Question 1

A European Union action plan to boost entrepreneurship in the region included all the following except:

Accepted Answer

The action plan includes improving access to finance, gearing entrepreneurs for growth and competitiveness, and creating a more supportive regulatory framework, but it does not include privatizing state-controlled enterprises.

Question 2

Entrepreneurship is a proven force of economic and social ________.

Accepted Answer

mobility

Question 3

The best entrepreneurship professors are able to determine in advance which of their incoming students will be the most effective entrepreneurs.

Accepted Answer

It is not possible for entrepreneurship professors to determine in advance which students will be the most effective entrepreneurs. Success in entrepreneurship depends on a combination of factors such as the idea, the execution, the market, and timing, which are difficult to predict or assess in advance. Additionally, entrepreneurship is a learned skill that can be developed through practice and experience, and is not necessarily determined by innate abilities or personality traits.

Question 4

Research in the 1980s and 1990s found that since World War II,small entrepreneurial firms have been responsible for half of all innovation and 95 percent of all radical innovation in the United States.

Accepted Answer

This statement is true according to research conducted in the 1980s and 1990s. Small entrepreneurial firms were found to be responsible for half of all innovation and 95 percent of all radical innovation in the United States since World War II.

Question 5

A Flatter World refers to the convergence of technology and world events that are playing a role in bringing about significant changes in traditional value chains.

Accepted Answer

A Flatter World refers to the concept that advancements in technology and changes in world events have led to a more interconnected global economy, with traditional value chains being disrupted and reconfigured. This is a widely accepted concept in the fields of economics and business.

Question 6

Studies indicate that although smaller firms often generate twice as many innovations per R&D dollar spent as the established multinationals,the large firms still produce more innovations per R&D scientist than entrepreneurial companies.

Accepted Answer

The answer of Studies indicate that although smaller firms often...

Question 7

Which of the following is not a characteristic of new venture creation?

Accepted Answer

All of the above characteristics, including job creation, talent and performance rewards, and economic and social mobility, are typically associated with new venture creation.

Question 8

While leading U.S.venture capital firms are interested in establishing relationships and operations in China,the Chinese government continues to resist such overtures.

Accepted Answer

This statement is incorrect. While the Chinese government has tightened regulations on foreign investment in recent years, they have also been opening up more to foreign investors through initiatives like the Shanghai-Hong Kong Stock Connect program and the Qualified Foreign Institutional Investor (QFII) program. Many leading U.S. venture capital firms, such as Sequoia Capital, have already established relationships and operations in China.

Question 9

Which of the following was not a company that fostered the formation of a new industry?

Accepted Answer

The answer of Which of the following was not a...

Question 10

Entrepreneurship training works well in schools of business and engineering,but has not proven to be useful in fields such as architecture,medicine,and life sciences.

Accepted Answer

This statement is false. Entrepreneurship training has been found to be useful in fields beyond business and engineering, such as architecture, medicine, and life sciences. It can help professionals in these fields learn how to identify and seize opportunities, innovate, and think creatively about problem-solving.

Question 11

A 2010 report by The Guardian Life Small Business Research Institute indicated that women-owned businesses are limited mainly to small service enterprises with few employees.

Accepted Answer

The answer of A 2010 report by The Guardian Life...

Question 12

While various surveys of high school seniors indicate a strong interest in entrepreneurship,a 2004 Gallup Poll showed that a large percentage of American parents would still prefer that their children pursue a less risky career.

Accepted Answer

The answer of While various surveys of high school seniors...

Question 13

According to the U.S.Small Business Administration's Office of Advocacy,small businesses (those with fewer than 500 employees)represent more than 99 percent of all employers and provide about 75 percent of all new net jobs.

Accepted Answer

This statement is true according to the U.S. Small Business Administration's Office of Advocacy. Small businesses make up more than 99 percent of all employers in the United States and create about 75 percent of all new net jobs.

Question 14

The world's first solar-powered motor-an innovation aimed at heading off the world's dangerous dependence on coal-was introduced in 1861.

Accepted Answer

The world's first solar-powered motor was indeed introduced in 1861 by French inventor Augustin Mouchot, marking an early attempt to reduce reliance on coal.

Question 15

When successful entrepreneurs get involved with non-profits directly by offering strategic assistance (like long-term planning,board and executive recruitment,coaching,and leveraging relationships to identify additional resources and facilitate partnerships),this is referred to as ________ philanthropy.

Accepted Answer

The answer of When successful entrepreneurs get involved with non-profits...

Question 16

What was the primary concept that entrepreneur Rick Adam applied from his years as a software engineer in order to develop two separate aircrafts-the A-500 and the A-700-while maintaining a time-to-market advantage over more entrenched competitors?

Accepted Answer

The primary concept that Rick Adam applied from his years as a software engineer was modularity. He applied this concept to the design of both the A-500 and the A-700 aircraft, which allowed for faster and more efficient development. By breaking down the aircraft into modules, each with a specific function, Adam was able to leverage existing technology and components, and also allowed for easier maintenance and upgrades in the future. This gave him a time-to-market advantage over his competitors.

Question 17

Innovation + Entrepreneurship = Prosperity and ________.

Accepted Answer

The answer of Innovation + Entrepreneurship = Prosperity and ________....

Question 18

According to the text,which of the following is an important emerging field that is helping large population groups break out of poverty?

Accepted Answer

The text mentions microcredit as an important emerging field that is helping large population groups break out of poverty. Philanthropy, mentorship, and doctoral programs are not specifically mentioned in relation to poverty reduction.

Question 19

MIT researcher David Birch found that while new and growing smaller firms could be regionally important,they had little effect on the economy as a whole.

Accepted Answer

David Birch actually found the opposite. He discovered that new and growing smaller firms were responsible for most of the job creation and economic growth in the United States. His research challenged the prevailing belief at the time that large corporations were the primary drivers of economic growth.

Question 20

What do the authors refer to as the 'rocket fuel' of America's entrepreneurial engine?

Accepted Answer

The authors refer to risk capital as the 'rocket fuel' of America's entrepreneurial engine, as it provides the necessary funding for entrepreneurs to start and grow their businesses.

Quiz 1: The Global Entrepreneurial Revolution for a Flatter World