Question 1

Shruti Ramakrishnan noticed that in her native New York City, people are constantly standing in line, whether to purchase tickets, do transactions at an agency like the Department of Motor Vehicles, or wait their turn at an entertainment venue or eatery. She decided to found Waiters, a service where a person can order a "waiter" to stand in line for them. Ramakrishnan is currently testing her new business idea in three major cities: New York, San Francisco, and Chicago. Ramakrishnan can be classified as a(n)

Accepted Answer

Shruti Ramakrishnan is an entrepreneur because she identified a common problem and created a new business, Waiters, to solve it by offering a service where someone stands in line on behalf of others.

Question 2

The first step in the entrepreneurial process is to

Accepted Answer

The first step in the entrepreneurial process is to identify and qualify a need in the marketplace. This involves recognizing a problem or opportunity that can be addressed by offering a new product or service, setting the foundation for the subsequent steps in developing a business.

Question 3

Dele has come up with an idea that will help soothe dogs that experience separation anxiety from their owners. He is in the process of turning his idea into a business reality. He has identified that there is a need for his product in the marketplace and that the market size could be quite substantial. What would be the next step for Dele in the entrepreneurship process?

Accepted Answer

Dele should translate his idea into a new product, as he has already identified the market need and potential size. This step involves developing a prototype or a minimum viable product to test and refine the concept.

Question 4

A(n) ________ entrepreneur is suddenly without income and trying to earn it back by starting a business, while a(n) ________ entrepreneur is ambitious and trying to pursue big profits with a new business.

Accepted Answer

Necessity entrepreneurs are those who start businesses out of a need, often because they have lost their job or have no other way of generating income. Opportunity entrepreneurs, on the other hand, are those who start businesses to pursue an opportunity they have identified, aiming for significant profits.

Question 5

Entrepreneurs who listen to diverse experiences and perspectives and carve out time for deep thought to analyze and challenge their own thought process are engaged in which skill of successful entrepreneurs?

Accepted Answer

Critical thinking involves analyzing and challenging one's own thought process, considering diverse perspectives, and engaging in deep thought, which aligns with the description provided.

Question 6

Entrepreneurs that are engaged in brainstorming, experimentation, testing, and user observations are practicing which skill needed for entrepreneurial success?

Accepted Answer

The answer of Entrepreneurs that are engaged in brainstorming, experimentation,...

Question 7

What is one of the four psychological characteristics of a successful entrepreneur?

Accepted Answer

Successful entrepreneurs typically have a high tolerance for ambiguity and risk, allowing them to navigate uncertain and challenging business environments effectively.

Question 8

The four characteristics of an entrepreneur are (1) self-confidence and belief in personal control, (2) need for achievement and action orientation, (3) tolerance for ambiguity and risk, and a

Accepted Answer

Entrepreneurs typically have a high energy level, which helps them to work long hours and remain persistent in the face of challenges.

Question 9

Melissa Aboud was abruptly laid off from her dream job after less than a year. Determined to follow her heart and concerned about putting food on the table for herself and her three children, she started Sweet Dreams, an online wholesale candy company. During this transition, working hard to get her company up and running, Aboud often finds herself making decisions based on unclear or incomplete information, trying things she had never done before, and exposing herself to financial debt for the sake of her new business venture. Aboud is displaying which of the four characteristics of the entrepreneur?

Accepted Answer

Aboud's willingness to make decisions with unclear or incomplete information, trying new things, and exposing herself to financial risk for her business venture indicates a high tolerance for ambiguity and risk, characteristic of entrepreneurs.

Question 10

Entrepreneurs need to be self-confident and to believe they have personal control of their destinies. This is because they

Accepted Answer

Entrepreneurs need self-confidence to make decisive decisions, which is crucial for navigating the uncertainties and challenges of starting and running a business.

Question 11

Saul Mousavi worked long hours to rise to the level of middle manager at Inkspot, a print vendor servicing the needs of big local clients, including advertising agencies and colleges. But now that he has started his own print shop, Papyrus Group, he has decided to take it easy and let the business run itself. Mousavi is an example of someone who lacks or needs to strengthen which psychological characteristics of the entrepreneur?

