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.

Accepted Answer

Social scientists, venture capitalists, investors, and entrepreneurs have conducted various studies and have concluded that the talent and behaviour of the lead entrepreneur and his or her team are critical factors that can determine the eventual success of a new venture. The skills, experience, creativity, resilience, and passion of the lead entrepreneur and the compatibility, trust, and collaboration within the team can influence the ability of the venture to innovate, adapt, learn, and grow in a competitive and dynamic market. Therefore, investors and stakeholders often focus on the quality of the founding team when evaluating the potential of a new venture.

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.

Accepted Answer

The statement is not universally true as success in entrepreneurship can depend on various factors, including planning, adaptability, and market conditions. Different studies may show different results based on their methodologies and contexts.

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.

Accepted Answer

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.

Accepted Answer

While having a culture of ethics is important, it is still beneficial to have a formalized integrity strategy to ensure that everyone is on the same page and to provide guidance in difficult situations. Without a formal strategy, there may be inconsistencies or misunderstandings regarding ethical practices.

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.

Accepted Answer

Seeking and using feedback allows entrepreneurs to learn from their mistakes, adapt to changing situations, and continuously improve their business practices. It is an essential part of the entrepreneurial journey.

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.

Accepted Answer

The answer of The need to possess an objective way...

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.

Accepted Answer

The statement is true - the idea of an apprenticeship can be valuable for entrepreneurs who learn from others in their close circle.

Question 8

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

Accepted Answer

The statement accurately describes the concept of the need for affiliation.

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.

Accepted Answer

The answer of Almost without exception, entrepreneurs live under huge,...

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.

Accepted Answer

Leaders with an entrepreneurial mindset can revitalize stagnant or declining firms by introducing innovative strategies, fostering a culture of creativity, and identifying new opportunities for growth.

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.

Accepted Answer

While there are tests and assessments that can evaluate entrepreneurial traits, it is not definitively possible to determine with certainty who possesses an entrepreneurial mind due to the complexity and variability of human behavior and potential.

Question 12

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

Accepted Answer

The answer of One predictable research finding was that driven,...

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.

Accepted Answer

The answer of Rather than willingly put themselves in situations...

Question 14

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

Accepted Answer

Successful entrepreneurs often have the ability to inspire and motivate others, negotiate effectively, build strong relationships, and communicate persuasively, even without holding a position of formal authority. They are often able to influence others through their vision, passion, expertise, and interpersonal skills, which allows them to achieve their goals and lead their organizations to success.

Question 15

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

Accepted Answer

Entrepreneurs are more likely to take risks and try new things, but they are also more likely to give up when faced with tasks that seem impossible. This is because entrepreneurs are often driven by a desire to succeed, and when they feel like they are not making progress, they may become discouraged and give up.

Question 16

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

Accepted Answer

Research indicates that role models can significantly influence the development of successful entrepreneurs by providing inspiration, guidance, and a framework for success.

Question 17

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

Accepted Answer

Studies have shown that the survival odds for a venture significantly increase once it reaches the benchmark of $1 million in sales and has 20 employees.

Question 18

Successful entrepreneurs are gamblers.

Accepted Answer

Successful entrepreneurs are typically calculated risk-takers, not gamblers. They make informed decisions based on research, analysis, and strategic planning rather than relying on chance.

Question 19

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

Accepted Answer

Competing with peers within the company can create a divisive environment and lead to feelings of resentment among team members. It is important for founders to promote collaboration and teamwork rather than competition among their employees.

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.

Accepted Answer

Success as an entrepreneur depends on a combination of factors such as drive, determination, perseverance, business acumen, and a willingness to take risks. Simply possessing energy and intelligence is not enough to ensure success as an entrepreneur.

Quiz 1: The Global Entrepreneurial Revolution for a Flatter World