Deck 1: The Global Entrepreneurial Revolution for a Flatter World

Question 1

Social scientists, venture capitalists, investors, and entrepreneurs believe that the eventual success of a new venture is largely dependent upon the talent and behaviour of the lead entrepreneur and of his or her team.

Answer 1

True

Question 2

A study of entrepreneurs revealed that those who moved quickly and were profit-oriented were much more likely to excel in business than those who were planners.

Answer 2

False

Question 3

Evidence suggests that the most durable entrepreneurial careers, those found to last 25 years or more, were begun at an earlier age before the person had made any substantial commitments to a specific career path.

Answer 3

False

Question 4

As long as everyone in an organization is committed to the highest ethical standards, it is not usually necessary to spend the time and effort to develop and implement any sort of formalized 'integrity strategy' for the business.

Question 5

For a successful entrepreneur, seeking and using feedback is central to the habit of learning from mistakes and setbacks, and of responding to the unexpected.

Question 6

The need to possess an objective way of keeping score, such as changes in profits, sales, or stock price, often makes money the primary motivator for driven entrepreneurs.

Question 7

Since entrepreneurs frequently evolve from an entrepreneurial heritage or are shaped and nurtured by their closeness to entrepreneurs and others, the concept of an apprenticeship can be a useful one.

Question 8

The need for affiliation is the desire to build a warm relationship with someone else and/or to enjoy mutual friendship.

Question 9

Almost without exception, entrepreneurs live under huge, constant pressures until their firms have survived the start-up phase; after that, it typically gets easier.

Question 10

While leaders who think and act with an "entrepreneurial mind" can certainly make a critical difference with exciting, higher potential ventures, they typically can have little impact on firms that are stagnant or declining.

Question 11

After years of research, it is now possible to take a number of people, give them a specialized test, and determine those in the group that do and do not possess entrepreneurial minds.

Question 12

One predictable research finding was that driven, successful entrepreneurs are generally not patient individuals.

Question 13

Rather than willingly put themselves in situations where they are personally responsible for the success or failure of the operation, the best entrepreneurs find ways to distribute risk among the various stakeholders and constituents.

Question 14

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

Question 15

In the face of tasks that are deemed unsolvable, entrepreneurs will actually give up sooner than others do.

Question 16

Numerous studies show little connection between the presence of role models in their lives and the emergence of successful entrepreneurs.

Question 17

Survival odds for a venture go up once you reach the benchmark of $1 million in sales and 20 employees.

Question 18

Successful entrepreneurs are gamblers.

Question 19

Founders should compete with peers in the company as a way of fostering team cohesion and spirit.

Question 20

While certain individuals possess such inborn characteristics as energy and raw intelligence, these characteristics do not necessarily mean that they will succeed as entrepreneurs.

Question 21

Crafting a Personal Entrepreneurial Strategy can

A) Create tension and pressure
B) Heighten the fear of failure
C) Spark action towards achievable goals
D) All of the answers are correct

Question 22

Which of the following are nonentrepreneurial attributes?

A) Invulnerability
B) Perfectionist
C) Knows it all
D) All of the answers are correct

Question 23

Entrepreneurs work both more and less than their counterparts in large organizations.

Question 24

Successful entrepreneurs initially focus on what?

A) Money
B) Resources
C) Networking
D) Opportunity

Question 25

In general, how long will venture capitalists work with a start-up before declaring the company a 'lemon'?

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

Question 26

"Veridical awareness" refers to an entrepreneur's ability to

A) Understand their limitations
B) Believe in themselves
C) Maintain a sense of perspective
D) All of the answers are correct

Question 27

Top-tier ventures that achieve a critical mass can do what?

A) Attract good people
B) Enhance the prospect of a harvest
C) Lift a community
D) All of the answers are correct

Question 28

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

A) 1-3 years
B) 2-5 years
C) 7-8 years
D) 10-15 years

Question 29

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

A) Many successful entrepreneurs do not have prior industry experience
B) Most successful entrepreneurs start companies by their late 20s
C) Most successful entrepreneurs follow a pattern of apprenticeship
D) Too much money at the outset can lead to serious problems and failure

Question 30

Crafting a personal entrepreneurial strategy can be viewed as the personal equivalent of developing a business plan.

Question 31

Building a substantial enterprise that will contribute something lasting and relevant to the world while realizing a capital gain can typically take how long?

A) 1-3 years
B) 3-5 years
C) 5-10 years
D) 10-15 years

Question 32

According to the authors, which of the six dominant themes of entrepreneurship is the most important?

A) Leadership
B) Opportunity Obsession
C) Commitment and Determination
D) Tolerance of Risk, Ambiguity, and Uncertainty

Question 33

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

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

Question 34

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

Question 35

Increasingly, research studies on the career paths of entrepreneurs and the self-employed suggest that which of the following is the central factor in 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 36

Research has found that people are motivated by which of the following?

A) The need for achievement
B) The need for power
C) The need for affiliation
D) All of the answers are correct

Question 37

Which of the following is not a paradox of entrepreneurship?

A) Flexibility vs. opportunity focus
B) Resource requirements vs. ownership
C) Age vs. experience
D) Drive and ambition vs. wisdom and judgment

Question 38

Studies have indicated that 90 percent or more of founders start their companies in the same marketplace, technology, or industry they have been working in.

Question 39

An organization's needs are satisfied ___________ those of the other constituents the enterprise serves.

A) in parallel with
B) before
C) after
D) None of the answers is correct; depends on the situation

Question 40

What is one of the primary attributes that separates entrepreneurial types from inventors, promoters, and managers?

A) Creativity and insight
B) Conservation of resources
C) Long range planning
D) Marshalling diverse resources

Question 41

Name the conceptual scheme for thinking about the self-assessment process where there are two sources of information about the self: the individual, and others.

Question 42

Why is an apprenticeship a good idea for an aspiring entrepreneur?

Question 43

What plays a significant role in influencing an entrepreneur's values, motivations, attitudes, and behaviours?

Question 44

Discuss the concept of 'hero maker' with regard to entrepreneurial leadership.

Question 45

How do successful entrepreneurs mitigate the risk inherent in starting and building a new venture?

Question 46

What are 3 of the skills and capacities not measured by standardized testing?