Accepted Answer

The answer of Saul Mousavi worked long hours to rise...

Question 12

Nicole Haddad has a way with words. Among her friends and colleagues, she is always the person to turn to when an email needs fine tuning or a resume or term paper needs checking for errors. When she graduated from college, Haddad realized that she didn't really enjoy working in an office for a big company. "I'm a free spirit," she told her boyfriend. "I want to be my own boss, and I want a balanced life. I can operate my own freelance proofreading business from home. I don't want to make a fortune; I just want to do work I enjoy and make a living at it." Which entrepreneurial type describes Haddad?

Accepted Answer

Nicole Haddad's desire to operate her own small, freelance proofreading business from home, aiming for a balanced life rather than making a fortune, aligns with the characteristics of a micropreneur. Micropreneurs run small businesses that are manageable on a personal level, often from home, focusing on lifestyle or personal fulfillment rather than significant financial growth.

Question 13

"I see an opportunity for my employer" is something that a(n) ________ would say.

Accepted Answer

Intrapreneurs are employees within a company who are assigned to work on a special idea or project. They are given the time and freedom to develop the project as an entrepreneur would, but within the company. They look for opportunities to innovate within the company's ecosystem, hence the statement "I see an opportunity for my employer" aligns with the role of an intrapreneur.

Question 14

An intrapreneur works inside an existing organization, sees an opportunity for a product or service, and mobilizes the organization's resources to

Accepted Answer

Intrapreneurs work within existing organizations to identify opportunities and leverage the organization's resources to turn those opportunities into profitable ventures, without necessarily involving media announcements, focusing on competition, monitoring others for years, or leaving to start a new company.

Question 15

Peyton Jackson works for GameStart, a game design company. He was playing with his pet cat Tiger when he had a brainstorm for a new video game for cats called Pounce. The owner's screen would display running mice, flying birds, and creeping insects that are often the targets of cats' curiosity. The cat would touch the screen with its paws to stop the creatures from running away, and it would get rewards, such as actual cat treats and catnip, for each point gained. Jackson approached the president of GameStart with the idea. At first, the president rejected Pounce, but when Jackson set up a demonstration, featuring Tiger playing the video game, the president was won over. With Jackson's help, GameStart launched Pounce later that year. Peyton Jackson could best be described as a(n)

Accepted Answer

Peyton Jackson is best described as an intrapreneur because he developed a new idea and project within his existing company, GameStart, rather than starting his own separate business.

Question 16

Jan works as an accountant for a large organization. In her free time, she makes jewelry which she sells on Etsy and at local craft fairs. Which type of entrepreneurship does this represent?

Accepted Answer

Jan's activity of making and selling jewelry on Etsy and at local craft fairs in her free time, while also working as an accountant, is a classic example of a side hustle. This term refers to a secondary job or business that someone engages in, in addition to their main employment, often to pursue a passion or to earn extra income.

Question 17

What form of entrepreneurship describes a self-employed person who leverages their knowledge, skills, and abilities to perform tasks, services, or functions for a customer?

Accepted Answer

Freelancers are self-employed individuals who offer their skills and services to clients on a project or task basis, leveraging their knowledge and abilities directly in their work.

Question 18

Business owners who work and operate their business alone are referred to as

Accepted Answer

Solopreneurs are individuals who run their business alone, handling all aspects of the operation without the involvement of other partners or employees.

Question 19

Michael Khoury, a college student majoring in business management, looks forward to starting his own business after graduation. He knows there are all kinds of ways to come up with a business idea. One day he is brainstorming for ideas while watching his nieces and nephews play. He gets an idea for a new product, a bicycle that converts into a child's stroller. Khoury's idea is an example of

Accepted Answer

Khoury's idea involves combining the functions of a bicycle and a child's stroller into a single product, which is an example of combining two or more products.

Question 20

Which activity would be used inquantitative research and evaluation?

Accepted Answer

Quantitative research involves the use of mathematical and statistical techniques to analyze data, which is reflected in choice A.

Quiz 4: The Development of the Global Economy