Deck 2: The Entrepreneurial Mind: Crafting a Personal Entrepreneurial Strategy

Question 1

Research has shown that an entrepreneur is more driven by the conservation of resources,whereas a manager is more opportunity-driven.

Answer 1

False

Question 2

In the context of psychological motivation of entrepreneurial behavior,the need for power is the need to influence others to achieve a goal.

Answer 2

True

Question 3

In the context of entrepreneurial behavior,the need for affiliation is the need to excel.

Answer 3

False

Question 4

Successful entrepreneurs possess a well-developed capacity to exert influence without formal power.

Question 5

Which of the following volumes of the Praeger Perspectives proceeds through the life cycle of a new venture startup by tackling several key steps in the course of action?

A) People
B) Process
C) Place
D) Plan

Question 6

Entrepreneurs are self-starters who are internally driven by a strong desire to compete and attain challenging goals.

Question 7

The psychological motivation of entrepreneurial behavior states that the need for achievement is the need to build a relationship with others.

Question 8

Studies show a strong connection between the presence of role models and the emergence of entrepreneurs.

Question 9

Successful entrepreneurs consistently focus on:

A) seizing a market-based opportunity.
B) obtaining resources.
C) networking.
D) making money.

Question 10

Which of the following is defined as the need for measurable personal accomplishment?

A) The need for achievement
B) The need for power
C) The need for affiliation
D) The need for attachment

Question 11

In the context of creativity,self-reliance,and adaptability,which of the following attitudes of an entrepreneur is desirable?

A) Skepticism about conflicts and failure
B) Ability to be a lone wolf
C) Restlessness with the status quo
D) High need for status and power

Question 12

When compared to an entrepreneur,a manager is more:

A) resource-driven.
B) opportunity-driven.
C) creative.
D) innovative.

Question 13

In the troika of the foundation of a successful new venture,which of the following is an external environmental influence?

A) Value creation
B) Ethical behavior
C) Focus
D) Adaptability

Question 14

Which of the following is not an entrepreneurial attribute?

A) Being a calculated risk taker
B) Being a perfectionist
C) Being obsessed with value creation
D) Being intensely curious in the face of risk

Question 15

Entrepreneurs motivated purely by monetary reward typically build companies of substantial value.

Question 16

Successful entrepreneurs seek power and control over others.

Question 17

Which of the following is the least characteristic motivational need of successful entrepreneurs?

A) Achievement
B) Control
C) Power
D) Affiliation

Question 18

All successful business people share characteristics of raw energy and intelligence.

Question 19

The third volume of the Praeger Perspectives examines people and refers to a wide and diverse range of contextual factors that influence the entrepreneur and the entrepreneurial process.

Question 20

Entrepreneurs are their own bosses and completely independent.

Question 21

Which of the following statements demystifies the myth that entrepreneurs are gamblers?

A) Entrepreneurs consider an idea and an opportunity as the same.
B) Successful entrepreneurs try to influence the odds,often by getting others to share the risk.
C) Successful entrepreneurs are completely independent and their own bosses.
D) Entrepreneurs are driven by instant gratification through high salaries and perks.

Question 22

Write a short note on the Praeger Perspectives.

Question 23

Although the skills of a manager and an entrepreneur overlap in the area of solid management skills,a manager is more driven by the conservation of resources,while the entrepreneur is more ___.

Question 24

The need to build a relationship with others is known as the need for ___.

Question 25

The first volume of the Praeger Perspectives deals with _____ and takes a broad view of entrepreneurship as a form of human action,pulling together the current research with respect to cognitive,economic,social,and institutional factors that influence entrepreneurial behavior.

Question 26

Entrepreneurs who are internally driven by a strong desire to compete and attain challenging goals are typically known as ___.

Question 27

According to research studies on the career paths of entrepreneurs and the self-employed,which of the following is the central factor for a successful venture creation?

A) Networking
B) The ability to marshal resources
C) Experience and know-how
D) The ability to attract and motivate an effective team

Question 28

An entrepreneur who displays a high energy level and a sense of urgency is known as a ___.

Question 29

Successful entrepreneurs are driven by:

A) the quest for power for its own sake.
B) a personal need for authority expressed by control over others.
C) the quest for achievement and results.
D) a need to seek money as an end in itself.

Question 30

Successful entrepreneurs are not gamblers;they take ___.

Question 31

Numerous studies show a strong connection between the presence of _____ and the emergence of successful entrepreneurs.

Question 32

Based on the entrepreneurial leadership paradigm,when the competencies of others are sought and used,it is referred to as ___.

Question 33

Which of the following is the most important component of opportunity recognition?

A) Experimenting with new ideas
B) Exhibiting low tolerance toward change
C) Being risk aversive
D) Being a perfectionist

Question 34

Most successful entrepreneurs have had a _____ to help them achieve their dreams and goals,both implicitly and explicitly.

Question 35

According to an old maxim,how long will venture capitalists work with a startup before declaring the company a "lemon"?

A) Up to a year
B) About two and a half years
C) At least three years
D) Three to five years

Question 36

According to research,which of the following statements about entrepreneurs is false?

A) Many successful entrepreneurs are well educated.
B) Most successful entrepreneurs start companies in their early 20s.
C) Most successful entrepreneurs follow a pattern of apprenticeship.
D) Family firms spawn entrepreneurs.

Question 37

Which of the following is a reality and not a persistent myth about entrepreneurs?

A) Entrepreneurs are born,not made.
B) Entrepreneurs are gamblers.
C) Solo entrepreneurs limit their own potential for growth.
D) Entrepreneurs should be young,energetic,and in their 20s.

Question 38

The need for _____ is the need to excel and the need for measurable personal accomplishment.

Question 39

According to venture investors,what is the realistic time frame for growing a high potential business to the point where a capital gain can be realized?

A) 1-3 years
B) 2-5 years
C) 5-7 years
D) 7-8 years

Question 40

Which of the following is a myth about successful entrepreneurs?

A) They are driven by the need for achievement.
B) They are driven by the need to control others.
C) They have the ability to exert influence.
D) They have the ability to be patient even in adverse situations.

Question 41

In the context of the seven dominant themes of desirable and acquirable attitudes and behavior of entrepreneurs,briefly describe the role of creativity,self-reliance,and adaptability.

Question 42

Describe at least three important aspects of courage in entrepreneurship.

Question 43

Discuss any two myths and realities about entrepreneurs.