrepreneurship ______.

A)at every opportunity
B)immediately after graduation
C)once they are financially self-supporting
D)once they have a steady job

Question 46

Chef Jiro has used ______ to master the art of making sushi.

A)deliberate practice
B)effectuation
C)lifestyle practice
D)mindshift

Question 47

When practicing entrepreneurship,starting with means at hand involves ______.

A)analyzing who you are
B)using your available resources to fund your venture
C)asking friends to contribute to your venture
D)sharing your ideas

Question 48

What was violinist Nathan Milstein concerned about with deliberate practice?

A)practicing without an audience
B)practicing too much
C)practicing less than his competition
D)practicing without supervision

Question 49

High performers use ______ to carry out carefully focused efforts to improve performance.

A)deliberate practice
B)practical practice
C)all-day practice
D)15-minutes-a-day practice

Question 50

According to the authors,anything you do that requires deliberate practice helps develop ______,which is/are transferable to entrepreneurship.

A)cognitive skills
B)empathy
C)managerial thinking
D)discipline

Question 51

According to the text,what is the key to entrepreneurship?

A)connections
B)practice
C)innovative thinking
D)risk-taking

Question 52

Gina wants to develop an app to match animal shelters to adopters.She has crafted the following statement: "I am developing this app so that more pets will be adopted." What component of the practice of entrepreneurship is she implementing?

A)Describe your idea today.
B)Identify your desired impact on the world.
C)Start with means at hand.
D)Take small action.

Question 53

Entrepreneurs who have engaged in years of deliberate practice tend to have ______.

A)a "blind spot" concerning innovation
B)big egos
C)a higher sense of intuition
D)difficulty transmitting their knowledge to others

Question 54

Entrepreneurs are traditionally extreme risk-takers.

Question 55

In the Entrepreneurship Method,______ requires thinking about and analyzing existing information.

A)prediction
B)planning
C)creating
D)processing

Question 56

Scientific evidence has proven that a specific set of traits distinguishes entrepreneurs from non-entrepreneurs.

Question 57

According to the authors,entrepreneurship is best taught as a linear process that will lead to a specific destination.

Question 58

Bill Gates and Mark Zuckerberg are shining examples of overnight success.

Question 59

Entrepreneurship is reserved for startups.

Question 60

Successful entrepreneurs are essentially gamblers at heart.

Question 61

Approximately 70% of family businesses fail or are sold before the second generation reaches a position to take over.

Question 62

Corporate entrepreneurship and intrapreneurship are different processes.

Question 63

Compare entrepreneurship with startup.

Question 64

B-Corp certification recognizes organizations that achieve five or more years of consistent profitable growth.

Question 65

A franchise is a type of license purchased by a franchisee from a franchisor to allow them to trade under the name of that business.

Question 66

As an entrepreneur,if you have to choose between planning an action and taking an action,you should opt for taking the action.

Question 67

Managerial thinking works best in times of certainty.

Question 68

An entrepreneur can own his or her own business or work in a corporation with an entrepreneurial spirit.

Question 69

Successful entrepreneurs have a tendency to collaborate with competitors.

Question 70

Paulina bought a small print shop and is very successful,but because she purchased an existing business,she is not considered an entrepreneur.

Question 71

Compare and contrast three truths about entrepreneurship and your own experience with entrepreneurs.

Question 72

Joan has pursued seven money-making ventures over the past 10 years,ranging from retail storefronts to mobile app development.Joan is a "serial entrepreneur."

Question 73

Corporate entrepreneurs work within only large organizations whereas entrepreneurs inside can exist in any type of organization,big or small.

Question 74

Social entrepreneurship is defined as the process of innovating new social media business opportunities.

Question 75

Research has proven that successful entrepreneurs are planners and most insist on having a formal business plan in place before launching a new venture.

Question 76

Social entrepreneurship is a term used only to describe not-for-profit ventures.

Question 77

Analyze the importance of action and practice in entrepreneurship.

Question 78

The cycle of act-learn-build encourages entrepreneurs to take small actions in order to learn and build that learning into the next action.

Question 79

Franchising can be a beneficial way for entrepreneurs to get a head start in launching their own businesses since they do not have to pay the franchisor royalties after buying the franchise.

Question 80

Entrepreneurship can provide us with skills we can apply to other aspects of our lives.