Question 1

Jeffry Timmons-one of the early leaders in entrepreneurship education-considered the opinion that entrepreneurs are born and not made, a myth.

Accepted Answer

Jeffry Timmons indeed considered the notion that entrepreneurs are born and not made to be a myth, emphasizing that entrepreneurship skills can be developed and nurtured.

Question 2

Entrepreneurs only launch commercial ventures, which sell products or services for a profit.

Accepted Answer

Entrepreneurs can also launch social ventures aimed at solving societal problems, not just for profit.

Question 3

The biggest difference in moving from corporate life to entrepreneurship is that entrepreneurs do not have a buffer between a mistake and total failure.

Accepted Answer

In corporate life, there are often layers of management, resources, and systems that can absorb or mitigate the impact of mistakes, providing a buffer. Entrepreneurs, especially in the early stages, typically have less of a safety net, making the consequences of mistakes more directly impactful on their business's survival.

Question 4

Venture funding can create unreasonable demands on the entrepreneur to produce results without the proper procedures and research required for long-term success.

Accepted Answer

Venture funding often comes with high expectations for rapid growth and returns, which can pressure entrepreneurs to prioritize short-term gains over the foundational work and research necessary for sustainable success.

Question 5

In order to operate effectively, businesses need to know that contracts are binding, that their property and intellectual property rights are protected, and that there is a fair system for handling disputes.

Accepted Answer

These elements are essential for creating a stable and predictable environment for businesses to operate, ensuring that agreements are honored, assets are safeguarded, and there are mechanisms to resolve conflicts impartially.

Question 6

A disruptive technology is a technology that can make prior technologies obsolete.

Accepted Answer

Disruptive technology introduces a groundbreaking product or service that eventually displaces established competitors and technologies, rendering them obsolete.

Question 7

Culture plays an insignificant role in deciding whether the condition in a particular country is conducive to entrepreneurship.

Accepted Answer

Culture significantly influences entrepreneurship by shaping individuals' attitudes towards risk, innovation, and independence, which are critical for entrepreneurial activities.

Question 8

Early adopters are those consumers who generally wait for others to buy a new technology before they make use of it.

Accepted Answer

Early adopters are those consumers who are among the first to purchase and use a new technology, not those who wait for others to buy it first.

Question 9

The executive summary highlights how the business operates on a day-to-day basis.

Accepted Answer

The executive summary provides a concise overview of the business plan, including the company's goals, market, and competitive advantages, not the day-to-day operations.

Question 10

Social entrepreneurs apply similar tools and skill sets as other entrepreneurs.

Accepted Answer

Social entrepreneurs use similar tools and skill sets as other entrepreneurs, such as business modeling, financial management, and strategic planning, but they focus on solving social problems or meeting community needs.

Question 11

A newly founded company that develops a revolutionary new way to do a particular activity and seeks to expand that new method nationally and internationally would be considered entrepreneurial.

Accepted Answer

Entrepreneurship involves innovating new methods, products, or services and seeking growth opportunities, which aligns with the company's actions described.

Question 12

The distinguishing feature of born-global firms is that their origins are international, as demonstrated by management's global focus and the commitment of certain types of resources to international activities.

Accepted Answer

Born-global firms are characterized by their international focus right from inception, with management committed to deploying resources for global operations, distinguishing them from traditional businesses that typically start domestically before gradually expanding internationally.

Question 13

Entrepreneurs are the same as people who purchase a small business in terms of the methodology, new product development, and the choice of markets.

Accepted Answer

Entrepreneurs typically start new businesses, innovate, and create new products or services, while those who purchase a small business might not necessarily engage in these activities but rather continue or slightly modify existing operations.

Question 14

A local dry cleaner has been through four different owners and provides dry cleaning facilities to customers in a particular locality.The current owner would be considered an entrepreneur.

Accepted Answer

The answer of A local dry cleaner has been through...

Question 15

A common characteristic of born-global firms is that their offerings complement the products or capabilities of other global players.

Accepted Answer

Born-global firms often design their products or services to complement the offerings of existing global players, enabling them to integrate into the global market more seamlessly and leverage the established networks and customer bases of those players.

Question 16

There are two phases of a global start-up assessment, which consists of deciding whether a firm should become a global start-up and what the firm needs to do to make that happen.

Accepted Answer

The first phase involves evaluating the potential and readiness for international expansion, while the second phase focuses on planning and implementing strategies for global operations.

Question 17

A born-global firm is a business organization that seeks to derive significant competitive advantage from the use of resources and the sale of outputs in multiple countries.

Accepted Answer

A born-global firm is indeed characterized by its approach to leapfrog traditional phases of internationalization, aiming to exploit global efficiencies in production, distribution, and marketing from its inception, thereby seeking competitive advantage through a global presence.

Question 18

Born-global firms follow the traditional pattern of businesses that operate in the home country for many years and gradually evolve into international trade.

Accepted Answer

Born-global firms start with a vision of operating internationally from their inception, bypassing the traditional model of first establishing themselves in their home market before gradually expanding abroad.

Question 19

Employees in a mid-size company rely on innovation and speed to a much greater extent than entrepreneurs.

Accepted Answer

Entrepreneurs typically rely more heavily on innovation and speed to differentiate themselves in the market and adapt quickly to changes, compared to employees in a mid-size company who may have more structured processes and resources.

Question 20

Opportunity identification does not form a part of the entrepreneurial process.

Accepted Answer

Opportunity identification is a crucial part of the entrepreneurial process, as it involves recognizing and evaluating potential business opportunities that can be transformed into successful ventures.

Quiz 11: Global Entrepreneurship and Intrapreneurship