Question 1

Decision-making authority in an intrapreneurial organization is often moved all the way down to first-line managers.

Accepted Answer

In intrapreneurial organizations, decision-making authority is often decentralized to allow first-line managers and employees closer to operations and customers to make decisions quickly, fostering innovation and responsiveness.

Question 2

Intrapreneurship should stop short of inciting an all-out revolution in an organization's practices.

Accepted Answer

Intrapreneurship can lead to significant innovation and transformation within an organization, potentially inciting a revolution in its practices to adapt to new opportunities or challenges.

Question 3

Islands of intrapreneurial activity within an organization are often referred to as skunkworks.

Accepted Answer

Skunkworks refers to small, autonomous groups within an organization that work on advanced or secret projects, embodying intrapreneurial activity by fostering innovation and development outside of the company's normal research and development channels.

Question 4

According to the Preview reading, what did the owner of Carmin Industries learn about entrepreneurship from the Marine Corps?

Accepted Answer

The owner of Carmin Industries learned from the Marine Corps the importance of taking initiative and not hesitating to do things that have not been done before, which is a key entrepreneurial mindset.

Question 5

Which of the following were not important supports to Carolyn Minerich in establishing Carmin Industries?

Accepted Answer

Carolyn Minerich did not receive substantial loans from her parents as a support in establishing Carmin Industries.

Question 6

A(n) __________ is someone who manages resources in order to create something new-a new business, a new product or service, or even a new market.

Accepted Answer

An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise, often involving innovation and the creation of something new, such as a business, product, or service.

Question 7

What differentiates highly successful entrepreneurs from less successful entrepreneurs?

Accepted Answer

Highly successful entrepreneurs often stand out because they offer superior products or services, make innovative modifications to existing concepts, and excel in both innovation and decision-making. These combined traits differentiate them from less successful entrepreneurs.

Question 8

Ingrid King is a wealthy businesswoman who wants to give something back to the people. She decides to form an organization that would renovate an old warehouse and subsidize the opening of small businesses. When a television news reporter publicized what she was doing, more than ten hopeful entrepreneurs applied for the subsidization. At present, more than fifteen successful businesses have received help from King. King's organization could be described as a(n) __________.

Accepted Answer

A business incubator is an organization designed to accelerate the growth and success of entrepreneurial companies through an array of business support resources and services. Ingrid King's organization fits this description by renovating a warehouse and subsidizing small businesses to help them get started, thereby fostering their development and success.

Question 9

The many studies of entrepreneurs that have been conducted over the years indicate that those who succeed have several characteristics in common. Which of the following is not one of the key characteristics?

Accepted Answer

The answer of The many studies of entrepreneurs that have...

Question 10

__________ brought out the entrepreneurial spirit of Adrian Lugo who founded LUGO Construction.

Accepted Answer

The answer of __________ brought out the entrepreneurial spirit of...

Question 11

In the early days of Adrian Lugo's construction career, he received the benefit of good __________.

Accepted Answer

Adrian Lugo's early construction career benefited from good mentoring, which is crucial for gaining practical skills and knowledge in the field.

Question 12

Daniel Driesenga's strategy was to focus his Michigan-based engineering firm on __________.

Accepted Answer

Daniel Driesenga's strategy for his Michigan-based engineering firm was to focus on the local needs of customers, tailoring their services to meet the specific requirements and preferences of the community they served.

Question 13

Carmen Anaya indicated on her entrepreneurial quotient questionnaire that her parents were first-generation U.S. citizens and that as a child she preferred to be alone. These factors would have a(n) __________ effect on her score.

Accepted Answer

The factors mentioned, such as her parents being first-generation U.S. citizens and her preference to be alone as a child, are not directly related to entrepreneurial traits or skills, thus having a zero effect on her entrepreneurial quotient score.

Question 14

A study of CEOs who were winners of awards in the Ernst & Young LLP Entrepreneur of the Year Program revealed several leading strategic practices they have used to sustain rapid growth for their companies. Which of the following is not among those identified?

Accepted Answer

Formulating the strategic plan early in the life of the firm is not mentioned as a specific practice among those identified for sustaining rapid growth by CEOs who won awards in the Ernst & Young LLP Entrepreneur of the Year Program. The question asks for practices not identified, and the other options (A, B, D) relate more directly to growth strategies and financial management practices that are commonly associated with successful, rapidly growing companies.

Question 15

Which of the following was a strategic action employed by Daniel Driesenga who founded Driesenga & Associates?

Accepted Answer

Daniel Driesenga focused on customer service as a strategic action to differentiate his company and build a loyal client base.

Question 16

A study of entrepreneurs who had a history of success in the market revealed that a majority of the top management was organized in teams, with 67 percent of the teams ranging in size from three to six managers. However, not all of these successful entrepreneurs used teamwork. What percent of the entrepreneurs acted alone in their top management role?

Accepted Answer

The passage states that a majority of the top management was organized in teams, implying that less than half acted alone. Since "less than 5 percent" is the only option that is less than half, it must be the correct answer.

Question 17

Which of the following questions would typically not be asked in a survey predicting if you have "the right stuff" to succeed as an entrepreneur?

Accepted Answer

All of the questions listed are typical in assessing traits associated with entrepreneurial success, such as teamwork, persistence, and risk tolerance.

Question 18

According to the text, which of the following is not one of the questions a person should ask when making a decision whether to start or buy a new business?

Accepted Answer

The question about keeping the creation of the new business a secret from a current employer is not mentioned as a consideration for deciding whether to start or buy a new business. The other options (A, B, C) relate to practical considerations about starting a business, such as location, time investment, and financial strategy.

Question 19

Dennis Gertmenian, who founded Ready Pac Produce, was so busy with the daily production of his operations that he neglected __________.

Accepted Answer

Dennis Gertmenian, the founder of Ready Pac Produce, was heavily focused on the daily production aspects of his business, which led to a neglect of long-term planning. This is a common issue among entrepreneurs who are deeply involved in the day-to-day operations of their businesses, often at the expense of strategic, long-term objectives.

Question 20

Ready Pac's board of directors was able to advise the business owner that his plan to build a new processing plant in Soledad, CA should be __________.

Accepted Answer

The answer of Ready Pac's board of directors was able...

Quiz 5: Entrepreneurship