Question 1

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 specifically characterized by its intention to engage in international business from or near its founding, and therefore seeks to derive competitive advantage from multiple markets from the outset.

Question 2

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

Accepted Answer

Culture plays a significant role in deciding whether the condition in a particular country is conducive to entrepreneurship. Cultural factors such as attitudes towards risk-taking, innovation, and success can have a significant impact on the entrepreneurial climate of a country.

Question 3

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 are those which are international from the beginning or shortly after their establishment, they do not follow the traditional pattern of gradually evolving into international trade after many years of operating in the home country.

Question 4

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 usually multiple layers of management and decision-making that can catch and rectify mistakes before they become catastrophic. However, in entrepreneurship, the responsibility and consequences of even small mistakes lie solely with the entrepreneur, and there may not be a safety net to catch them before they lead to failure.

Question 5

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 6

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

Accepted Answer

Opportunity identification is a crucial step in the entrepreneurial process, where entrepreneurs identify potential business ideas and opportunities in the market. Without identifying opportunities, entrepreneurs cannot proceed further in the process of establishing a successful venture.

Question 7

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

Accepted Answer

A disruptive technology is a technology that can bring significant change to an existing industry by making prior technologies or products obsolete or less desirable. Examples include digital photography replacing film photography, ride-sharing apps disrupting the taxi industry, and e-commerce changing the face of retail.

Question 8

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 defined by their international origins and focus on global activities from the very beginning. This sets them apart from traditional companies that may expand internationally later in their lifecycle.

Question 9

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

Accepted Answer

Social entrepreneurs use similar tools and skills as other entrepreneurs, such as innovation, leadership, problem-solving, and strategic thinking. However, they also prioritize social and environmental impact over profit maximization.

Question 10

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 tend to have offerings that complement the products or capabilities of other global players, which can help them quickly establish a global presence and partnerships.

Question 11

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

Accepted Answer

The executive summary typically provides a brief overview of the entire business plan, including the company's goals, strategies, financial projections, and market analysis. It does not typically provide information on the day-to-day operations of the business.

Question 12

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 actually the opposite of this statement. They are the individuals who are among the first to try out and purchase new technologies, often before the general population has caught on.

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 their own businesses from scratch while someone who purchases a small business has bought an existing business. Therefore, their methodology, product development, and choice of markets may differ.

Question 14

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

This statement is true, as there are two distinct phases involved in assessing whether a firm has the potential to become a successful global start-up. The first phase involves evaluating whether the firm has the necessary resources, capabilities, and market conditions to succeed in the global market. The second phase involves identifying what the firm needs to do to become a global start-up, including developing new products or services, expanding into new markets, and building strategic partnerships or alliances with other companies.

Question 15

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

This scenario aligns with the definition of entrepreneurship, which involves developing and bringing a new product, service, or method to the market with the goal of growing and scaling the business nationally and globally.

Question 16

Adam Smith, social philosopher and economist, argued that the free-enterprise economic system encourages entrepreneurship because it permits individuals freedom to create and produce.

Accepted Answer

This statement accurately reflects Adam Smith's beliefs about the free-enterprise economic system. He argued that individuals are motivated to create and produce in a system that allows them the freedom to do so without excessive government regulation.

Question 17

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 believed that entrepreneurship can be taught and learned, and therefore, entrepreneurs are not just born with inherent qualities.

Question 18

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

This statement is true as businesses require legal protection for their contracts, property, and intellectual property rights, and a fair legal system for dispute resolution.

Question 19

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

Accepted Answer

Entrepreneurs typically operate in a highly dynamic and competitive environment which requires them to be innovative and agile in order to succeed. On the other hand, employees in a mid-size company may have more established processes and structures in place which can limit their ability to be as innovative and quick to adapt.

Question 20

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

Accepted Answer

While entrepreneurs often launch commercial ventures, there are also social entrepreneurs who focus on creating businesses to address social or environmental issues, rather than solely for profit.

Quiz 11: Global Entrepreneurship and Intrapreneurship