Question 1

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

Accepted Answer

The entrepreneurial method emphasizes the development and application of knowledge and expertise through consistent practice, enabling entrepreneurs to adapt and apply their skills to new ventures and challenges.

Question 2

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

Accepted Answer

The term "family enterprise" specifically refers to a business that is passed down within a family or is run by multiple members of a family. Therefore, choice B is the best option for describing Robert's situation.

Question 3

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

Accepted Answer

C

Question 4

The authors define entrepreneurship as ______.

Accepted Answer

Option A provides a comprehensive definition of entrepreneurship by highlighting the key components of identifying opportunities, taking risks and bringing new ideas to life. Options B and C specify a narrower interpretation of entrepreneurship, while option D describes serial entrepreneurship, which is only one aspect of the broader concept.

Question 5

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)______.

Accepted Answer

Tony, being a manager who used feedback from his team members to enhance the company's competitive position and profitability, displays characteristics of a corporate entrepreneur.

Question 6

Successful entrepreneurs tend to follow which approach to collaboration?

Accepted Answer

Successful entrepreneurs tend to follow a collaborative approach with both potential customers and competitors. Collaboration with potential customers helps to ensure that the products and services being offered meet their needs and preferences, and collaboration with competitors can lead to strategic alliances and partnerships, as well as industry innovation and growth. By working collaboratively, entrepreneurs can leverage their resources, knowledge, and expertise to achieve shared goals and objectives.

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 ______.

Accepted Answer

The text mentions that these stories are often portrayed as a "meteoric rise", which may not accurately represent the reality of entrepreneurship. This suggests that while inspirational, these stories may not provide a complete picture of what entrepreneurship is actually like.

Question 8

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

Accepted Answer

According to research, less than 50% of Inc.500 founders wrote formal business plans prior to launching their companies.

Question 9

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

Accepted Answer

A startup is a temporary organization that is in search of a scalable and profitable business model. It is characterized by experimentation, innovation, and risk-taking, and its ultimate goal is to grow and dominate its market. While corporations and LLCs are also types of businesses, they are typically established with a more concrete and established business model already in place, whereas a startup is still in the experimental phases of establishing its business model. An entrepreneur is an individual who starts and manages a business, but not all entrepreneurs are necessarily involved in startup ventures.

Question 10

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

Accepted Answer

Serial entrepreneurship refers to the practice of starting multiple businesses over time, often in different industries. Richard Branson's expansion of Virgin Group into various industries such as railway, music, media and banking is an example of serial entrepreneurship.

Question 11

Which of the following is true about effectual entrepreneurs?

Accepted Answer

Effectual entrepreneurs focus on creating a future rather than predicting it. This means that they start with their own abilities and interests and work to create opportunities and solutions, rather than trying to predict what the market wants and then creating a business to fit that prediction.

Question 12

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.

Accepted Answer

Sam's primary motivation is to address a social issue and help children in need, rather than solely achieving profit or financial gain. Therefore, Sam can be classified as a social entrepreneur.

Question 13

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

Accepted Answer

The nonprofit "1001 Fountains for Tomorrow" aims to address a social issue, which is providing safe drinking water for small rural villages in Cambodia. This makes it an example of social entrepreneurship, which refers to entrepreneurs and organizations that aim to create social and environmental impact while also making a profit or sustaining their operations.

Question 14

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

Accepted Answer

Some organizations may fear that entrepreneurial employees will eventually leave the company to start their own business and become competitors.

Question 15

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

Accepted Answer

Serial entrepreneurs are individuals who initiate and operate multiple businesses over time. They tend to have a high risk tolerance and are comfortable with taking on multiple ventures simultaneously or one after the other. Social entrepreneurs are individuals who create businesses with a primary goal of addressing social or environmental issues. High-risk entrepreneurs are those who take on significant financial risks in starting a business, while low-risk entrepreneurs are individuals who prefer to start businesses with minimal financial risk.

Question 16

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)______.

Accepted Answer

Nicole is an "entrepreneur inside" because she is trying to innovate and create new business opportunities within an existing organization, ETC Corporation.

Question 17

Which of the following is a truth about entrepreneurship?

Accepted Answer

Entrepreneurship can be practiced in any type of organization, including established companies, nonprofits, and government agencies. It's not limited to startups.

Question 18

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

Accepted Answer

The process of creating new products, ventures, processes, or renewal within large organizations is called "intrapreneurship". This involves employees within the organization being given the freedom to think and act like entrepreneurs to come up with innovative ideas and solutions. It is a cost-effective way of fostering innovation within the organization while also retaining valuable talent.

Question 19

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?

Accepted Answer

The certification for a benefit corporation (B-Corp) is designed to ensure that companies meet high standards of social and environmental performance, accountability, and transparency. One of the key aspects of being a B-Corp is the legal protection it offers companies against lawsuits from stakeholders who might argue that the company is not prioritizing shareholder value over its social and environmental goals. This legal protection allows B-Corps to focus on their mission without the same level of concern for shareholder lawsuits that traditional corporations might face.

Question 20

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

Accepted Answer

The authors state that the precursor to entrepreneurial action is the "right mindset", which includes "an attitude of innovation, risk-taking, creativity, and persistence." This suggests that having the right mindset is crucial for initiating entrepreneurial action, as it enables individuals to identify opportunities, take calculated risks, and persist in the face of challenges. While the acquisition of resources and an understanding of failure may also be important factors in the entrepreneurial process, they are not necessarily the precursor to entrepreneurial action.

Quiz 1: Practicing Entrepreneurship